6 Things You Need To Do After E-Filing Income Tax Return

Hurray! You are done with e-filing income tax return file online at the official Income Tax website. But, your job is not over yet. Here is a six point checklist for taxpayers to follow after e-filing income tax return file.

Most people assume that their work is over, once they submit their E-filling income tax returns online. However, majority of taxpayers have to confront various challenges even after e-filing income tax return file online after submitting it. 

Overlooking certain essential things that must be taken care of when e-filing income tax return file, might result in loss of income tax refund or an additional charge of tax demand. In order to overcome the challenges, you need to undertake few essential steps after e-filing income tax return file.

Once you submit your income tax forms online, an ITR V form is generated as an acknowledgement. You need to physically sign it and dispatch it or you can authenticate or e-verify the ITR

• E-Verify your ITR-V

The first and foremost thing that should be done after income tax e filing return file online is to e-verify your income tax return. Log into your account and navigate to the option that says E-Verify Return from the main drop down menu

• Link your Adhar card number to your PAN. You will receive an OTP or password to your registered mobile number. Validate your ITR using this OTP

• If your total income is less than Rs.5 Lakhs, then you can generate your Electronic Verification Code or EVC, which will be sent as a message to your email ID or mobile number. This code can then be used as your main code to validate ITR

• Dispatch your ITR-V

If you have no validated the ITR-V online, then you must send the signed copy of the ITR-V manually. Ensure to send the ITR within 120 days from e-filing income returns. You can send it via post to the CPC, Bangalore.

If you sought to validate the ITR by transferring the signed copy of the form to the CPC manually, then you must ensure to track and check the receipt position of the ITR. You can use the tracking number of the postal service to make sure that it has reached.

Once CPC receives your ITR, it will send out an email acknowledgement to your registered Email ID. Ensure that you have received the mail or you can also check the e-filing website to track the receipt position of your ITR-V.

After a month of getting through your e-verification of ITR online or receipt of dispatched ITR form, you will recieve an intimation from the Income Tax department. Upon successful processing of ITR, you will receive an email from the IT department which will comprise of the following details

• Total TDS deducted

• Total tax paid

• Other Deductions

If you have paid less tax, it will be specified in the intimation sent back by the income tax department. In such a case the intimation will turn into a notice of demand to the taxpayer and the individual will be liable to pay the extra tax amount.

If you have paid more tax than what is actually required and computed by the Income tax department, you are eligible for a refund. Your refund will be directly credited to your bank account provided. You can check the tax refund status online at the e-filing website.

Keep a record of all the income tax returns even if you are done with the actual process. It is important to preserve all records for future use. All documents pertaining to income tax returns for the past 5-6 years should be preserved. The following is the list of essential documents that need to be held onto:

• Form 16

• Copy of Challan for tax paid

• Tax deducted at source

• Filed ITR with ITR-V

• Tax exemption documents

• Authorized Bank account statements

• Intimation from the IT department

These are the most important things that need to be followed after e-filing income tax return file online. Make sure to verify that all the information provided in ITR-V is accurate and have a hassle-free e-filing.

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