The deadline for filing your income tax returns (ITR) is just three days away so procrastinators are fast running out of time. A common mistake in the last minute rush to e-file returns is to simply upload your ITR - either on the dedicated tax filing portal of the Income Tax Department (incometaxindiaefiling.gov.in) or through the likes of Cleartax and Taxspanner - and forget to check the status post submission.
From failing to verify your returns to receiving Section 143(1) intimation from the taxman, several things may go wrong after you upload your form and delay your refunds, if any. Hence, it is advisable to periodically check the status of ITR filing. Till you see "ITR Processed" against your ITR form for the current assessment year ( 2019-20), the process is not complete.
To check the status of your latest ITR, you simply need to visit incometaxindiaefiling.gov.in and click on the ITR Status tab on the left side of the screen. Fill in details such as PAN number, ITR acknowledgement number and the captcha code on the new page that opens and hit the Submit button. The page that opens will inform you whether your ITR has been processed and the status of your refund.
Alternatively, if you have registered yourself on the government's e-filing portal, you can use login credentials and click on the View Returns/Forms option on the dashboard. On the new page that opens, select the Income Tax Returns on the drop menu and you will see your full history of ITRs filed and their respective status.
The status will show up as "ITR-V not received" till you verify your ITR within the stipulated timeline of 120 days. Keep in mind that you can choose to digitally sign your submitted ITR or e-verify it online through Aadhaar OTP or net banking. Alternatively, you can send a duly signed ITR-V to the Centralised Processing Centre (CPC), Bengaluru, by ordinary post or Speedpost. If the status reads "ITR-V received" or "Successfully Verified", then your ITR filing process is complete and the Income Tax Department will start processing your tax return.
If there are any discrepancies in your ITR - any mismatch between the information that the IT department has in its possession and what you have submitted - or errors in your tax liability calculation, you could be staring at a demand notice from the taxman.
There's no reason to panic if you receive such a notice. All you have to do is to login to the government's e-filing portal and click on the tab e-proceeding. You will be redirected to a page that will list the proceeding details, say, "Adjustment u/s 143(1)a". Click on the 'Proceeding Name' link on the page that opens, and then hit the Submit link under the Response tab to view more details.
For example, in case of a mismatch between the return filed and the Form 16/16A or Form 26AS, you will get to see the details of variance identified by the CPC. At this point you must carefully analyse the reason for the mismatch mentioned and then select whether you agree, partially agree or disagree with the addition. If you agree or partially agree, you must file a revised return. "If you disagree with the addition, you have to mention the reason for such disagreement. You have to select the reasons for incorrect disclosures from the list provided and submit your response," the e-filling website added.
To avoid this hassle, experts say that taxpayers must always match their actual financial transactions with Form 26AS and Form 16 before filing returns.