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May 2024

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 8 mins

I. DIRECT TAX: SPOTLIGHT

1. Time limit for verification of return of income after uploading - reg. - Notification No. 2/ 2024 dated 31st March, 2024.

CBDT has clarified that:

(i) Where the return of income is uploaded and e-verification or ITR-V is submitted within 30 days of uploading, in such cases, the date of uploading the return of income shall be considered as the date of furnishing the return of income.

(ii) Where the return of income is uploaded but e-verification or ITR-V is submitted after 30 days of uploading, in such cases, the date of e-verification / ITR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow, as applicable.

(iii) The date on which the duly verified ITR-V is received at CPC shall be considered for the purpose of determination of the 30 days’ period from the date of uploading of return of income.

(iv) Where the return of income

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