Finally, before you click the submit your IT returns button on the incometax.gov.in website, it’s important to take one final look and go through a checklist to ensure accuracy. On this week’s episode of TOI Wallet Talks, Shalini Jain, Tax Partner at EY India, walks you through this checklist.
Income Tax Return 2023-24: Refund, Electronic Review, Tax Payment, Revised Tax Return | FAQs answered
Watch the video above to learn why and how to summarize information on your tax return form 16Form 16A, Form 26ASbank statements, Annual Information Statement (AIS) etc.
Income tax refund status
If your tax return calls for a refund, you can easily track the status online. Watch the video above as Shalini Jain explains the simple process of tracking your income tax refund online.
If your tax return shows an additional income tax liability, you can pay the tax online. The process is also explained in the video above. Once the payment is made, a message will appear on your screen that the Challan payment was successful. You can download the challan and fill out the information on the “Tax Payment Self-Assessment” tab on your income tax return form to validate the information.
If you have omitted to state income on your tax return, or you find that the information contains some other error, you have a specific deadline to submit a revised tax return to the Income Tax Office. Watch the video above to learn what to look out for when filing a revised tax return.
Electronic income tax return verification
There are several ways to review your income tax return. The simplest of these is electronic verification. The option to send the ITR-V to the CPC in Bengaluru is still available, but the electronic verification option is more convenient. In the TOI Wallet Talks video above, Shalini Jain also explains the process of electronic tax return verification.
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