ITR filling last day: Here are 5 key things your should know

Today is the last date to file income tax returns (ITR), but your task does not end here. You need to ensure whether the process of ITR filling has completed or not after you submitted returns with the income tax department. The process will not complete, until you verify it. All the tax payers should check their ITR status, as they have filed their return according to the applicable liability. 

The Income Tax department has provided an option on its e-filing portal with which you can check your ITR receipt status. This facility is provided for the e-filed income tax returns, not for physical applications. Futher, a few important updates are given here for your information. 

1. e-verify your return: This is the most crucial step to complete the ITR filing process with the department. If you do not complete this step then the I-T department will not process your return at its end. 

2. Track your status: After the I-T department verifies your return on filing of return, your ITR status is changed to ITR processed. After successful completion on your part, the IT department may notify you if there is some discrepancy. 

3. You can file revised return too: If you have made a mistake on any point, you are allowed to rectify the ITR by filing a revised return well within the allowed time i.e. before the end of the concerned assessment year. 

4. Get ready with proofs to respond: Even if you have submitted your ITR cautiously, you may receive some tax notice because of your lack of knowledge. In such a situation, you need to gear up to respond with proofs including bills, investment receipts etc. Notably, one should keep the record for a period beyond 7 years. 

5. Refund income: Since this is your hard earned money, keep a track of it and do not splurge your refund income.

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