An Income Tax Return (also known as ITR) is a form that is used to fill in information about your income and the tax which you need to pay to the Income Tax Department. The liable tax which an individual needs to pay is calculated based on his/her income. In case the individual pays excess tax in a financial year, he is eligible to receive an Income Tax Refund.
It is important that you file your ITR before the deadline date to avoid any kind of penalty. You can do the e-filing of ITR online on or before 31st December 2023. There are two ways using which you can check ITR status online.
What is Income Tax Return / ITR Status?
An income tax return is a formal document that taxpayers file with the tax authorities, disclosing their income, deductions, and tax liabilities for a specific financial year. The purpose of filing an ITR is to determine the taxable income, claim eligible deductions and exemptions, and calculate the tax liability owed to the government.
Checking ITR Status Online
In today’s digital age, checking the ITR status online has become a seamless and convenient process. Here is how you can check your ITR status online.
Using Acknowledgement Credentials
Visit the homepage of the e-filing website of the Income Tax Department.
1. Under the section of “Quick Links,” you will find an option called “ITR Status,” which enables you to do an ITR Status check.
2. You will be taken to a new web page where you will be asked to fill out information such as your PAN card number, acknowledgment number, and captcha code which needs to be solved correctly.
3. After you fill in all the details, the status will be displayed on your screen. It can either be “Return Submitted and Verified” or “Return Processed and Refund Paid.”
Using Login Credentials
Again visit the homepage of the e-filing website of the Income Tax Department, but this time you need to log in with your credentials.
1. Once logged in successfully, you will see an option called “View Returns/Forms.”
2. It will take you to a page where you will have to select the “Income Tax Return” option from a list of items in a dropdown menu and hit enter.
3. It will take you to a page that shows details of all the tax returns which you have paid for all the different financial years.
4. Next to the current year, if the ITR is processed, it will show “ITR Processed”. If not, it will show as “Successfully e-verified.”
Once you have filled out your ITR form online and get it verified, the Income Tax (IT) Department will start processing your tax return. Once the ITR processing is complete, a refund (if any is due) will be issued to you. During the processing of your ITR, the Income Tax Department will check if there are any differences between the income tax declared and the tax that is paid by you. If there is any difference, the IT Department will send a notice to you which will contain the details of the additional payable tax.
Where to Find the Acknowledgment Number?
The acknowledgment number can be found on the issued PAN acknowledgment slip or PAN acknowledgment form by the applicant for a new PAN card or the person requesting a change to an existing PAN card.
An acknowledgment letter is also sent to the email address provided on the application form once a person submits a request online. Once the offline application is submitted, the agent will provide the applicant with a PAN card acknowledgment number as confirmation of receiving the application.
How to Read ITR Status?
After submitting your ITR, it is important to keep track of its processing status to ensure compliance with tax regulations. Here are the steps to guide you through.
Step 1: Log in to the Income Tax e-Filing Portal
To check the status of your ITR, you need to log in to the official Income Tax e-Filing portal. Enter your user ID (PAN) and password, along with the captcha code, to gain access to your account.
Step 2: Navigate to the ‘View Returns/Forms’ Section
Once logged in, navigate to the “View Returns/Forms” section. Here, you will find the option to view your filed tax returns.
Step 3: Select the Assessment Year
Select the appropriate assessment year to verify the status of your Income Tax Return (ITR). The assessment year corresponds to the year immediately succeeding the financial year for which you submitted your return. For example, if you filed your return for the financial year 2022-2023, the corresponding assessment year would be 2023-2024.
Step 4: Click on ‘ITR-V/Acknowledgement Status’
Under the selected assessment year, look for the option labeled ‘ITR-V/Acknowledgement Status.’ This option allows you to view the status of your ITR.
Conclusion
To be a responsible citizen, it is important that you pay your taxes on time. However, if you wish to save on your taxes, you can always opt for various tax-saving investments that will help you save on taxes while growing your wealth. Ensure that you assess your financial goals, risk appetite, and nature of the investment before investing.
Key takeaways
- Visit the homepage of the e-filing website of the Income Tax Department.
- Under the section of “Quick Links,” you will find an option called “ITR Status,” which enables you to do an ITR Status check.
- Fill out information such as your PAN card number, acknowledgment number, and captcha code.
- After you fill in all the details, the status will be displayed on your screen.
FAQs
1
What are the different types of ITR Status in India?
Seven distinct sorts of forms, including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7, are available from the Income Tax Department. Before the deadline, the taxpayer must complete the form in accordance with its application, which is determined by the taxpayer’s income and tax bracket.
2
What does the ITR status of ITR-V Received mean?
The ITR status “ITR-V Received” refers to the acknowledgment receipt of the Income Tax Return Verification (ITR-V) form by the Income Tax Department of India.
When an individual files their income tax return online, they are required to verify it within a specified timeframe. The verification process can be completed electronically through methods such as Aadhaar OTP, net banking, or by sending a physical copy of the ITR-V form to the Centralized Processing Center (CPC) in Bengaluru.
3
What does the ITR status of Successfully e-verified mean?
When the ITR status shows “Successfully e-verified,” it means that the taxpayer has successfully completed the verification process using one of the authorized methods.
- The sum that will be assured
- Fees for the premium
- Senior citizen’s age
4
What is the meaning of the Defective status in Income Tax Return (ITR)?
Due to missing or conflicting information in the return or schedules, among other factors, a return may be deemed faulty.
