Income Tax Return, ITR Refund Status, Electronic Verification: Key Tasks for Electronic ITR Filing for Fiscal Year 2023-24 | Business news from India

income tax Filing 2023-24 Income Tax Returns: The deadline for filing your income tax returns for fiscal year 2022-23 on time is July 31, 2023. Filing your income tax returns on time can help you avoid a penalty fee from the Income Tax Authority.
Finally, before you click the submit your IT returns button on the 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.

Sybil Alvarez

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