ITR alert! Income Tax Return for AY 2022-23 would become invalid if you don’t do this soon

 

ITR verification for AY 2022-23 Latest News (4 August): More than 1.8 crore Income Tax Returns were unverified by taxpayers till 31 July 2022. In order to complete the tax filing process, it is important to verify ITR. Once the returns are verified, the Income Tax Department processes the ITRs, sends the income tax intimation notice and issues refunds (if any).

According to data available on the Income tax website, more than 4.02 crore ITRs were verified out of the total 5.82 crore returns filed till 31 July, which was the last date of ITR filing for taxpayers whose accounts didn’t need to be audited. The Income Tax department had processed 3.01 crore verified ITRs till July 31.

ITR VERIFICATION TIMELINE

From August 1, the Income Tax Department has reduced the time limit for e-verification or hard copy submission of ITR-V to 30 days through a notification dated 29 July. That means, taxpayers now need to verify their returns within 30 days from the date of filing to complete the process.

“It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically,” the notification said.

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The notification, however, clarified that the earlier time limit of 120 days would continue to apply in case of returns submitted electronically before the date on which the notification came into effect, i.e. 01, August 2022.

In case of submission of a hard copy of ITR-V through speed post, the date of dispatch would be considered for the purpose of determination of the 30 days period.

WHY ITR VERIFICATION IS IMPORTANT

ITR verification is important to complete the return filing process. If the ITR is not verified within the stipulated time then the filed return is treated as invalid.

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In case a person fails to verify the return within the stipulated time, he/she may file a condonation request stating the reason for the delay with the Income Tax Department.

HOW TO VERIFY ITRS

ITR can be verified easily through OTP on a mobile registered with Aadhaar, netbanking, and also offline.

For e-verification through Aadhaar OTP, log in to the e-filing account on the Income tax website and click on ‘e-Verify Return’ under the e-file tab. Here you can select the mode of e-verification and complete the process.

For offline verification, you need to print the ITR verification form and send it to the Centralised Processing Centre, Income Tax Department, Bengaluru (560500) through speed post.