Many of us think that our task is completed with our e-filing as soon as the Income Tax Return online. And indeed this sort of notion is one of the prime reasons for troubles and IT notices that are faced by the one who pays taxes after e-filing of the ITR. Many of us think that our task is completed with our e-filing as soon as the Income Tax Return online. And indeed this sort of notion is one of the prime reasons for troubles and IT notices that are faced by the one who pays taxes after e-filing of the ITR.
So, after e-filing you IT Returns you must keep the following things in mind:
Verify the ITR or mail ITR-V
The very first thing that you should do once you have done with e-filing is that either you should make e-verification of your ITR or mail ITR-V to CPC Bengaluru. You can verify your ITR by any one of the modes below:
- Electronic Verification of ITR
- Mailing ITR-V to CPC Bengaluru
Tracking the receipt of ITR-V
If you choose to verify the Income Tax Return by mailing an attested copy of the ITR-V then you should continuously keep a check on the ITR-V receipt at CPC, as you will receive an alert if you do not receive an ITR-V because of postal loss. Once the ITR-V is received by the Central Processing Unit Bengaluru, it shoots an email with the acknowledgement of the ITR-V receipt that should be received by you within a month of dispatching ITR-V to CPC.
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Checking the Intimation Status
Once the ITR’s e-verification is done, you have to wait for a period of one month at least to receive the intimation from the Income Tax Department u/s 143 (1). IT department will send you another email after your ITR gets processed. The email sent by the IT department is referred to as Intimation u/s 143 (1). This intimation gives you the details regarding your total tax paid, TDS deducted and other deductions (if any).
Making Payment of Additional Tax if the Intimation states so
If the received Intimation under section 143 (1) states that the paid tax is not more than what is calculated by the Income Tax Department then the intimation turn out to be Notice of Demand under section 156.
Check status of Income Tax Refund
You are entitled to a tax refund if you have paid more tax than what was calculated by the IT department. The refund will be deposited directly into the bank account that you will mention in the ITR from this year onwards. You can check status of tax refund by logging into the account on the official website www.incometaxindiae-filing.gov.in. On the other hand, you can also track the status at https://tin.tin.nsdl.com/oltas/refundstatuslogin.html, once your ITR gets processed.
Ensure to keep records of Income Tax
It is imperative to keep a record of all the papers and paperwork even if you have completed with the filing of income tax return procedure. This will help you in legal proceedings under the IT Act and can be started within a time span of six years and hence keeping all the IT related documents securely for a minimum of seven years.
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Very informative article!!!
This intimation gives you the details regarding your total tax paid, TDS deducted and other deductions