If you are one of those who are relying solely on your chartered account friend for all income tax assessment submissions, make sure to check for the ITR-V submission to avoid any problem in the future.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
Not mailing ITR-V on time has many negatives. You might be fined Rs 5,000 a return for failing to file returns by the end of the assessment year.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
You can electronically verify returns and regularise these by August 31.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
Now the processing of return filed will be through your Aadhaar Number, where, you can link it with your PAN and get rid of sending ITR V to CPC, Bangalore.
The new measure will ease the process of quick generation of refunds of taxpayers.
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
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At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Online tax returns are processed much faster than aper returns and the tax is worked out automatically as the payee completes the form.
Check the status and immediately act on it
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
Simplification of I-T rules spawns websites that help in tax preparation.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
Here are some mistakes taxpayers make and how to avoid them...
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
The department notified the new set of ITR forms early this week
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
If not, an assessee might be charged interest for not paying TDS on time.
How the Aadhar card would be linked to income tax return is yet not clear
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
The online world is driven by convenience, simplicity and speed.
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