The last date for filing the income tax return (ITR) was August 31. The Income Tax of India said that a record 5.65 crore ITRs have been filed so far in FY 2019-2020 compared to 5.42 crore in FY 2018-19. However, out of 5.65 crore ITRs, only 3.61 crore were verified until September 1, 2019.
Therefore, you need to verify your income tax return. The return filling process is not complete until you verify your return. The income tax department will only start processing your income tax return after it is verified by you. An ITR return needs to be verified within 120 days of filing of tax return. However, it is advisable that you verify the return as soon as possible.
For any refunds to be processed, the return has to be submitted as well as verified. So, if you delay in verifying your return, your refunds will also be delayed.
You can print your return and post it to CPC, Bangalore or you can e-verify it. There are multiple ways in which you can e-verify your return. You can e-verify your ITR using Aadhaar-based OTP, netbanking, electronic verification code or login directly to your account on the income tax of India website.
Also, if you notice any mistake or omission in the filing of your income tax return, you can file a revised return now. Earlier, one could only file a revised return if the original return was filed within the deadline but now even a revised return can be verified. However, the time for filing a revised return has been reduced from two years earlier to one year now.
"The revise return for an assessee can be filed before the end of relevant assessment year or before the completion of assessment, whichever is earlier. In simple words, the last date for revised return for AY 2019-20 (FY 2018-19) will be March 31, 2020 or completion of assessment," says Sudhir Kaushik, CFO, Taxspanner.com.
After filing the revised return, you need to ensure that it is verified. The process for verifying will remain the same.
After filing your tax returns, you can keep track of any tax refunds that you have claimed. For any refund-related query, the taxpayer should contact Aayakar Sampark Kendra toll free number - 1800-180-1961 - or email at refunds firstname.lastname@example.org.
For refund-related query or any modification in refund record relating to return processed at CPC, Bangalore, one may contact on toll free number - 1800-425-2229 or 080-43456700.
For any payment-related query, the taxpayer should contact SBI Contact Centre's toll free number - 1800-425-976.
Published on: 09/09/2019Source: Business Today