Successfully filing your Income Tax Returns (ITR) might feel like conquering a mountain peak. However, the battle is not over yet. The process of filing income tax returns doesn’t end with submitting the documents and forms. There are other things to be taken care of to ensure that you get your tax refunds without any hurdles. From checking the bank details to verifying the tax returns, ensuring that the minor details are in place will guarantee that you have a worry-free tax season.
Important things to do after filing your taxes
Make sure to follow these instructions after filing your taxes:
Documents: Even though the tax-related documents piled up on your desk might seem useless, they are more useful than you think. Filing taxes can be a laborious process involving numerous documents related to your income. Make sure you store all the tax-related documents safely even after filing taxes as the Income Tax Department can choose any tax return from the previous years for a random check. Not being able to provide documents during such scrutinies might put you in a sticky situation. Some important documents you should save are:
Proof of taxes
Proof of income earned
Proof of sale and purchase of property (if applicable)
Proof of sale of shares (if applicable)
Proof of deduction or exemption claimed
Copies of bank statements
Copies of financial transactions
Verify tax returns: If you haven’t e-verified your tax returns, you can verify it by sending the ITR-V physically. You have to sign the form with blue ink and send it to the tax department within 120 days from the date of filing the income tax returns.
Acknowledgement mail: Once you verify the tax returns, the Central Processing Center (CPC) will send a confirmation mail to your registered email address. Therefore, it is extremely important that you mention your correct email ID when filing taxes as all communication pertaining to the returns will be done through mail.
If no mail is received: If you do not receive the acknowledgement mail in your inbox, check your spam or junk folder. If the mail is not parked in the spam/junk folders, check the verification status on your e-filing account. The mail is sent when the CPC receives the verification. Checking the status will help you determine whether the ITR-V has been received by the tax authorities or not. If the status remains unverified even after 2 to 3 weeks, you can send another ITR-V to the CPC. The process of e-filing of returns is not complete until the CPC receives the ITR-V form.
Check bank details and address: This step is important as any error in entering the bank details or address can delay the refund process substantially. Make sure that you have provided the correct details.
Intimation from Income Tax Department: After the Income Tax Department receives the ITR-V form, the tax return is processed and an intimation is sent by them under Section 143(1) of the Income Tax Act, 1961. The intimation is sent via email to your registered email address. If the returns you filed were accurate and you claimed a refund, then the refund amount is issued to you.
Refund: If the intimation mail shows that the refund you claimed is due to you, the amount will be credited to your bank account. Keep a check on the due credit.
Tax due: If there was any discrepancy in the filing process, then the intimation will show that taxes are due from you. If it is an erroneous demand, you can get it corrected online through your e-filing account. The demand can be rectified within 4 years from the year the intimation was made.
How to check income tax return status?
It is important to keep a check on your income tax return status to determine whether the ITR-V has reached the tax authorities or not. You can check your status by following the steps mentioned below:
Visit the Income Tax Department’s official website and log in or register.
After logging in successfully, click on ‘My Account’.
Select ‘e-Filed Returns/Forms’ from the drop-down menu.
Click on the ‘Ack. No.’ of the assessment year you want to check the return status of.
After clicking on the specific Ack. No., you can view the details of the acknowledgement number and the return status.
Taking some time out of your daily schedule and following the instructions mentioned above can go a long way in keeping away from any stress that might arise from erroneous filing of taxes. Apart from keeping these factors in mind, make sure you enter the correct contact information when filing the returns. Since the tax department communicates through email and SMS, missing any important notice or intimation mail can prove to be a huge loss for you.