Get a move on - there remains only a little over 24 hours to file your income tax return. The Income Tax Department had extended the original July 31 deadline to August 5 after taxpayers complained of technical glitches holding up e-filing of I-T returns.
With only a day left, here is what taxpayers need to do if they have not filed their I-T returns yet. Even for those who already are done with it, there still remains a fair bit to be done.
Here's what taxpayers need to do if they have filed their I-T returns, and if they have not:
For those who have filed income tax returns
Done with filing your income tax return and planning to kick back and relax during the long weekend. Think again. There still remains a fair bit to be done even if you are done with your tax return. Here's what that you need to do now:
i) Verify your tax return: After filing their returns, taxpayers need to have them verified. Failing to do so will render their I-T return invalid.
ITR verification can either be done electronically or physically by sending a signed copy of ITR-V to Central Processing Centre (CPC).
For the electronic verification, taxpayers need to go to incometaxindiaefiling.gov.in and click on 'e-Verify Return' option at the left-hand panel of the homepage.
For those who wish to do this the old-school way will have to send a signed copy of ITR-V to CPC, Bangalore within 120 days of e-filing. ITR-V is the acknowledgement form generated after ITR is successfully filed.
Those who choose the latter way will then have to wait for verification to be completed by the CPC. This involves tracking the status of ITR-V as the taxpayer.
ii) Keep tabs on intimation status: After getting your ITR verified, you will have to wait a month for an email confirming Intimation under Section 143(1).
Intimation carries details like the total TDS deducted, total tax paid, and deductions. This reflects whether or not the income tax department has accepted the details you have put in your income tax return. In other words, intimation under section 143(1) informs whether any corrections are to be made in the income tax return or will a refund be paid to the taxpayer.
iii) Pay the difference, or receive the refund: If the income tax you have paid is less than what the intimation specifies then you will have to pay the additional tax. The difference can be deposited in the bank account mentioned in the I-T return. If you disagree with the additional tax then you need to prove your case.
If the tax paid is higher than what the intimation specifies, the balance will again be transferred to the bank account mentioned in the ITR. Taxpayers entitled to a tax refund will have to keep an eye on their bank accounts to ensure that the additional tax is deducted or their tax refund is credited to their bank accounts.
For those who haven't filed income tax returns
Well, get going then. Here's what you have to keep in mind if you are yet to file your income tax return:
i) Link your PAN and Aadhar: The government has made it mandatory to link your Aadhar and PAN for filing income tax returns. Go to incometaxindiaefiling.gov.in, click on 'Link Aadhar', and then follow the instructions as they come. The process is simple and barely takes five to ten minutes.
ii) Have relevant documents handy: Keep your Form 16, Form 16A, Form 26AS and other in order and close by when you sit down to file your income tax returns either through the income tax department website or at the income tax office.
iii) What if you miss the deadline: In case you do miss the deadline, you can file a belated tax return. The process remains the same, more or less, only you will have to select Return filed under Section 139(4) in the dropdown menu.
Missing the deadline will also keep you from revising your income tax return or carry forward your losses.