The Central Board of Direct Taxes, via a notification, reduced the time limit for Itr Verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. However, missing the 30-day ITR-filing deadline can cost you Rs 5000. Here’s why.
You are likely to have to pay upto ₹5000 penalty if you miss the deadline for verifying your income tax return unless you are filing belated ITR and have to pay the penalty in any case.
The income tax department has reduced the time limit for verifying ITR from 120 days from date of filing ITR previously to 30 days.
In a notification issued on July 29, 2022, the Central Board of Direct Taxes (CBDT) stated that this new rule regarding ITR verification will be effective from August 1, 2022. The CBDT notification also stated that the reduced time limit of 30 days is applicable to ITRs filed on or after August 1, 2022.
For individuals who have filed ITRs on or before July 31, 2022, the time limit to verify continues to be 120 days.The latest notification by CBDT also states that if an individual verifies the ITR after 30 days (i.e., the new time limit), then in such cases the date of e-verification/ITR-V submission shall be treated as date of furnishing the return of income. Further, all the consequences of late filing of return under the Income-tax Act, 1961 will apply including the penal consequences as well.
A penalty of Rs. 5,000 is levied if the return is filed after the due date but before 31st December 2022,” says Deepak Jain, Chief Executive, TaxManager.in a tax e-Filing and Compliance Management Portal.
Taxpayers failing to file ITR for 2022-23 by July 31, 2022, may still file the returns by December 31, 2022, but will have to pay a fine along with interest on any unpaid taxes for the year 2021-22. “In case of failure to file ITR by the due date, you can file the belated return by 31st December 2022.
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