Tuesday, April 23, 2024

I Have Filled for Tax Returns, But Where’s My Money?

Well, you are in a hurry, got your income tax documents in place, filled the returns, and as soon as that happened, you through your hands up in the air and legs on the chair, took a nap, forgot about everything.

Well you’re not done yet it’s only after a couple of months you tend to realize something is fishy as most of your colleagues and golf buddies have received their returns, why haven’t you until now got even a message.

The flaw here is follow up. You need to verify your income tax returns and failing to do so might deem it invalid and will be rejected. In case you haven’t filed it properly might cause additional penalties or worse you being exempted from any returns for the current financial year.

Follow these steps in order to avoid asking yourself; Has Income Tax Department processed your income tax return?

  • You need to cross check

ITR or ITR-V is the name of the game. Do cross check the terms above without fail once you are done filing your taxes or in case your income tax returns not processed, (It will be too late for the later) but at least you would know where you went wrong and it will tell you the exact income tax refund status.

2) Basic methods of checking the electronic verification of ITR

There are two main ways of going about your verification, first things first visit incometaxindiae-filing.gov.in and choose the E-verify return option. The first method is by linking your Adhaar card or PAN card and opting for an OTP that will be sent to your registered mobile number. If you are successful with that all is well, and you can go on to live your life otherwise, the second option is generating an electronic verification code (EVC) which will be delivered to your registered email id or mobile number. The only drawback of the second method is for people fetching an income of above 5 Lakhs cannot utilize it.

3) If not electronically then how?

Go through some older views and articles that speak about the income tax refund status 2015-16 in order to get a better idea but the only way to go about it if not digitally is dispatching the ITR-V to CTC, Maharastra. Within 120 days of e-filing (that includes the post time). ITR-V received means that it is a confirmation from the governments end that they have received it. Also ITR-V status will tell you on the progress of whether or not they have received it,

All said and done if you follow the above steps, you will not have to worry about much your income tax refund inquiry will end if you receive the above-mentioned confirmation from the government’s end. As simple as it sounds a word of caution do take a lot of precautions while filing for returns. Make sure that you complete your duties as an honourable citizen. Do not forget that these returns will be very useful when you shall be applying for a loan of any kind or simply if the bank you are dealing with has to check your credit history. It is also a very important proof to get you a better salary package on a new job just in case you misplace any of your salary slip related documents.

So happy income tax filings and happier holidays.

How many times can you file for revisions?

There are absolutely no restrictions or limit to the number of times a taxpayer can file a revised return. Even if you comprehend that you accidentally made a mistake in filling your form for the prior fiscal year, you can file a revised form, provided the first revision form was filed for before the due date, i.e., the 31st of July.

If you are filing for more than one tax return, then you will require the original acknowledgement number and date of filing related to the original for not only the first but also every subsequent filing.

You can file for a revision in income tax either online, or in physical form. You can file for the revision online, only if you have submitted the original income tax form for online.

Sections Concerned:

Taxpayers are required to file their income tax forms under section 139(1).

Yet, if there has been a mistake or omission in the form filled, the taxpayer can submit a Revised Return of Income Tax under the section 139(5).

How to File for a Revision?

With technological advancements in the society and consequent digitization of the economy, one can now file for income tax revisions, online or even offline. It is important to note that an online return can only be revised only and that an offline one, in turn, can only be revised offline.

To make an online revision, you first need to go to www.incometaxindiaefiling.gov.in and open the Excel file, where you have originally filed the return. You will require the acknowledgement date and number of your original filing for revision.

After this, enable the macros and then select the option of Revised Return. Next, you will need to select the option 139(5), instead of section 139(1). After this, you will be able to make any changes you seem fit and file for the revision of your income tax.

Once you are through with this task, do not forget to click on Compute Tax, to generate an XML file by validating each sheet. Upload this file, download the revised ITR-V or the acknowledgement and then sign it.

Last but not least, submit both the original, in addition to the ITR-V by the ordinary post itself or by speed post to the Central Centre for Processing in Bangalore.

Verifying Returns:

Your returns need to be checked and verified. A revised return filed online can be verified through several methods now provided by the IT department. Such methods include net banking as well as Adhaar O.T.P.

Of course, the most important thing here is to remember to fill your income tax form with the utmost care and full attention. Slips while making corrections do include some level of hassle and extra work. Make sure you fill all tax saving investments forms carefully in order to avoid such a situation. But of course, if you do find yourself facing such a problem, help will be available to you at any time of the day through internet banking and online portals. The banks you approach are also always ready to help you out.

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