Introduction
As an Indian citizen, staying on top of your Income Tax Return (ITR) filing is not just a responsibility but a key aspect of managing your financial affairs. The government mandates regular filing for individuals earning above ₹2.5 lakh annually, and missing the deadline can lead to penalties. So, you’ve diligently filed your ITR, but how do you keep tabs on its status? Let’s explore a hassle-free virtual approach.
Checking Your ITR Filing Status: Step-By-Step Process
Pre-Login Steps
Step 1: Navigate to the e-Filing Portal Homepage
Begin your journey by visiting the e-filing portal’s homepage, the starting point for accessing your ITR status.
Step 2: Click on "Income Tax Return (ITR) Status"
Locate and select the section labeled “Income Tax Return (ITR) Status” on the homepage. This will redirect you to the dedicated page for ITR status updates.
Step 3: Enter Key Information
On the ITR Status page, input two critical details: your acknowledgment number linked to your ITR submission and a currently active mobile number. Click “Continue” after entering this information.
Step 4: Verification via OTP
Upon clicking “Continue,” a 6-digit One-Time Password (OTP) will be sent to your provided mobile number. Enter this OTP accurately within the designated field and click “Submit” to validate.The OTP remains valid for 15 minutes, and you have three attempts to enter it correctly. Use the “Resend OTP” option if necessary.
Note: On successful validation, you will be able to view the ITR status.
Post-Login Steps
Step 1: Log in to the e-Filing Portal
Using your validated user ID and password, access the e-filing portal.
Step 2: Navigate to 'View Filed Returns'
Under the ‘e-File’ option, select ‘Income Tax Returns’ and then ‘View Filed Returns’ from the dropdown menu.
Step 3: Access Filed Returns
The ‘View Filed Returns’ page showcases all your filed returns. Download crucial documents like ITR-V Acknowledgement, uploaded JSON, complete ITR form in PDF, and the intimation order via user-friendly options on the right-hand side.
Enhancing Your Experience on the e-Filing Portal
To maximize your experience and ensure smooth navigation on the e-filing portal for checking your ITR E-filing status, consider the following:
- Accuracy in Information: Ensure the accuracy of details entered, especially the acknowledgment number and mobile number.
- Prompt Validation: Validate within the OTP's timeframe for a seamless process.
- Post-Login Access: Use your authenticated credentials for post-login access to view filed returns and download necessary documents.
Adhering to these steps and recommendations will facilitate a hassle-free experience while monitoring and managing your ITR status on the e-filing portal.
Leveraging Interactive Features
The e-filing portal provides several interactive features to streamline your tax management:
- Filtering Returns: Use the 'Filter' option to categorize and view returns based on criteria like Assessment Year or Filing Type.
- Export to Excel: Seamlessly transfer returned data to Excel for further analysis or record-keeping by clicking on the 'Export to Excel' button.
- View Details: Using the' View Details' feature, gain insights into your return's life cycle, including pending verifications and required actions.
Tax Obligations and Thresholds
- Mandatory ITR Filing: Individuals with income exceeding Rs 2.5 lakh must file an ITR. Presently, those with taxable income up to Rs 5 lakh are exempt.
- Revised Exemption Limit: From Assessment Year 2024-25, the New Tax Regime's fundamental exemption limit will be Rs 3 lakh.
- The proposed Budget 2023 outlines the income tax slab rates for the financial year 2023-24 (the assessment year 2024-25). Here's an overview of the tax rates applicable to different categories of individuals:
Category
Income Range
Tax Rate
Individual (Resident &Non-Resident)
Up to Rs. 3,00,000
Nil
Rs. 3,00,001 to Rs. 6,00,000
5%
Rs 6,00,001 to Rs 9,00,000
10%
Rs 9,00,001 to Rs 12,00,000
15%
Rs 12,00,001 to Rs 15,00,000
20%
Above 15,00,000
30%
HUFs & AOPs
Up to 2,50,000
Nil
Rs 2,50,001 to Rs 5,00,000
5%
Rs 5,00,001 to Rs 10,00,000
20%
Above Rs 10,00,000
30%
Companies (Domestic)
Turnover up to Rs.400 crore in FY22-23*
25%
Companies (Foreign)
Turnover up to Rs.400 crore in FY22-23*
25%
Please Note : The turnover limit of INR 400 crore applies to companies with a turnover of up to INR 250 crore in the prior year.
Form 16: Importance and Scrutiny
- Issuance and Significance: Form 16, issued by employers, provides a comprehensive account of income, deductions, and TDS. Employers are mandated to issue it as per Section 203 of the Income Tax Act, 1961.
- Thorough Scrutiny: Verify all exempt allowances and ensure accurate details, as any discrepancies may impact tax deductions.
- Importance of Details: Check the accuracy of your PAN, name, address, and employer's TAN for seamless ITR filing.
- Rectification of Discrepancies: Promptly inform your employer about any identified discrepancies in Form 16 for necessary rectification.
- Tax-Saving Deductions: Verify the accurate portrayal of claimed tax-saving deductions if you've opted for the old tax regime.
How to read ITR Status?
Understanding the nuances of ITR status is vital to comprehend where your filed return stands in the processing pipeline. The status varies from ‘Submitted and Pending for E-verification’ to ‘Processed,’ ‘Defective,’ and ‘Case Transferred to Assessing Officer,’ each carrying specific implications.
- Submitted and Pending for E-verification: Indicates a filed ITR awaiting verification. Various e-verification options are available, ensuring the completion of this crucial step.
- Successfully E-verified: Confirms the completion of verification but signifies the ITR still needs to be processed.
- Processed: Represents a successfully processed return without discrepancies.
- Defective: Flags an ITR that doesn't align with legal provisions, prompting a notice for rectification within a specified period.
- Case Transferred to Assessing Officer: Suggests the ITR's transfer to the assessing officer for further processing beyond the centralized center.
Benefits of Timely ITR Filing
While fulfilling your duty by filing on time, there are substantial advantages:
- Dodge the Last-Minute Stress: Filing early avoids tabulation errors and last-minute corrections, ensuring accuracy.
- Steer Clear of Penalties: Late filing attracts penalties, so timely submission saves you from unnecessary financial burdens.
- Quicker Loan Approvals & Visa Processing: Many institutions require ITR for loans and visa applications, showcasing financial credibility.
- Defer Your Losses: Filing on time allows you to carry forward losses, offering a strategic financial advantage in subsequent years.
Troubleshooting ITR Status Check Errors
Encountering errors during the status check? Here are some quick tips:
- Pending for e-verification: Verify your return using an Electronic Verification Code (EVC) or send a signed ITR-V to CPC, Bangalore within 120 days.
- ITR-V is Verified but Not Processed: Contact the CPC helpline or submit grievances via the e-filing portal for assistance.
Even Nil Income Matters
Even if your income is below ₹2.5 lakh annually, filing a nil ITR is a good practice. It serves as proof of income, supporting various processes like travel overseas, passport creation, and future financial endeavors.
Conclusion
For smart accountants committed to optimizing their clients’ tax filing experiences and streamlining processes, mastering the art of tracking Income Tax Return (ITR) filing status is essential. By guiding clients through the process, emphasizing timely filing, troubleshooting potential errors, and understanding the nuances of different filing statuses, you’re not just ensuring compliance but also enhancing the financial health of your clients.
Leveraging the insights provided here will empower you to navigate the e-Filing portal efficiently, ensuring your clients’ ITR status is monitored seamlessly. Stay vigilant, prioritize timely filings, and utilize these strategies to offer top-notch services and ensure your clients’ financial affairs are managed with expertise and precision.
