Filed your taxes on time? Well, congratulations! Are you wondering what should you do next? You probably want to relax now with a glass of wine. Not so fast! Before you let your guards down, make sure to finish a few more tasks. Here is a list of important things that you must do after you have filed your taxes.
Don’t chuck all your tax related papers into the trash. Income Tax Department can pick up any tax return from your past for random scrutiny. So remember to keep your tax related documents safely. In case, you are required to file a revised return, these documents will prove handy.
This is a common mistake among first time tax filers. Remember that income tax filing process isn’t complete as long as you don’t verify your Income Tax Return. Don’t worry, it’s not a complicated process. Income Tax Department gives you 120 days from the date of filing to verify your return. You can do it either physically, or take the online route.
This is very important if you want to get your tax refund on time. A minor mistake in providing these details can unnecessarily make you wait longer for your refund. So make sure to check that you have given the right details to taxman.
Check your email regularly so that you do not miss any communication from the Income Tax Department. Income tax authorities send confirmation email once you file your taxes successfully. They can send you important notices in case you filed a wrong return, or your taxes are due etc.
In case the tax authorities owe you a refund, you can easily check its status ITR refund status. All you need is your PAN and Assessment Year. If you want to know more about tax refunds, you can read our guide on income tax refund.
If you have taken care of all the things mentioned earlier then you definitely deserve a pat on your back for successfully doing your job. Now take a break and have fun!