The IT Department has sent an email to all tax payers regarding important information about income tax return filing for assessment year 2015-16, for return of income earned during financial year 2014-15. Here are the details of the communication and what they mean for you.
Is it mandatory to E-File my tax return?
In the following cases the Income Tax Department has made it mandatory to e-file your Return –
- You have to claim a refund (Those who are over 80 years old and are filing ITR-1 or ITR-2 can still file a paper return to claim a refund).
- Your gross total income is more than Rs 5,00,000
- ITR-3, 4, 5, 6, 7 have to be mandatorily e-filed.
Do I need to send the physical ITR-V?
If you e-verify your return through one of the means listed below, you don’t need to send ITR-V to CPC, Bangalore.
- E-verification via Net Banking of specified Banks
- EVC through the income tax department’s website
- E-verification through aadhaar OTP by linking aadhaar card on the income tax department’s website
- EVC through ATM of specified Banks
If you have not been able to e-verify your tax return, you must send the physical ITR-V. Read here about how to send your ITR-V.
Steps to take to ensure early processing of return & issue of refund –
- Mentioning PAN, Name and Date of birth accurately – when you file with ClearTax we validate your input against the tax department’s database and let you know about errors. You return will not be submitted unless the name on your tax return is the same as in your PAN records.
- Mentioning valid email address and phone number to receive
- Mentioning the bank account & IFSC code for refund payment – With our IFSC code look up you don’t need to worry about picking up the correct IFSC code for your bank account. We also make sure you don’t proceed without selecting the bank account where you want to refund to be credited.
- Correctness & completeness of income tax return – ClearTax makes sure your return is error free and all relevant schedules have been completed.
- Responding to outstanding tax demand – You have received a demand from the income tax department, you can respond to it by taking the following steps listed here.
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