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What happens if ITR V is not submitted within 30 days?
What is ITR-V?
ITR-V stands for Income Tax Return Verification. If you file a return without immediate e-verification or digital signature, you must verify it online or send the signed ITR-V to CPC, Bengaluru through the prescribed process.
Can I send ITR-V to some other place in India?
No, physical ITR-V should be sent only to the Centralized Processing Centre, Income Tax Department, Bengaluru - 560500, Karnataka, using the mode prescribed by the Income Tax Department. E-verification is usually faster and avoids postal delay.
Is there any time limit for ITR Verification?
Yes, a taxpayer is supposed to verify the Income Tax Return within 30 days of filing it. Verification can be completed electronically or by sending the signed ITR-V as prescribed.
What happens if I do not complete the verification of ITR within 30 days of filing it?
If verification or ITR-V submission is completed after the 30-day limit, the verification date may be treated as the date of furnishing the return and late-filing consequences may apply. If the return is not verified, it can be treated as invalid, although a condonation request may be available for genuine delay.
Many of us do think that, our work is done when we e-file ITR, but we must remember that, filing Income Tax Return is just one step of this process. Income Tax Return e-filing process is considered complete and valid when the ITR is verified.
