CBDT Notification No. 2/2024 dated 31 March 2024
In a recent update on March 31, 2024, the Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024 to provide clarity on the verification of income tax returns after uploading. Let’s delve into the key clarifications outlined by the CBDT in its latest notification.
Under Rule 14 of the Centralised Processing of Returns Scheme, 2011, the CBDT previously issued Notification No. 05 of 2022 on July 29, 2022. This notification specified the time limit for verifying Income Tax Returns (ITRs) as 30 days from the date of electronically transmitting the ITR data.
1. Clarification on Timely Verification:
(i) If the income tax return is uploaded and e-verification/ITR-V is submitted within 30 days of uploading, the date of uploading the return will be considered as the date of furnishing the return.
(ii) However, if the return is uploaded but e-verification or ITR-V is submitted after 30 days, the date of e-verification/ITR-V submission will be considered as the date of furnishing the return, with applicable consequences of late filing.
2. Submission of ITR-V:
The duly verified ITR-V in the prescribed format and manner must be sent via ordinary or speed post to the Centralised Processing Centre at: Income Tax Department, Bengaluru – 560500, Karnataka.
3. Consideration of Receipt Date:
The date on which the verified ITR-V is received at the CPC will be taken into account for the 30-day period from the date of uploading the return.
4. Validity of Return:
If the return is not verified within the specified time limit, as clarified above, it will be treated as invalid.
5. Encouraging E-Verification:
The CBDT emphasizes the importance of e-verification immediately upon filing the return for the convenience of taxpayers.
6. Applicability of Notification:
This notification applies to returns of income uploaded/submitted on the e-filing portal (www.incometax.gov.in) under the powers conferred by Rule 14 of the Centralized Processing of Returns Scheme, 2011.
7. Effective Date:
The notification will be effective from April 1, 2024.
For seamless filing and verification of income tax returns, taxpayers are encouraged to adhere to these guidelines provided by the CBDT. Stay informed and compliant with the latest updates for a hassle-free tax season.
To Know about the Crucial Changes in Rules effective from April 1 CLICK HERE
To Download the CBDT Notification 2/2024 CLICK HERE
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