Verify status of income tax return after filing

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Verify status of income tax return after filing
Income tax return filed by taxpayers highlighting their net taxable income for a given financial year in the following assessment year, needs to be verified even after filing with the tax authorities. As, the final process in the income tax return filing is completed when the Central Processing Centre (CPC) in Bangalore is in receipt of the income tax return acknowledgement or ITR V.

As without it, the tax department recognizes the return as not being filed and taxpayer can be sent a tax demand notice for less or in the other case non-credit of tax deducted at source (TDS) in the taxpayer's account. So, to avoid the chances of any such demand and penalty ensure ITR V or the acknowledgment has reached the concerned authorities which is though confirmed by the mail.

Also, other individuals who willfully default and tend to hide their income sources, investments as well as expenses from tax authorities be warned that the department actually gets these finer details concerning your finances by matching your PAN details. And with the implementation of this exercise, the department has send notice to many such identified wilful or ignorant defaulters with fruitful results in the form of tax revenues paid as advance tax and self-assessment tax.

Seeking the positives, the department has again gone for matching the PAN details for the financial year and expects a significant tax revenue collection together with lesser defaults from the income tax assessees in the near future.

Other individuals who do not wish to confront any demand notice from the tax department needs to follow up with tax consultants or Chartered Accountants for proper compliance with the taxation rules.

GoodReturns.in

Story first published: Thursday, February 27, 2014, 13:56 [IST]
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