There are many misconceptions on what to do after e-Filing your Income Tax Returns among 1st time ITR e-Filers in India. It is important to note that e-Filing your IT Return is just not enough.
A Tax Payer 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.
The primary thing that should done just after e-Filing is that either should e-Verify ITR or dispatch signed copy of ITR-V to CPC Bangalore.
Follow the link to do the e-Verificationhttps://eztax.in/verifying-return
If you have not verified your ITR electronically then you are supposed to send a signed copy of ITR-V to CPC Bangalore (see below address).
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
For some Tax Payers, 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,
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.
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
Refer other article on How Long to Keep your Tax Documents for an extensive information.
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
In case you have any capital gain arise from selling any capital asset, reinvest such gain amount according to the income tax rules or deposit in the capital gain account scheme to defer / avoid the income tax payment or you can do the advance tax according to the gain value.
At times this is not a cake walk, refer EZTax.in Experts for help you need and plan accordingly or to get the advanced tax calculation.
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.
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