Important Points to Keep in Mind during Income Tax Return Filing Online

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Important Points to Keep in Mind during Income Tax Return Filing Online

The Income Tax Return Filing deadline is fast approaching and you may be gearing up to file your Tax Return Online, right? But how ready are you? Have you done your ‘homework’ right? 

Fret not! We are not here to scare you! We will tell you certain finer points about filing Tax Return Online.  You would do well to keep those in mind during Income Tax Return Filing Online. 

Here we go!

Points to consider while filling the online ITR form

  • Before you start Income Tax Return Filing Online, make sure to read the “General Instructions” carefully. This will help you to avoid mistakes that may happen while filing your Tax Return Online
  • While filing in the details in your Tax Return Online forms, do not forget to click the ‘Save Draft’ button from time to time. This will help you prevent any possible loss of data due to session time out.
  • On the ‘‘Taxes paid and verification” tab, you need to choose the appropriate option to verify your Tax Return Online. If you chose the ‘I would like to e-Verify’ option, you can do e-Verification through any of the below-mentioned methods-
  • Aadhaar OTP
  • Generate EVC option under ‘My Account’/ EVC generated through a bank account
  • Pre-validated Demat account
  • Pre-validated bank account
  • On the ‘Taxes paid and verification‘ tab, if you chose any of the other two options, the ITR filing process will not be considered complete ( even after submission) till the ITR is verified. You can e-Verify the ITR later by going to ‘My Account>e-Verify Return’ on the portal. Alternately, you can send the signed ITR V to CPC, Bengaluru. 
  • You don’t need to do Income Tax Return Filing Online

through the e-Filing portal of the Income Tax Department or any other website of the Government of India. There are many private sector facilitators /service providers through whom you can file your Tax Return Online. In return for their services, they will charge you a fee, which may vary from one provider to another. 

Common mistakes made while filing Tax Return Online

 You should take utmost care while filing your ITR. Any inadvertent mistake on your part can invite a tax notice, asking you to correct the discrepancy. Here we will tell you some common mistakes often made by taxpayers while filing Income Tax Returns-

  1. A taxpayer needs to file ITR with the form applicable to him (based on his source of income). However, at times, a taxpayer files his IT return using the wrong form.  An ITR filed with the wrong form will be deemed ‘defective’. In such a case, he will need to file a revised return with the correct form, before the end of that particular assessment year. 
  2. The IT Act mandates an assessee to club the income of his spouse/minor child with his total income. If he does not club such income, he may get a notice from the Department for under-reporting his income. He may even be liable for paying penalty or interest as per the relevant provisions of the Act. 
  3. Some taxpayers also make the mistake of mentioning only a single bank account in which he wants to receive his tax refund. However, from FY 2014-15 onwards, the IT Department has made it mandatory for a taxpayer to report all bank accounts held by a taxpayer. 

How to Check the ITR Status Online

Once you have successfully filed your Tax Return Online, you can check its status any time you want. You can do so by any of the ways mentioned below-

Using the Acknowledgment Number (without login)

  • Visit the Income Tax Department website 
  • On the left side of the homepage, click the ‘Services’ tab. Then click the ‘ITR Status’ option.
  • You will then be redirected to a new page. Here, you will be asked to provide your ITR acknowledgment number, PAN, and captcha code.
  • Click the ‘Submit’ button. The status of your ITR will be displayed on your screen.

Using your Login Credentials

  • Visit the Income Tax Return Filing Online portal
  •  Log in with your user id and password
  • Select the ‘View Returns/Forms’ option on the ‘Dashboard’
  • From the drop-down menus, select the ‘Income Tax Returns’ option and the relevant assessment year.
  • Click the ‘Submit’ button. The status of your ITR will be displayed on your screen.

Hope the above-mentioned points will be of help to you. So, buckle your shoes and file your ITR before the deadline. 

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