Done and dusted with the filing of your income tax return for the year, but your job is still not over!!
Filing of ITR is only the halfway in the process of income tax return procedure. Surprised..?? Don’t have an idea now what else needs to be done, need not worry, STARTMY-BUSINESS is here to let you know.
After filing of ITR, you are also required to do and check some sets of things. Let’s discuss them all by dividing into 2 sections – aware and unaware section.
You must be aware of below crucial steps and have been already done by many of you.
1. Linking of Aadhaar and PAN :
In this particular year (F.Y 16-17), you are required to Link your Aadhaar and PAN by 31st December 2017 otherwise your income tax return would not be processed.
2. Verify or dispatch ITR-V
You need to E-Verify the ITR or Send the Signed copy of ITR-V to Bangalore (Income Tax Department-CPC ) within 120 days of filing. Failure of this would definitely affect the processing of ITR and consequently refund as it is one of the pre-requisite for processing of your return.
3. Track the ITR-V receipt status
CPC Bangalore sends the acknowledgment to e-mail ID, the Mobile number which you have mentioned in your ITR or it can also be checked on ITR-V Receipt status tab under Services section of e-filing website. [http://incometaxindiaefiling.gov.in/]
Now, comes the part which only a few of you must be knowing. Let’s discuss the same in detail.
1. Intimation u/s 143 (1) :
After you are assured about the receipt of ITR, it’s time to check whether your return has been accepted by the Income Tax department or not. This acceptance or disacceptance comes in the form of intimation under section 143(1).
In intimation, u/s 143(1), 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 the amount which income tax officer computed is reflected.
If it is accepted as it is then your status on income tax filing website would be updated as ‘Processed’ and you need not do anything. But if there is discrepancy then in response to the intimation, you need to submit the online compliance.
Recently (From FY 2016-17 only), even if there is the difference between your Form 16 /26AS with ITR, it can be of your income or any deductions, then you are likely to receive intimation u/s 143(1). Earlier, it was not issued for this reason.
Analysing intimation u/s 143 (1) is of great importance as you will get to know whether you are entitled to any income tax refund or you are liable to pay any more taxes or no action is required from your side.
Therefore, do check whether the income tax department has accepted and processed your income tax return.
2. Track income tax refund status
Till now you must have understood that refunds shall not be granted in case ITR is not processed as Income Tax return is not considered filed unless it’s verified and processed. So, be compliant, do all the required and get your genuine hard earned money back.
As soon as the ITR gets processed, the refund would be credited in some days. The tax refund status can be checked by logging to the account at Click here. Alternatively, the same can also be checked at Click here.
Hope after reading this article, you must have realized that filing of ITR is just the beginning of the process. There’s a series of steps which the individual needs to follow to complete the process. For more details, visit the website Startmy-Business.