New Delhi- The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.
The department issued a notification on July 29 announcing the change in the timeline.
E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
“It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically,” the notification said.
It said the order comes into effect from August 1.
Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
Those who wish to send the ITR-V in a hard copy can send it through the usual address through “speed post only” to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
“The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically,” it said.
5.83 Crore Income Tax Returns Filed For FY22
The Income Tax Department has received about 5.83 crore tax returns, largely from salaried and individual category taxpayers, by the end of the financial year 2021-22 filing season on July 31, officials said Monday.
The latest numbers are about the same as the last fiscal (2020-21).
The due date for filing of income tax returns (ITRs) by salaried class and individual category taxpayers, who do not have to get their accounts audited for the fiscal ending March 31, 2022, was July 31 (Sunday).
“We have received about 5.83 crore returns by the end of July 31. Data is being reconciled to state the actual figures,” a senior officer said.
The officer said during the last fiscal, the due date for which was extended till December 31, 2021, around the same number of returns — at 5.89 crore — were filed.
More than 72 lakh ITRs were filed on the last day (Sunday) this time, the officer said.
According to latest rules, a late fee of Rs 5,000 would be payable by those (with an annual income of over Rs 5 lakh) who file their ITR by December 31 of the assessment year 2022-23.
Individuals with an annual income of below Rs 5 lakh will be liable to pay a late fee of Rs 1,000 for delayed return filing.
Besides, those who have outstanding unpaid tax will have to shell out an additional 1 per cent interest per month for delayed filing.
The late fee will not apply to those taxpayers whose income is below the taxable limit. (PTI)