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Minute Details about Income Tax Return e-filing
It is important for a taxpayer to file Income tax return on time, but while filing Income Tax Return, there are various questions that bother taxpayers. Here we will provide you with the answers of some of those questions.
What if ITR is filed after due date?
A taxpayer can file Income Tax Return after the stipulated time or the due date, but in this case the taxpayer will have to pay certain penalty. In order to file Income Tax Return for the Financial Year 2017-18, the taxpayer will have to pay a penalty of Rs. 10,000 if the return is file after the 31st December 2018, the taxpayer will have to pay a penalty of Rs. 5000 if the return is filed after 31st August 2018, but before 31st December 2018 (This is applicable for only those taxpayers who have an annual income of more than Rs. 5 Lakhs). Moreover, the taxpayers who have the annual income of less than 5 Lakhs but more than Rs. 2.5 Lakhs, then the taxpayers are pay a penalty of Rs.1000 for late filing of the Income Tax Return.
Can we verify ITR after due date?
There is no last date to verify your Income Tax Return, a taxpayer is required to verify their ITR within 120 days of filing it, if you fail to do so, your Income Tax Return will be considered invalid. In that case, your Income Tax Return will be you will have to file the Income Tax Return again and verify it within the stipulated time.
Is it necessary to send ITR-V to Bangalore?
No, you can either verify your Income Tax Return online by visiting the Income Tax Department’s official e-filing website or you can verify it manually by sending ITR-V to CPC Bangalore.
What if ITR-V is received after due date?
If your ITR-V is after the due date, then you will see your ITR-V status as 'ITR-V received after due date.' The Income Tax Department - CPC generally processes your income tax return even if the ITR V is received after due date.
How long does it take to get ITR refund?
Once you file you verify your ITR, the I-T Department takes a look at it and everything is fine, then it processes your I-T Return, well the whole takes about 30-60 days. So, your I-T Refund is credited into your bank account after 30-60 days of verifying the ITR. Remember, if you have verified your ITR manually, then it may take more time for the refund to get credited to your bank account.
Is bank account mandatory for income tax return?
Yes, it is mandatory for the taxpayer to have a bank account and mention the same while filing Income Tax Return, as the Income Tax Refund get directly credited to a taxpayer’s bank account. Now, the I-T Department has made refund electronic and has requested the taxpayers to link their PAN to their bank account.
