First, E-Verify Your Return
Filing your return is not complete until it is verified. The Income Tax Department considers an unverified return as invalid. You have 30 days from the date of filing to complete this crucial step. Missing this deadline means your return is not considered
filed at all. The quickest way is through e-verification, which can be done via multiple methods. You can use an Aadhaar-based OTP sent to your registered mobile number, log into your net banking account, or use an Electronic Verification Code (EVC) generated through your bank account or demat account. For those who prefer the offline route, you can print the ITR-V form, sign it in blue ink, and mail it to the Centralized Processing Centre (CPC) in Bengaluru.
Track Your ITR Processing Status
Once verified, your return moves into the processing stage. You can track its journey on the official e-filing portal. Log in with your PAN, go to the 'e-File' menu, select 'Income Tax Returns', and then click on 'View Filed Returns'. Here, you'll see the status of your return for the relevant assessment year. Common statuses include 'Successfully e-Verified', which confirms your verification is complete, and 'Processed', which means the IT Department has checked your return. Other statuses like 'Defective' might appear if there are errors that need correction. Keeping an eye on this ensures you are aware of where your return stands and if any action is needed from your side.
Understand the Intimation Notice
After your return is processed, the Income Tax Department sends an intimation notice under Section 143(1) to your registered email ID. This is not a cause for panic; it is a standard communication that summarises the department's assessment. The notice will show a comparison between the tax computation you submitted and the department's calculation. It will state one of three outcomes: no tax due, a refund is payable, or an additional tax demand is being raised due to a discrepancy. It's vital to open and read this document carefully to confirm that the details match your records. The PDF is password-protected, and the password is your PAN in lowercase followed by your date of birth in DDMMYYYY format.
Check Your Refund Status (If Applicable)
If the intimation notice confirms a refund, the next step is to track its payment. While the processing status on the main tax portal will show if a refund has been determined, you can track the actual payment on the TIN-NSDL portal. This portal provides more specific details about the refund, such as the date it was dispatched. For a smooth refund process, ensure your bank account is pre-validated on the e-filing portal. A common reason for refund failure is incorrect bank details, so it's a good practice to double-check that your account number, IFSC code, and linked PAN are accurate.
Spotted a Mistake? File a Revised Return
It happens to the best of us—you file your return and later realise you forgot to declare some income or missed claiming a deduction. The Income Tax Act allows you to correct such errors by filing a revised return under Section 139(5). You can file a revised return multiple times, and it completely replaces your original filing. The deadline to file a revised return for a given financial year is typically December 31st of the corresponding assessment year. To do this, you log into the e-filing portal, select the option to file a revised return, and provide the acknowledgement number and date of your original filing before making corrections.
Organise and Store Your Tax Documents
Even after your return is processed and you've received your refund, your responsibility isn't over. The Income Tax Act requires you to maintain records for a specific period. For most taxpayers, it's mandatory to keep all tax-related documents for at least six years from the end of the relevant assessment year. Some regulations, like the Companies Act, require an eight-year retention period. These documents include your ITR-V acknowledgement, the filed ITR form, Form 16s, bank statements, investment proofs, and any receipts for deductions claimed. In certain cases involving foreign income or assets, records may need to be kept for as long as 16 years. Having these documents organised makes it much easier to respond if the tax department has questions in the future.
