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Wednesday, October 4, 2023

Tax return without errors, refund, electronic verification: important tasks for electronic filing of ITR for AY 2023-24 – watch video

Filing the 2023-24 Income Tax Return: The last date to file your Income Tax Return on time for the 2022-23 tax year is July 31, 2023. Filing your income tax return on time helps to avoid a penalty charge from the Department of Income Tax.
Just before you finally click the button to submit your IT returns on the incometax.gov.in website, it’s important to take a final look and go through a checklist to ensure accuracy. In this week’s episode of TOI Wallet Talks, Shalini Jain, Tax Partner at EY India, walks you through this checklist.

Tax Return 2023-24: Refund, Electronic Verification, Tax Payment, Revised Return | FAQs answered

Watch the video above to learn why and how you should count the information on your tax return to Form 16Form 16A, Form 26ASBank statements, Annual Information Statement (AIS), etc.

Income Tax Refund Status

In case your tax return returns a refund, you can easily track its status online. Watch the video above as Shalini Jain explains the simple process of tracking your income tax refund online.
In case your tax return shows additional liability for income tax, then you can pay the tax online. The process for that is also explained in the video above. Once paid, you will get a message on your screen that the challan payment is successful. You can download the challan and fill in the information on the Self-Assessment Tax Payment tab on your tax return form to validate the information.
If you forgot to report any income on your tax return, or realize that there is some other error in the information, you can file a revised return with the Department of Income Tax within a specified period of time. Watch the video above to learn what you need to take care of when you file a revised return.

Electronic verification of income tax return

There are several ways to verify your tax return, the easiest of which is electronic verification. There is still the option to submit the ITR-V to the CPC in Bangalore, but the electronic verification option is more convenient. In the TOI Wallet Talks video above, Shalini Jain also explains electronic verification of the tax filing process.

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