Income tax return in India is taken up for processing only if the return is verified within the time prescribed under Income Tax Act. Upto 31.07.2022 the time limit mentioned in Income Tax Act was 120 to verify income tax return. However, any assessee filing return after 31.07.2022 will have 30 days to verify the Income tax return.
It is important to note that Income tax return will be taken up for processing only if it is verified on the Income tax portal. If the Income tax return is not verified within the stipulated time it will be considered as invalid return and hence it will be considered as if no return has been filed.
However, income tax return has started a campaign wherein it will allow assessee to verify Income tax return even after 120 days by applying for a condonation request with Income tax return. The details of the campaign are as under:
“It is observed that your ITR is filed between 1.4.2022 to 31.07.2022 for AY 2022-23 and not verified within 120 days. It shall be taken up for further processing only when it is verified, therefore you are requested to complete the e-verification process by raising a condonation request from the e-filing portal on www.incometax.gov.in at the earliest.”
The major modes available for verification of Income tax return are as under:
- Sending signed copy of ITR V to CPC, Bangalore.
- E-verification of Income tax return through Aadhar OTP.
- E-verification of Income tax return through Bank OTP.
- E-verification of Income tax return through Internet banking.
- E-verification of Income tax return through D-mat OTP.
- E-verification of Income tax return through digital signature.
It is important to note that assessee can receive refund of income tax return only if he has verified his income tax return.
Also, the above only allows condonation for return which were filed till 31.07.2022. If you have filed return after 31.07.2022 and not verified Income tax return within 30 days there no option is available as of now on Income tax portal to raise condonation and e-verify Income tax return.
Hence, let’s wait and see if Income tax department brings any relaxation for verification of Income tax return which were filed after 31.07.2022 as that would be important because the rule for verification of Income tax return within 30 days was made applicable for the first time and many people were not aware of the same and they are even not allowed to raise condonation request on e-filing portal. Earlier this was not the case and people could raise condonation request anytime.
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