Howdy TaxAddicters!!!
Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically.
Let us understand completely about the Notification in an epic manner of a conversation between Krishna & Arjuna(Fictional Characters)
Krishna(Fictional Character): Hey Arjuna, you look happy. what is the reason behind that happiness?
Arjuna(Fictional Character): You are right Krishna, I am happy now because I have filed my Income Tax Return (ITR) before the due date I.e 31st July 2022, now I need to worry about the late Fee and interest.
Krishna(Fictional Character): Ohh nice Arjuna, have you completed E-verification also?
Arjuna(Fictional Character): No Krishna, not yet. Even though there is a huge time of 120 days for E-verification, meanwhile I will do it.
Krishna(Fictional Character): What Arjuna, 120 days...? might be you are not aware of the Reduction of time limit for verification of Income Tax Return(ITR) from 120 days to 30 days.
Arjuna(Fictional Character): What are talking about Krishna? Are you joking?
Krishna(Fictional Character): No Arjuna, it is not a joke, The CBDT vide circular no. 05/2022 dated 29.07.2022 notified the reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR(i.e filing of return) and it is applicable from 01.08.2022.
Arjuna(Fictional Character): So, as per notification, it is applicable from 01.08.2022 I.e from the FY 2022-23(AY 2023-24) right?
Krishna(Fictional Character): In the notification they mentioned as it is applicable from 01.08.2022 and it needs to be clarified regarding the FY/AY. Anyway, it is better to Everify as early as possible.
Arjuna(Fictional Character): Oh damid Krishna, usually I used to E-verify my return at the time of filling only, but this time there is a problem with the Prevalidation of my Bank Account in the portal.
Krishna(Fictional Character): Yes Arjuna, not only you but many taxpayers are facing this Prevalidation issue with the portal. In the initial days of this July, Bank accounts are Prevalidated immediately but came to the end of July I.e nearer to the due date, the portal didn't work as before. I think, now the pressure on the portal was decreased after completion of the due date, so maybe it will be prevalidated now.
Arjuna(Fictional Character): Ohh...! Wait, let me check the prevalidation status. Krishna, it's Prevalidated...!!!!. I will verify my return now only without waiting. Is anything else Krishna in this notification?
Krishna(Fictional Character): It is further clarified:
(i) Where ITR data is electronically transmitted and e-verified/ITR-V submitted within 30 days of transmission of data in such cases the date of transmitting the data electronically shall be considered as the date of furnishing the income.
(ii) Where ITR data is electronically transmitted but e-verified or ITR-V
submitted beyond the time limit of 30 days of transmission of data - in such cases the date of e-verification/ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow.
Arjuna(Fictional Character): Thank you for creating awareness, Krishna.
Do you have face any issues like Arjuna? Comment below ....
With this, see you in the next post !
Ta da!
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