Income Tax| The CBDT has issued a corrigendum to the notification issued on the time limit to verify Income-tax returns. Para 5 of the notification is amended to provide that ITR shall be deemed invalid if it isn’t verified within 30 days of uploading or by the due date as per the Income-tax Act, 1961, whichever is later.
E-verifying the income tax returns is as important as filing them. Unless and until the e-verification is submitted the income tax returns is not considered as completed. It is crucial for the taxpayer to remember to E-Verify the returns even if not at the time of uploading but at least before the time prescribed by the department.
This initiation by the department of providing 30 days extended time to E- Verify the returns is commendable as the taxpayer might have faced technical or any other difficulties while filing the returns and this will be an opportunity to finalise the returns.
However, now it is the responsibility of the taxpayer to utilise this occasion and finalise the returns by e-verifying it before the 30 days’ time period. By regulating it on the condition of considering the return as invalid if not E-verified on time – the department has urged the taxpayers to abide by the rule and fulfil the process in a timely manner – JSPCO
