Income Tax Return Verification

Income Tax Return Verification

Income Tax Return Verification

e-verify tax return is the last and important step of filing income tax returns. Once you file your income tax return then you get 120 days to e-verify your income tax returns. In fail to do so the income tax department will not consider your tax returns for processing and you will not be able to claim income tax refund status.

There should be no reason to not e-verify your returns which has serious consequences. You can e-verify your income tax return easily instead of sending physical ITR-V. But still you have the option of sending physical ITR-V if in case you don’t want to e-verify your returns.

There are 6 simplest and easy options to e-Verify your income tax returns:

1.e-Verify your return using net banking:

• Login to your net banking account.
• Click on income tax e-filing link provided by bank.
• Click on e-verify link against the return to be verified.
• Verified.

2.e-Verify Return using Bank ATM:

• Swipe your ATM card in Bank ATM.
• Click on pin for e-filing.
• EVC received on registered mobile number.
• Login to e-filing portal & select the option to e-verify return using bank ATM.
• Enter your EVC on e-filing portal.
• Verified.

3.e-Verify Return using Bank account number:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Pre-validate your bank account number.
• Bank account details validated successfully. Click e-verify link, select option to e-verify using bank account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

4.e-Verify Return using Aadhaar OTP:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Link Aadhaar number with PAN.
• Aadhaar successfully linked. Click e-verify link on the screen & select option to e-verify return using Aadhaar OTP.
• Generate OTP. EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

5.e-Verify Return using Demat Account Number:

• Go to e-filing portal
• Pre-validate your Demat account number
• Demat account details validated successfully. Click e-verify link, select option to e-verify using Demat account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

6.e-Verify Return using registered mobile number and mail id. (total Income <=5 lakhs)

• Go to e-filing portal
• Generate EVC
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

For more details:https://www.trutax.in/income-tax-return-verification

Online Income Tax Return: What is ITR-3 form?

Online Income Tax Return: What is ITR-3 form?: ITR-3 Form: ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to b...

What is ITR-3 form?

ITR-3 Form:

ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to be used by individuals and HUFs for filing income tax returns.

Eligibility of ITR-3 Form:

This income tax return form is used by HUFs and individuals which comes under these following categories:

·         Partnership in a firm.

·         Income by a means of interest, salary, bonus, remuneration, commission as a partner.

·         Income through Profits or Gains of business or profession.

Structure of ITR-3 Form:

Part-A: General Information

Part-A-BS: Balance Sheet as on 31^st day of March,2017 of the proprietory business or profession.

Part-A-P & L: Profit and Loss Account for the financial year 2016-17

Part-A-OI: Other Information

Part-A-QD: Quantitative Details

Part-B-TI: Computation of Total Income

Part-B-TTI: Computation of tax liability on total income.

Verification

SCHEDULES OF THE RETURN FORM:

Schedule S: Details of Income from Salary

Schedule HP: Details of Income from house property

Schedule BP: Details of Income from business or profession.

Schedule DPM: Depreciation of plant and Machinery

Schedule DOA: Depreciation on other assets.

Schedule DEP: Summary of depreciation on assets.

Schedule DCG: Deemed Capital gains on sale of depreciable assets

Schedule ESR: Deduction under Section 35 or 35CCC or 35CCD

Schedule CG: Capital Gains

Schedule OS: Income from other sources.

Schedule CYLA: Details of income after set-off of current years losses

Schedule BFLA: Details of income after set-off of brought Forward losses of earlier years.

Schedule CFL: Details of losses to be carried forward to future years.

Schedule UD: Unabsorbed depreciation and allowance under section 35(4)

Schedule ICDS: Effect of income computation Disclosure standards on profit.

Schedule 10A: Deduction under Section 10A

Schedule 10AA: Deduction under Section 10AA

Section 80G: Details of donations entitled for deduction under Section 80G.

