The Central Board of Direct Taxes, via a notification in July 2022, reduced the time limit for ITR verification from 120 days earlier to 30 days. The new law is effective from August 1, 2022, and will be applicable to all the ITRs filed on or after August 1, 2022. This includes ITR filed on or before July 31, 2023. However, missing the 30-day ITR-filing deadline can cost you Rs 5000.