BIG update on ITR Filing! Time limit for ITR e-verification reduced from 120 days to 30 days

New Delhi: The Central Board of Direct Taxes (CBDT) has reduced the Time limit to verify the ITR filed from August 1, 22 from 120 days to 30 days. Time Limit for ITR Filed till 31 July 20222 remains 120 days, however time limit for ITR Filed after 31 July 22 has been reduced from 120 days to 30 days, said a CBDT notification on July 29.

The deadline for filing I-T returns by those taxpayers who do not have to get their accounts audited for the fiscal that ended on March 31, 2022 was Sunday (July 31). Over 63.47 lakh income tax returns were filed till 10 pm on Sunday, the last day for filing ITR for the 2021-22 fiscal by salaried individuals, the Income Tax department said. ITR filing went on on till midnight, after which the tax-return filers will have to pay a late fee for delayed filing.

The CBDT said that E-verified/ITR-V submitted after 30 days, will be considered as 'Delayed filing' and not Invalid ITR.

CBDT said that in respect of any electronic transmission of return data on or after the date of the notification coming to effect, the time limit for e-verification or submission of ITR-V shall be now 30 days from the date of transmitting/uploading the data of return of income electronically.

However, the CBDT said that ITR e-verified beyond 30 days will treated as ITR filed on the date of e-verification and all consequences of late filing under the Act shall follow.

CBDT clarified that where the return date is electronically transmitted before the date on which the notification comes into effect, teh earlier time limit of 120 days would continue to apply in respect of such returns.