6 Important Steps after IT Return e-Filing ?

This document covers

1. Verify your ITR.
2. Do you know?
3. Trace the ITR-V Status.
4. Check for Intimations / Notices.
5. Secure the IT Documents for future use.
6. Avoid the Penalty by paying Advance Tax
7. Optimize your Taxes for better Savings

2. Do you know?

A Taxpayer must eVerify the return to make it processed further. No refund is possible without it.

At a high level, there are 6 steps you should do post e-Filing your Return to have full compliance, and to have your Taxes optimized for Savings.

Now, let’s take deep dive in to the above steps after e-Filing.

3. Trace the ITR-V Status

CPC Bangalore sends the acknowledgment to e-Mail and mobile number, when they receives the ITR-V. But, if you have opted to verify your ITR by sending a signed copy of ITR-V then you must continuously track the receipt status of ITR-V.

You can check whether the CPC Bangalore Office received your ITR-V form or not by entering your PAN and e-Filing acknowledgment number on the ITR-V status tab at the URL Click Here

For detailed instructions visit How to Check ITR Status Online?

You can also check by calling CPC Bangalore Office at 1800-4250-0025

4. Check for Intimations / Notices

For some Taxpayers, ITD may send an eMail with a subject Intimation under section u/s 143(1) with the details about your Total TDS deducted, Total tax paid, and the Deductions, if any.

This intimation generally mention two components,

• Income tax as provided by taxpayer in return of income
• Income tax payable as computed by income tax office u/s 143(1)

Analyzing intimation u/s 143 (1) will tell you whether the ITD has accepted the details furnished by you in your income tax return as is or whether it differ in the tax calculations of the income reported by you. In case it differs, you may have to take the corrective action with in the specified time limit mentioned in the Intimation e-Mail.

Consequently you will also get to know whether you are entitled for any income tax refund or if you are liable to pay further taxes or any queries raised ITD to submit the response accordingly.

For many this will leads to a revised ITR Filing, Check with EZTax.in Experts to process further if it seems complicated.

After receiving the intimation if you have any refund, refund will directly deposit to your bank account or you will receive a Cheque.

The tax refund status can be checked at NSDL Portal or EZTax.in Self Service Portal. or by logging in to ITD Site.

5. Secure the IT Documents for future use

Though your Income Tax Filing is completed, it’s important to keep your income tax related records securely for future use. Per the income tax department rules, the department may raise any query on your past 8 years data and you should be able to address them with the records in hand.

Typical documents that need to be secured for future use are

1. Form 16, Form 12B
2. Copy of the Tax Paid Challan
3. Tax Deducted at Source (TDS), Form 16A
4. Non Taxable (Tax exemption) documents
5. Bank Account Statements
6. Gifts deeds

Refer other article on How Long to Keep your Tax Documents for an extensive information.

6. Avoid the Penalty by paying Advance Tax

If you have net income more than Rs. 3 Lakhs after all the tax saving investments, if the tax is not deducted on that amount, you may need to pay the advance tax every quarter to avoid the interest calculated per sections 234-A, 234-B, 234-C

If you have a capital gain from the sale of a capital asset, you can either reinvest it according to the income tax rules or deposit it in a capital gain account scheme to defer or avoid paying income tax, or you can pay tax in advance based on the gain value.

Refer toEZTax.in Experts for the assistance you require and plan accordingly, or obtain the advanced tax calculation.

7. Optimize your Taxes for better Savings

It’s vital not to ignore Taxes in your Savings Plan, as is contributing towards 20-30% of your earnings. Speak to a Tax Expert to schedule an appointment to see where you can save on your Taxes. Many times, you need to have a multi-year comprehensive plan to reduce your tax burden. Call EZTax.in to schedule one Today.