Income Tax Return Refund, E-verification, Tax Payment, Revised Return

 

Income Tax Return Filing 2023-24: The last date to file your Income Tax Return on time for the financial year 2022-23 is July 31, 2023. Filing your income tax return on time helps avoid a penalty charge from the Income Tax Department.

Just before you finally click the button to submit your I-T returns on the incometax.gov.in website, it is important to run a final glance and go through a checklist to ensure accuracy.

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Income Tax Return E-Verification

According to The Times Of India report, there are multiple ways to verify your income tax return, the easiest of which is e-verification. The option to send the ITR-V to the CPC in Bengaluru still exists, but the e-verification option is more convenient.

Here are the steps to e-verify your ITR:

Choose E-Verify Now or E-Verify Later: On the e-verify page, you will have the option to choose between e-verifying immediately or doing it later.

E-Verify Now Options: If you select E-Verify Now, you can choose from the following options:

a. EVC generated through ATM: If you have an ATM card linked to your Aadhaar, you can generate an Electronic Verification Code (EVC) through the ATM and use it to e-verify your return.

b. Generate EVC option under My Account: You can also generate the EVC on the e-filing portal under “My Account” section and use it for verification.

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c. Aadhaar OTP: If your mobile number is linked to your Aadhaar, you can opt for Aadhaar OTP verification. The OTP will be sent to your registered mobile number for verification.

d. Pre-validated Bank Account: If your bank account is pre-validated on the e-filing portal, you can use it for e-verification.

E-Verify Later Options: If you choose E-Verify Later, you will have the option to verify through ITR-V (Income Tax Return Verification) or IDRV (Electronic Verification Code through Aadhaar OTP).

Timeline for E-Verification: It is essential to complete the e-verification process within 30 days of filing your return.

Revised Return

Choose Assessment Year and ITR Form: Select the relevant Assessment Year (AY 2023-24 for FY 2022-23) and the appropriate ITR form for filing the revised return.

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Select “Revised Return” option: In the filing status section, choose “Revised Return” as the filing type.

Enter the Original Return Details: Provide the acknowledgment number of the original return, along with the date of filing and other required details. This will link the revised return to the original one.

Make Changes and Corrections: Proceed to make the necessary changes in the revised return. You can rectify any errors, include any unreported income, and update the details as needed.

Update Section Details: In the revised return, mention the section under which you are filing the revised return. Typically, it will be under Section 139(5) of the Income Tax Act, 1961.

Verify and Validate: Once you have made all the necessary changes and corrections, review the revised return carefully.

Income Tax Refund Status

The report added, if you receive a tax refund after filing your tax return, you can conveniently track its status online through the designated portal. Alternatively, if your tax return indicates an additional income tax liability, you have the option to make the payment online.

According to the report, upon successful payment, a confirmation message will be displayed on your screen. You can then download the challan, which contains the relevant details. Subsequently, you should enter this information under the “Self assessment tax payment” section in your Income-tax return form to ensure the accuracy of the provided data.