Indian Money Dot com Review - Status of Income Tax Return: 5 Terms You Should Knowby Ramya Sree Business Consultant
While you definitely exercise due diligence while filing income tax returns (ITR), you should be on your toes and regularly check the status of your income tax return.
It is very crucial to exercise due diligence when filing income tax returns (ITR). Tax rules keep changing and many laymen find them difficult to understand. Making mistakes when filing income tax returns may land you in a soup.
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Status of Income Tax Return: 5 Terms You Should Know
Income tax returns are deemed to be complete, only if a taxpayer verifies them. Verification of returns is mandatory for the Centralized Processing Centre (CPC) of the Income Tax Department to accept and process the returns. It is a declaration that all the details furnished by you in the ITR and its submission are made with your consent and you have given approval to the Department to process it.
If you are under the impression that Filing error free ITR and verifying it is all that needs to be done, you are wrong. There is another task, as important as any and that is to check the status of your ITR. It is important to check the status of your ITR, to ensure that it has been accepted and processed by the Income Tax Department, so that it goes without any glitches.
On verification, the IT Department will process the ITR. If the details furnished by you are accurate, and if no cases of non-disclosure are found, the Department determines the amount of tax refundable or recoverable from you.
The status of the ITR is displayed on your account at the e-filing website. Therefore, it is convenient and wise to regularly check the status of your income tax return to be sure that the CPC has accepted and processed your ITR. If you get notified on any discrepancies on your account or CPC proposes you to make changes, you provide a suitable reply in a reasonable time.
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Created on Jul 21st 2018 07:54. Viewed 286 times.