With the beginning of new fiscal year, the Income Tax Department has enabled filing of returns on its e-filing portal. Meanwhile, it has also re-worded the mechanism for verification of returns post uploading. There is no change in the time limit for completing the verification process.

Both of these have been made effective from April 1, 2024.

According to e-filing portal (https://www.incometax.gov.in), Income Tax Return Form of ITR-1, 2 and 4 are enabled to file through online mode with pre-filled data at the portal. Though normal due date for filing these returns is July 31, 2024, assesses can revise by December 31, 2024. In case an assessee has not filed by July 31,2024, a belated return with fee can be filed by December 31, 2024. Also, an updated return can be filed by March 31, 2027.

ITR-1 SAHAJ

ITR-1 SAHAJ is for individuals who have total income up to ₹50 lakh, have income from salaries, one house property, other sources (Interest etc.), and agricultural income up to ₹5,000. ITR-2 can be filed by individuals or HUFs (Hindu Undivided Families) who are not eligible to file ITR-1 (Sahaj). Such an assessee should not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

Such an assessee has the income of another person like spouse, minor child, etc., and required to be clubbed with their income. ITR-4 SUGAM is for Individuals, HUFs and Firms (other than Limited Liability Partnership or LLP) being a resident having total income up to ₹50 lakh and having income from business and profession.

Return verifications

Once the returns are filed, assessees need to verify their returns. This can be done either through online (e-verification) or through sending a form (ITR-V) to Central Processing Centre, Bengaluru. A notification by IT System, dated March 31, clarified that in case of ITR is uploaded and e-verification/lTR-V is submitted within 30 days, date of uploading the return will be considered as the date of furnishing ITR and 30 days’ time period will be counted accordingly.

Late filing

However, if e-verification or ITR-V is submitted after 30 days of uploading, then the date of such submission will be treated as the date of furnishing the return of income. This could result in late filing of return and accordingly action will be initiated. It may be noted that date of receiving ITR-V at CPC will be considered for the purpose of determination of the 30 days period from the date of uploading of return of income.

“It is further clarified that where the return of income is not verified after uploading within the specified time lime (30 days from uploading the return), such return shall be treated as invalid,” the notification said.

Earlier, it was said that the date of transmitting the data electronically shall be considered as the date of furnishing the return of income and e-verified/lTR-V submitted within 30 days of transmission of data.