Now that your IT Return has
been filed for the financial year 2014-15 , is your concern or job over?
Even
after filing your ITR online, your job won't still be over!
Here is a
six-point checklist for taxpayers to be observed after e-filing of ITR online.
Most of us
think that we are done away with our e-filing task as soon as we submit the ITR
online. And perhaps this notion is one of the main causes for the troubles and income
tax notices faced by taxpayers after e-filing.
For
instance the taxpayers are supposed to verify their income tax return
after e-filing and failing to do so may treat their e-filed ITR as invalid.
Likewise, ignorance of other things may either lead to additional tax demand or
loss of tax refunds.
1. Verify
the ITR or dispatch ITR-V
The
primary thing that one should do just after e-filing is that either s/he should
e-verify her/his ITR or dispatch ITR-V to CPC Bangalore. The detailed manner of
doing this is discussed below. Remember that you have to verify the ITR by any
one of the following mode.
A.
Electronic verification of ITR
The IT
department has suggested two methods of verifying the ITR electronically. For
electronic verification, you need to login to incometaxindiae-filing.gov.in and
navigate to 'E-Verify Return' option of the main menu.
i. The
first method is through linking your Aadhar Card with your PAN number and
thereafter generating OTP (one time password) which gets delivered at your
registered mobile number and thereafter you will have to enter this OTP to
validate your e-filing.
ii. The
second method is through generating electronic verification code (EVC) which
gets delivered at registered mobile number or email ID. This electronic
verification code is then used to verify your ITR. The main drawback of the
second method is that it cannot be used by those taxpayers who are seeking any
ITR or if they have total income of more than Rs 5 lakh.
B.
Dispatching ITR-V to CPC, Bangalore
If you
have not verified your ITR electronically then you are supposed to download
your ITR from https://incometaxindiaefiling.
Income
Tax Department-CPC,
Post Box
No-1,
Electronic
City Post Office,
Bangalore-560200,
Karnataka
It must
not be sent by courier or other means. However, if you have signed the return
by digital signature, then posting of ITR-V form to CPC, Bangalore is not
required.
If you
forget to e-verify your ITR or fail to dispatch ITR-V to CPC Bangalore then it
will be considered as if you have not filed your income tax return and the IT
department will not process your ITR.
2. Track
the ITR-V receipt status
If you
have opted to verify the ITR by sending signed copy of ITR-V then you must
continuously track the receipt status of ITR-V at CPC, as you will get an alert
for non-receipt of ITR-V due to postal loss. Once Central Processing Unit
Bangalore receives your ITR-V form, it dispatches an email acknowledging the
receipt of ITR-V which should reach you within a month of sending ITR-V to CPC
Bangalore.
There are
a number of ways to check whether CPC Bangalore received your ITR-V form or
not. These are:
- CPC Bangalore
sends the email acknowledgment to e-mail ID which you have mentioned in
your ITR. If you don't receive such mail then please check your SPAM
folder.
- You can also
check whether CPC Bangalore received ITR-V form or not by entering PAN and
assessment year or by filing the e-filing acknowledgment number on the ITR-V
Receipt status tab under Services section of
e-filing website.
- It can also be
checked by calling CPC Bangalore at 1800-4250-0025.
3. Track
the intimation status
After
e-verification of ITR, wait for around one month to get the intimation from IT
department under section 143(1). You will receive another email from IT
department once your income tax return gets processed. This email is called Intimation
under section u/s 143(1). Intimation tells you the details about your
total TDS deducted, total tax paid, and deductions, if any.
In
intimation, you will also find information about any difference between the
amount of income, deductions, income tax payable, TDS or income tax paid by in
you in your tax return with respect to amount which income tax officer computed
u/s 143(1). The same is reflected in the following 2 columns of intimation:
a. Income
tax as provided by taxpayer in return of income
b. Income
tax payable as computed by income tax office u/s 143(1)
Analysing
intimation u/s 143 (1) is of great importance as it will tell you whether the
IT department has accepted the details furnished by you in your income tax
return as is or whether it differs in the tax calculations of income reported
by you. In such a case, you may have to take corrective actions. Consequently
you will also get to know whether you are entitled for any income tax refund or
if you are liable to pay any more taxes.
4. Pay
additional tax if the intimation specifies so:
If the
Intimation Received u/s 143(1) specifies that the tax paid by you is less than
what is computed by the IT department then this intimation becomes Notice of
Demand u/s 156.
For
example, if you have paid income tax of Rs 500,000 while the IT department
computed your income tax as Rs 530,000 then it will be treated as fall of tax
paid. In such case, if you feel that the IT department computation is correct
then you can pay the short fall amount and if you think that there is a mistake
then you will have to prove your case as per the necessary procedure.
5. Track
income tax refund status
In case
the income tax paid is more than what is computed by the IT
department then the taxpayer is entitled for tax refund. From this year
onwards, the refund will be directly deposited in the bank account mentioned in
income tax return. The tax refund status can be checked by logging to the
account at www.incometaxindiae-filing.gov.in.
Alternatively the same can also be checked at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html,
after the ITR gets processed.
6. Make
sure to keep income tax records:
Even if
you are done with filing of income tax return, it is very important to keep
record of all the paper work safely as legal proceedings under the income tax
act can be initiated within a span of six years and therefore keep all income
tax related documents safely for at least seven years. Following records are
advisable to be kept for future references.
- Form 16, Form 12
B
- Filed ITR along
with ITR-V
- Copy of Challan
for tax paid
- Tax deducted at
source (TDS), Form 16A
- Tax exemption
documents
- Bank account
statements
- Gifts deeds
- Intimation from
the IT department (soft copy email) and hardcopy etc.
Above details has 98% been reproduced
from Rediff.com & following is link for the same--http://bit.ly/6thingsyouneedtodoAftere-filingyourIncomeTaxReturnrediff
Another thing one ideally need to do is-
1 Check the acknowledgement, and see if they had utilized the TAX
Benefits like Exemptions and Deductions to it’s fullest
2 Check what you are going to repeat for current year as well,
like Insurance Premium or SIPs in ELSS, or EPF Contributions or NPS
Contributions, School tution Fees etc.
3 You or your ITR filing service provider has filled for Financial
year 2014-2015 and you will again have to file for current year by next
July,2016 and so preparing oneself and not repeating the same mistakes and
doing all at peace of mind is always desirable and advisable
4 Have current years Income tax Exemptions and Deductions readily
in place and ideally make a provisional IT form and fill all till end of the
year, so that you know what you are going to show, to do and were you still
need to work on
This not only helps plan, gives peace, helps ultimate IT benefit ,
but also saves money.
R E M E M B E R B E I N G P R E P A R E D ,H E L P S S A V E M O N E Y A T P E A C E
To immediately implement on all of the above 4
points, get in touch with your Personal Financial Consultant NOW
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