Income Tax Returns: Compliance Guidelines

Income Tax Returns: Compliance Guidelines from CBDT Notification No. 2 of 2024 on Timely Verification

Author-Tanvi Thapliyal

1. The time limit for verification is specified in Rule 14. Taxpayers are required to verify their electronically submitted ITRs within this duration. The time limit is important because it ensures that you comply with tax regulations on time and helps you avoid penalties for verifying your taxes late.
2. The modes of verification refer to the different methods that taxpayers can use to electronically verify their ITRs, as outlined in the rule. Some of the methods that may be available include electronic verification through Aadhaar OTP, using net banking, or submitting the ITR-V form (acknowledgment) to the designated address.
3. The consequences of not verifying an uploaded ITR within the specified time frame are likely outlined in Rule 14. If you don't file your return on time, there could be some consequences. These consequences might include considering your return as invalid or imposing penalties on you under the provisions of the Income-tax Act, 1961.
4. The prescribed procedures refer to the specific steps and documentation needed to verify an Individual Tax Return (ITR) electronically. Here are some possible topics that could be included: how to generate and submit an electronic verification code (EVC), or the process for sending the ITR-V form to the Centralised Processing Centre.

1. Verification must be completed within 30 days.
   • When the taxpayer uploads their income tax return and either electronically verifies it or submits the ITR-V form within 30 days from the date of uploading, the system considers the date of uploading as the date when the return was officially submitted.
   • So, if you finish the verification process within the first 30 days, the date you upload the file will be used to decide if your return was filed on time.
2. Verification that occurs after 30 days:
   • But if the verification process takes longer than 30 days and you submit the verification after this time, the date of submitting the verification will be considered as the date when you filed the return.
   • If the taxpayer doesn't verify the return within 30 days, they will face the consequences of late filing. In this case, the date of verification submission will be considered as the date when the return was furnished.
3. The consequences of filing your documents late are:
   • If you file your return late, you may face penalties or other consequences as outlined in the Income-tax Act, 1961.
   • It's important for taxpayers to remember to complete the verification process within the given timeframe to avoid penalties and make sure they are following tax regulations.

1. After you upload and verify your Income Tax Return (ITR) within the given time frame, you need to send the verified ITR-V form to the Centralised Processing Centre (CPC) in Bengaluru.
2. You can submit the ITR-V form by using either ordinary or speed post, as mentioned in the notification.
3. The date when the ITR-V form is received at the CPC is very important. This is used to determine the 30-day period starting from the date when the income return is uploaded.

1. The consequences of not verifying the return on time are that it will be considered invalid.
2. If taxpayers don't complete the verification process on time, their filed returns will be considered invalid.
3. Due to this, it is possible that these returns will not be processed and any benefits or deductions mentioned in them may not be taken into account by the tax authorities.
4. The importance of verifying returns promptly after filing is highlighted by this notification. This is to prevent any complications that may arise.
5. Verifying the filed returns in a timely manner is important to ensure their validity and smooth processing, without any delays or issues.
6.  So, it's really important for taxpayers to complete the verification process quickly to avoid their returns being invalidated and any negative consequences that may come with it.

1. The notification is applicable to returns that are uploaded or submitted on the e-filing portal.
2. So basically, the rules and regulations mentioned in the notification only apply to people who file their returns electronically using the designated e-filing platform.
3. The effective date for Notification No. 2 of 2024 is April 1, 2024. So, what this means is that the rules mentioned in the notification will be applicable to all returns that are filed on or after this particular date.
4. Make sure you follow the verification process for tax returns filed on or after April 1, 2024, to avoid any penalties or complications that can come from not following the rules.

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