?? New Deadline Set by CBDT for Income Tax Return Verification

In a recent development, the Central Board of Direct Taxes (CBDT) has introduced a significant change in the verification process for Income Tax Returns (ITRs). Effective April 1, 2024, CBDT has implemented a 30-day deadline for verifying ITRs post-upload, as per Notification No. 2 of 2024 dated March 31, 2024.

Key Points from CBDT's Notification:

1. Time Limit for Verification: The notification mandates that taxpayers must verify their ITRs within 30 days from the date of electronically transmitting the ITR data. This new regulation aims to expedite the verification process and ensure timely compliance.

2. Clarifications: CBDT has provided crucial clarifications regarding the verification process. It specifies that if the ITR is uploaded and e-verification/ITR-V is submitted within 30 days of uploading, the date of uploading will be considered as the date of furnishing the return. However, if verification is done after 30 days, the submission date will be deemed as the date of furnishing, subject to applicable consequences for late filing.

3. Verification Process: Taxpayers must send the verified ITR-V, in the prescribed format, to the Centralised Processing Centre (CPC), Income Tax Department, Bengaluru – 560500, Karnataka, through ordinary or speed post. The receipt date at the CPC will determine the 30-day period from the date of uploading the ITR. Failure to verify within the specified timeline will render the return invalid.

4. Applicability and Compliance: The notification emphasizes the importance of promptly completing the e-verification process upon filing the return. It applies to returns uploaded/submitted on the e-filing portal (www.incometax.gov.in).

This update underscores CBDT's commitment to streamlining tax procedures and enhancing taxpayer compliance. Taxpayers are advised to adhere to the new verification timeline to avoid any penalties or consequences associated with late filing.