Income Tax

The time limit for verification of return of Income Tax Return after uploading

5 months ago
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Notification No. 2 of 2024, issued by the Central Board of Direct Taxes (CBDT), addresses the time limit for verification of Income Tax Returns (ITRs) after uploading. This notification provides clarity on the consequences of late verification and outlines the prescribed procedure for ITR-V submission.

Detailed Analysis:

1. Rule 14 of Centralised Processing of Returns Scheme: The notification is issued in accordance with Rule 14 of the Centralised Processing of Returns Scheme, 2011. It aims to regulate the verification process for ITRs uploaded electronically.

2. Clarifications on Verification Time Limit:

  • If the return of income is uploaded and e-verification or ITR-V is submitted within 30 days, the date of uploading is considered the date of furnishing the return.
  • However, if verification is submitted after 30 days, the date of verification submission is considered as the date of furnishing, leading to consequences of late filing.

3. Prescribed ITR-V Submission Process:

  • The verified ITR-V must be sent to the Centralised Processing Centre, Bengaluru, through ordinary or speed post.
  • The date of receipt of ITR-V at CPC is crucial for determining the 30-day period from the date of uploading.

4. Consequences of Late Verification:

  • Failure to verify the return within the specified time renders it invalid.
  • Assessees are advised to e-verify their returns promptly upon filing to avoid complications.

5. Applicability and Effective Date:

  • The notification is applicable to returns uploaded/submitted on the e-filing portal.
  • It will be effective from April 1, 2024, ensuring compliance with the specified verification process.

Conclusion: Notification No. 2 of 2024 provides essential guidelines for the verification of Income Tax Returns, emphasizing timely compliance and adherence to prescribed procedures. Assessees are urged to ensure prompt e-verification or ITR-V submission within the stipulated 30-day period to avoid the consequences of late filing. By understanding and complying with the provisions outlined in the notification, taxpayers can contribute to a smoother and more efficient income tax filing process.

Reference : Notification No. 2 of 2024, dated 31.03.2024

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