Schedule 80-IA

Schedule 80-IB

Schedule 80-IC or 80-IE

Schedule VI-A

Schedule AMT: (Computation of Alternate Minimum Tax payable under section 115JC)

Schedule AMTC: (Computation of tax credit under Section 115JD

Schedule SPI

Schedule SI: (Income chargeable to tax at special rates)

Schedule IF: (Information regarding partnership firms in which you are partner

Schedule EI: Details of Exempt Income

Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA,115UB

Schedule FSI: Details of income from outside India or tax relief

Schedule TR: Summary of tax relief claimed for taxes paid outside India

Schedule FA: Details of foreign assets from any source outside India

Schedule 5A

Schedule AL: Asset and Liability at the end of the year (other than those included in Part-A-BS) (applicable in a case where total income exceeds Rs.50 lakh)

There are some sections of the Income Tax Act under which you can get the income tax notice.
No need to panic if you receive the income tax notice instead understand the reason of getting the income tax notice and its implications.
Section 139(9):
There are some cases in which you will get a notice under section 139(9):

• Wrong ITR form while filing income tax returns.
• Mismatch in the name on the form and PAN card.
• Paid taxes but not mentioned income.
• Not paid the whole tax due.
• Claimed a refund for deducted tax but not mentioned the relevant income.

Time to respond: Within 15 days of date of intimation by assessing officer.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section 245:
In Section 245, you will get this notice or intimation letter if you have claimed a refund in some assessment year, but there is also some outstanding tax to be paid by you.
Time to respond: In the specified duration, as per the notice by the assessing officer.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section-143(2):
If you get notice under section 143(2), it means your returns has been selected for scrutiny by Assessing officer which means the tax filed return by you was incomplete in document or not proper.
This can be of three types:

• Limited purpose Scrutiny.
• Complete Scrutiny.
• Manual Scrutiny.

Time limit to respond: The assessee will have to appear in person before the officer on the date specified in the notice.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section 143(1):
This is an intimation about the returns filed by you.
Time limit to respond: If tax is due then you will have to pay it in within 30 days. If there is no discrepancy then you no need to worry about this.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section 143(1A):
This income tax notice under section 134(1) is sent only if there is any discrepancy in the income mentioned in the return and form 15, Section 80C deductions and Form 16AS, then verification will be sought.
Time limit to respond: Within 30 days of issue of intimation.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Income Tax Notice-Understand Section 143

As we all know that it is very important to file your income tax returns on time but filing ITR correctly is also very important. If there will be any error in income tax return filed by you then you can expect income tax notice.
In that case you no need to panic about the income tax notice and just need to understand the various sections under which you have received it.

Section 143(1):

This is an intimation about the returns filed by you.
Time limit to respond: If tax is due then you will have to pay it in within 30 days. If there is no discrepancy then you no need to worry about this.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section 143(1A):

This income tax notice under section 134(1) is sent only if there is any discrepancy in the income mentioned in the return and form 15, Section 80C deductions and Form 16AS, then verification will be sought.
Time limit to respond: Within 30 days of issue of intimation.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section-143(2):

If you get notice under section 143(2), it means your returns has been selected for scrutiny by Assessing officer which means the tax filed return by you was incomplete in document or not proper.
This can be of three types:

• Limited purpose Scrutiny.
• Complete Scrutiny.
• Manual Scrutiny.

Time limit to respond: The assessee will have to appear in person before the officer on the date specified in the notice.

If you fail to comply with the provisions of this section:

• Prosecution up to one year with or without fine.
• Penalty of Rs. 10,000 for each failure under section 271(1) (b).
• Best Judgement assessment of your case under section 144.

Last date for filing of Income Tax Returns is 5th Aug(Saturday)

The Income Tax Department had recently extended the deadline to 5th Aug for filing the Income Tax Returns.

There are two ways to file the income tax returns online. In one method individual can download the applicable form from the Income Tax e-filing website, fill the form offline, save it, generate the XML file and then upload it.

Another way for filing the income tax returns online is to fill the data directly in an online form and then submit it.

There are some important things to do by taxpayers if they have already filed the income tax returns or not yet filed the ITR.

If you have not filed your income tax returns:

1.       Link your Aadhaar and PAN: https://www.trutax.in/link-aadhaar-with-pan

2.       Keep relevant documents for filing income tax returns.

3.       File your income tax returns on time to avoid penalty.

If you have file your income tax returns:

Verify your return: https://www.trutax.in/blog/income-tax/e-verify-itr-using-aadhaar

Keep tabs on intimation status.

Income Tax refund status.

File your Income Tax Returns Today: https://www.trutax.in/sign-in