Important Things To Do After E-filing Your Income Tax Return
All the Income Tax filers could cheer that the Income Tax department has introduced the E-filing system of submitting the Income Tax Returns to the relevant department. Without any hassle, the Income Tax filers can now file their Income Tax Returns online at a great ease. If you’re new to this process and are not aware of the verification process for filing the Income Tax Returns to the department of IT, we have explained it in a detailed article earlier on the blog. If you’ve any issues and doubts regarding the income tax return filing, you can check the article from our blog.
The last date for filing the income tax return or ITR for the financial year 2016-17 has been approaching. If you haven’t filed your income tax returns, just do it right now. It would be great if you’ve already filed your ITR online. But, simply filing your Income Tax Returns via the online verification process is not just enough and don’t assume that your work is done by filing your ITR online. You need to look after your ITR even after filing it. To do so, here we have come up with a list of few essential and crucial points for all the tax payers that must be taken care of after e-filing of Income Tax Returns online. Have a glance!
Things to be done After E-filing ITR Online
Usually, people have a perspective that their work is done just after submitting the E-filing Income Tax Return online. Many of the tax payers confront various glitches and difficulties even after e-fling the ITR online due to some issues that arise after submitting them. After e-filing their ITR online, if the tax payers are failed to verify or re-check their income tax return after e-filing then it indicates that their submitted ITR is invalid doesn’t come under a valid filing.
Similarly, if you ignore some essential things that must be taken care of after e-filing might left you into loss of income tax refunds or sometimes you may be charged additional tax demand. In order to overcome all that difficulties, you need to take care of some things that you must do after e-filing ITR online. The last date for filing the Income tax Returns online is July 31 and there is still one month left over for all the tax payers who haven’t filed their ITR for the year 2016-17. This is the right time for the tax payers to file their ITR online so that they will have adequate time to get through all the other things that must be done after submitting their e-filing ITR online.
- Authenticate the ITR or dispatch ITR-V
The first and foremost thing that must be done by every individual after e-filing ITR online is to authenticate or e-verify their ITR or check whether it is dispatched to Central Processing Centre (CPC) which is located in Bengaluru. Here is a detailed procedure to verify your ITR or dispatch ITR-V. Here, we have given two methods to verify your Income Tax Return.
a. E-Verification of Income Tax Return
The Income Tax department has recommended two different methods for verifying the Income Tax Return via Electronic verification. Before heading to the E-verification process, you need to sign in to the official website of filing Income Tax Return @ incometaxindiaefiling.gov.in and just navigate to the option that says ‘E-Verify Return’ from the main drop-down menu.
In the first method of E-verification, you need to link your Aadhaar Card number with your PAN number. Later, you will receive an OTP to your registered mobile number. You must enter that OTP in order to authenticate or verify the e-filing of your ITR.
In the second method, you’ll have to generate an EVC (Electronic Verification Code which will be received as a message to yourregistered Email ID orregisteredmobile number. The electronic verification code which is sent to your mobile number is the main code that can be used to validate your ITR.
But there is some snagwith this second method. The problem is that the tax payers who are looking for any Income Tax Return or if their total income is aboveRs 5 lakh, then this method is not applicable for those payers.
b. Dispatching ITR-V to CPC, Bangalore
If you haven’t validated or authenticated your Income Tax Return via the electronic process then, you must send the signed copy of ITR-V in a manual way to theCentral Processing Centre (CPC), Bengaluru and make sure that you send it within 120 days (4 months) after e-filing. ITR-V is nothing but an acknowledgement form that you receive by the Income Tax Department once after filing your ITR to the relevant department. The acknowledgement must be signed by the appropriate tax payer and sent to CPC, Bengaluru within 120 days of e-filing your ITR.
Here is the address of CPC, Bengaluru for the tax payer to send their ITR-V via the ordinary post or Speed Post:
Income Tax Department-CPC,
Post Box No-1,
Electronic City Post Office,
Make sure that you send the dispatch ITR-V to CPC Bengaluru in the stipulated time or if you fail to do so, your filing will be considered as invalid.
- Check Receipt Status of ITR-V
This thing comes into picture when you have chosen the option of verifying your ITR via the manual process of sending signed copy of dispatch ITR-V. If you do so, then you must frequently track or check the receipt status of your filed ITR-V at CPC, Bengaluru. You will either receive an alert regarding the non-receipt of ITR-V due to some issues with the postal department. Once CPC,Bengaluru obtains your ITR-V form, it sends an email acknowledging the receipt of ITR-V that it must be reached the taxpayer within a month of sending ITR-V to CPC Bangalore.
Different Ways to Check ITR-V form Received by CPC Bangalore:
- One way of ensuring whether CPC Bangalore had received your ITR-V form or not is that it will send an email acknowledgment to your registered e-mail ID. If you don’t findany mail from CPC, try to check out your SPAM folder as well.
- The second way of checking whether CPC Bangalore received your ITR-V form or not is by visiting the e-filing website and under the Services section, choose the tab ITR-V Receipt status wherein you need to enter your PAN and assessment year.
- The final way of checking are you can do it in a manual way by directly calling the CPC Bangalore and here is the number: 1800-4250-0025.
- Check the intimation Status
You need to wait for the intimation that you must receive from the Income Tax department after a month of getting through your e-verification of ITR. Once your ITR processes successfully, you will be receiving another mail from IT department which is called as Intimation. This email willcomprise various details that includethe following:
- Total TDS deducted
- Total Tax paid
- Other Deductions (if any)
- Pay Extra Tax if specified by Intimation
Once you receive the intimation via the email, if the IT department specifies that you have paid less tax of what is actually calculated by the IT dept. then you must pay an additional tax. In such a case,the intimation will turn into a Notice of Demand to the tax payer.
- Check Refund Status of Income tax
If in case, you have paid more income tax case than what is actually totalled by the Income Tax department then the taxpayer is permittedto request for the additional Income tax refund that he/she had paid extra. From this current financial year, the Income Tax refund will be deposited to particular tax payer bank account directly. You can track the refund status of your Income tax by logging into the account @www.incometaxindiae-filing.gov.in.
You can also check it @https://tin.tin.nsdl.com/oltas/refundstatuslogin.htmlonce yourITR gets processed successfully.
- Preserve Income Tax Records
Make sure that you preserve or keep a track of your Income Tax records even after successfully filing your income tax return. It is quite essential for the tax payer to maintain a record of all the Income Tax Records securely as legal measures can be startedin a period of 6 years. It is recommended to preserve all the documents related to Income Tax for about 7 years. Here is a list of records of Income Tax that must be preserved by the tax payer:
- Form 16, Form 12 B
- Copy of Challan for tax paid
- Tax deducted at source
- Filed ITR along with ITR-V
- Tax exemption documents
- Authorized Bank account statements
- Intimation from the IT department [Either soft copy of Email or a hardcopy]
These are the most essential things that must be done by every tax payer after filing their E-filing Income Tax Return online.