Resolution: 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.

The notification, 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.

So, if you have filed the ITR on or before 31st July the earlier time limit of 120 days will be applicable.

Resolution: The new time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of filing the return of income. However, where the return is filed on or before 31 july , the earlier time limit of 120 days would continue to apply.

Resolution: Where the return data is electronically transmitted before the date on which this notification comes into effect i.e. before 1st August , the earlier time limit of 120 days would continue to apply in respect of such returns.

Resolution: If ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data then in such cases the date of transmitting the data electronically will be considered as the date of furnishing the return of income.

Resolution: 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/lTR-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.

Resolution: Duly verified ITR-V in the prescribed format and in the prescribed manner should be sent by speed post only

Resolution: The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period.

Resolution: Taxpayers who were able to meet the deadline of July 31, for filing ITR have 120 days after the filing of their return to verify it. But those who file the return after the deadline (i.e.31st July) will get only 30 days to verify it