Central Board of Direct Taxes (CBDT) has notified the reduction of the time-limit for everification or submission of ITR to 30 days (from 120 days) with effect from 01/08/2022 vide Notification No. 05 of 2022 (DGIT) dated 01/08/22.
- For ITR filed on or before 31/07/22, the earlier time limit of 120 days continues to apply
- For ITR filed on or after 01/08/22, the reduced time limit of 30 days has been made applicable
Now, if the ITR is verified within 30 days of filing of ITR, the date of uploading of ITR shall be considered as the date of filing of ITR. However, if ITR is uploaded but verified beyond the time limit of 30 days, then the date of verification shall be considered as the date of filing of ITR., which would attract all consequences of filing late ITR.
Now, where ITR is verified by sending ITR-V to CPC Bangalore by Speed Post, the date of dispatch of speed post shall be considered for determining the time limit of 30 days. It may be pertinent to note here that ITR-V is required to be sent via Ordinary Post Speed Post only.
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