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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Your job isn’t over after e-filing your income tax return online. There are additional things like verifying tax returns and checking ITR V status. Read here to know more.
It is a common belief that when the employer deducts the Tax Deducted at Source (TDS), the tax payment is complete. Similarly, many believe that the tax filing procedure is complete after paying the tax liability.
Online Income Tax return filing has made the procedure simple and convenient; however, it does not end there. The process remains incomplete until you verify the ITR. The Income Tax Department provides you 120 days once you file the returns to verify the same. The verification may be done by either sending a copy to the Central Processing Center in Bengaluru or e-verifying the returns using your Aadhar number.
After e-filing your income tax returns electronically, it is crucial to verify your ITR. Verification is necessary to complete the filing process and for your tax return to be considered valid. There are multiple ways to verify your ITR, such as using an Electronic Verification Code (EVC) through net banking, generating an OTP on the e-filing website, or sending a signed physical copy of ITR-V to the Centralized Processing Centre (CPC).
If you have chosen to verify your ITR by sending a physical copy of ITR-V to the Central Processing Center (CPC), it is essential to track its status. You can do this on the Income Tax Department’s official website. This step ensures that your physical verification reaches the CPC and that your return is processed without any delays.
After e-filing your income tax returns, it is crucial to regularly check for any intimation or notice issued by the Income Tax Department. These intimations may include information about tax refunds, discrepancies in your filed return, or any pending actions required from your end. Being proactive in addressing such intimations will help you resolve issues promptly and avoid potential penalties.
You may now want to know, after the e-verification of ITR, what to do. You must not become very eager to finish off the ITR e-filing. In a rush, you don’t destroy the related documents that were used during the e-filing procedure, thinking that they served their purpose. The Income Tax Department may raise a query for any year from the previous filings during random checks. Therefore, it is very important to safeguard the documents in case this need arises or to check the e-filing of income tax status. Moreover, these documents will be needed in case you have to revise your returns.
Filing the returns is only one part of your task. There are additional things that need to be kept in mind once the filing is done. It is possible that you may have more than one bank account. Alternatively, you may live in a different city while filing the returns. To ensure the refund is received on time, providing accurate bank details and contact information is crucial. You must also periodically check your income tax refund status to ensure that there is no delay.
If you anticipate having a tax liability exceeding ₹10,000 in a financial year, you are liable to pay advance tax. Advance tax should be paid in instalments over the financial year to avoid penalties for underpayment. Calculating your tax liability accurately and paying advance tax on time will help you stay compliant with tax regulations.
The Income Tax Department often sends communications to your registered mail address. It is important to read these emails and not ignore them. The department sends an email confirmation when you successfully file your returns. You may also receive communication about IT return status, notices, or tax dues in your mail. Therefore, you must check your emails regularly to ensure you do not miss any important communication.
If you have a refund claim on the ITR, you need to make an income tax refund enquiry regularly. It is a very simple activity, and you only need the assessment year and Permanent Account Number (PAN) details to check the status.
After filing your income tax returns, take some time to analyze your financial situation and explore avenues to optimize your taxes for better savings. Consider investing in tax-saving instruments such as Equity-Linked Saving Schemes (ELSS), Public Provident Funds (PPF), National Pension System (NPS), or tax-saving fixed deposits. Additionally, explore deductions available under various sections of the Income Tax Act to maximize your tax benefits.
Your task does not end with filing the returns, as mentioned above. There are additional things that you need to check periodically, and you must seek the income tax status to ensure you do not forget any important steps in ITR filing.
Additional things you need to do after you file your ITR
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
