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August 1, 2016
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Tax affair beyond the due date

Just filing income tax return before the due date is not enough, there are few other things to keep in mind for execution after the due date.

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The article talks about things to do after filing ITR on or before the due date.

Many tax experts have shared their comments on the topic and Vaibhav Sankla, Managing Director, H&R Block was also one of them.

Sankla stated that original return filed through the physical mode can only be revised by filing a physical form. The same goes for e-return filing. Revision of e-return is possible only electronically.

One should keep track of his/her mailbox. In the instance of discrepancy between the ITR filed by taxpayer and the ITR assessed by the tax department, the taxpayer should file a rectification request.

Sankla pointed out that rectification application for ITR can be filed only against an order issued under section 143 (1). Rectification request can be raised up to four years from the end of the financial year in which the assessment order was passed.

Though the ITR is an attachment-less form, the taxpayers are supposed to maintain supporting documents for as long as possible. This is because legal proceedings under the Act can be initiated up to six years prior to the current financial year.

In addition to the above mentioned things, the article includes discussion on tracking refunds and online registration of grievances against the Central Processing Centre.
Source : Livemint