New 30-Day Deadline for Verifying Income Tax Returns
Taxpayers in India beware! The Central Board of Direct Taxes (CBDT) has tightened the noose on income tax return (ITR) verification. Starting April 1, 2024, you only have 30 days from filing your ITR electronically to verify it. Miss this deadline and your return could be considered invalid, potentially leading to penalties. This synopsis highlights the key points of the new rule, including the verification timeframe, process, and consequences of non-compliance.
The Central Board of Direct Taxes (CBDT) has introduced a new rule (Notification No. 2 of 2024) that shortens the time limit for verifying income tax returns (ITRs) after filing them electronically. This rule takes effect on April 1, 2024.
Key Points:
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Verification Deadline: You now have 30 days from filing your ITR electronically to verify it. This means completing e-verification or submitting the ITR-V form.
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Impact of Verification Timing: If you verify your return within 30 days, the upload date is considered the filing date. However, any verification after 30 days will be considered the filing date, potentially leading to late filing penalties.
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Verification Process: Use the prescribed ITR-V form (available online) for verification. Send the completed form (e-verification or physical ITR-V) to the Income Tax Department's Centralized Processing Center in Bengaluru. Remember, failure to verify within 30 days will invalidate your return.
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Applicability: This rule applies to all ITRs filed electronically on the income tax department's website (www.incometax.gov.in) starting from April 1, 2024.
The Takeaway:
This new regulation emphasizes the importance of promptly verifying your ITR after filing. Familiarize yourself with these changes to avoid delays or penalties on your tax filing.
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Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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