The Central Board of Direct Taxes (CBDT) has introduced significant updates concerning the verification of Income Tax Returns (ITRs) using the ITR-V form. Here are the key points taxpayers need to be aware of:
Introduction to ITR-V: The ITR-V form, which stands for Income Tax Return Verification Form, is a critical document electronically dispatched to taxpayers following the online submission of their tax returns without a digital signature.
Important Change in Submission Timeline: A notable revision has been made regarding the time frame for the submission of the ITR-V form or the completion of the e-verification process. Should there be a delay in either e-verifying the return or submitting the ITR-V form beyond 30 days after the return is uploaded, the date on which the e-verification or ITR-V submission is completed will be regarded as the official date of filing the income tax return.
Consequences of Late Filing: Taxpayers should be mindful of the consequences of late filing. The notification emphasizes that "All consequences of late filing of return under the Act shall follow, as applicable." This implies that any delays could lead to penalties or other legal implications as stipulated by the Income Tax Act.
To avoid potential penalties and ensure adherence to tax filing regulations, taxpayers are encouraged to complete the e-verification process or submit their ITR-V promptly within the 30-day window following their return upload. These changes highlight the CBDT's focus on streamlining the verification process while emphasizing the importance of timely compliance with tax obligations.
