Income tax

ITR AY 2022-23 Breaking news: tax return would become invalid if you didn’t do it soon

ITR Verification for AY 2022-23 Latest News (August 4): More than 1.8 crore tax returns have not been verified by taxpayers till July 31, 2022. In order to complete the tax return process, it is important to verify the ITR. Once the returns are verified, the Income Tax Department processes the ITRs, sends the Income Tax Notice and issues the refunds (if applicable).

According to data available on the Income Tax website, over 4.02 crore of ITRs have been audited out of the total 5.82 crore of returns filed till July 31, which was the last date of ITR filing for taxpayers whose accounts did not need to be audited. The Income Tax Department had processed 3.01 crores of verified RTIs through July 31.

ITR Verification Schedule

Effective August 1, the Department of Income Tax reduced the time to electronically verify or submit a hard copy of the ITR-V to 30 days through a notification dated July 29. This means that taxpayers must now verify their returns within 30 days of the filing date to complete the process.

“It has been decided that with respect to any electronic transmission of return data on or after the effective date of this notification, the time limit for electronic verification or submission of the ITR-V will be now 30 days from the date of transmission/download of electronic tax return data,” the notification reads.

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The notification, however, specified that the previous 120-day period would continue to apply in the case of declarations submitted electronically before the effective date of the notification, namely 1 August 2022.

If submitting a hard copy of the ITR-V by express courier, the date of dispatch would be taken into account for the purposes of determining the 30-day period.

Why ITR verification is important

ITR verification is important to complete the reporting process. If the ITR is not verified within the time limit, the filed declaration is considered invalid.

In the event that a person fails to verify the return within the allotted time, he may file a pardon application stating the reason for the delay with the Income Tax Department.

How to check ITRs

ITR can be checked easily via OTP on mobile registered with Aadhaar, netbanking and also offline.

For e-verification via 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 electronic verification mode and complete the process.

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