Taxpayers, take care! ITR verification deadline was shortened to just 30 days.

Earlier, after filling his/her Income Tax Return (ITR) online, a taxpayer used to get 120 days’ time to verify the return and complete the process of the filing of return of income.

However, the Income Tax Department has reduced the time limit drastically to just 30 days for the ITRs filed online after July 31, 2022.

An Income Tax Return (ITR) filed online is not considered valid, unless it is verified within the prescribed limit i.e., 120 days from the date of submission of the return filled till July 31, 2022 and 30 days after July 31, 2022. If anyone fails to verify his/her return of income within the given time limit, the ITR will become invalid.

The return filing process is marked complete only if the return is e-verified, else all the tax-filing efforts of the taxpayers may go in vain. A return that has not been verified shall be considered as an invalid return. The taxpayers may have to re-file. Taxpayers who complete the e-verification timely will receive a refund on a timely basis. However, if the taxpayers miss the deadline, they will have to bear additional taxes and penalties.