ITR-V submission: Time limit for verifying ITR reduced to 30 days

The Central Board of Direct Taxes (CBDT) has reduced the time limit to 30 days applies to ITRs filed on and after August 1, 2022. The CBDT announced this via a notification issued on July 29, 2022. This notification will come into effect from August 1, 2022. For ITRs filed up till and including July 31, 2022 the earlier time limit of 120 days from date of filing of ITR continues as per the CBDT notification.

The Central Board of Direct Taxes (CBDT) vide Circular No. 3/2009 dated 21-05-2009 notified the new Income Tax Return (ITR) forms for Assessment Year 2009-10 and provided the facility of furnishing ITR in the following manner:
1. Furnishing the return in paper form
2. Furnishing the return electronically under digital signature
3. Transmitting the data in the return electronically and thereafter submitting the verification of the return in form ITR-V to CPOC within 30 days after transmitting the data.
4.Furnishing a bar coded return in paper form.

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