Because of the particular date for filing the Income Tax Return is touted as the July 31st. A fee of Rs 5000 shall be charged if the return is furnished post of the same because of the date and before 31st December under Section 234F of the Income-Tax Act.
Through, the fee shall be Rs 10,000 which is required to file post-December 31st. furthermore, if the total income of the person doesn’t exceed Rs 5 lakh, then the fee payable will not increase or exceed as per the process, not more than Rs 1000.
There are some particular and specific things an individual must keep in mind if they have hired a professional to file Income Tax return.
A person’s responsibility doesn’t just end at hand over the significant work. The final accountability is also there, so it is careful to consider a few things beforehand their income tax stuff.
The basic precautions an individual must require to take into account while getting a return filed from professionals
Do a verification of the return filed
A person’s duty as a tax-paying citizen doesn’t end after paying the tax and filing the return. Post-filing the return, the individual makes sure to get themselves verified. There are five ways via which one can e-verify one’s returns easily.
One can file one ’s return using the Electronic Verification Code in order to avoid verifying their return through a traditional route. A person, when filing their income tax return without using a digital signature, then they need to send the signed copy of ITR V to Bangalore. ITR-V is an acknowledgment of the return filed electronically.
Get the acknowledgment of the return filed
If someone hired a professional to file their income tax return, then they need to make sure that they can receive acknowledgment of the return filed.
Post, e-filing the return and verifying it just post uploading one can get one page “Indian Income Tax Return Acknowledgement” on the registered mail. Suppose they will be select to verify their return eventually, then an ITR-V or “Indian Income Tax Return verification form” is sent to the email ID registered in your e-filing account.
In order to ensure that a person receives a copy of one of these forms if you have filed your ITR from side to side a professional. One can download the form from the e-filing account on the income tax e-filing website.
The people need to Log-in to your account, click on the “My account tab” and click on option “view e-filed returns and forms”
Make sure the number and email address is yours
People need to ensure that the number and email address they give belongs to them only and not the professional anyway when the person is filing the return.
The email ID and mobile number which has been mentioned in the return required to be the same as those registered in the candidate’s e-filing account. If the communication belongs to them, then they can ensure that the professional forwards will be going to them, which includes communications, acknowledgment, notices etc which all candidates receive from the income tax department.
Choose an organization over an individual
If the public is getting the return filed through someone else, then they need to ensure to select a trustworthy well functioning organization.
This is to ensure that the retain the password to the individual’s account if it is created by the professional. at the present time, websites like MyITreturn, ClearTax, H & R block, Taxsmile, TaxSpanner et cetera are helping individuals file their tax return hassle-free.
Before verifying the return check the ITR V
People will be receiving an ITR-V if they have selected to verify their return later. Inspect and read the ITR-V carefully to make sure that will reflect the information they have filed in the ITR correctly.
Now, candidates need to Check the accuracy, then e-verify the return or send it for verification to Bengaluru CPC. This is very crucial as even if someone else is filing an individual’s return with the income tax department, then they required to be verified the correctness of the return filed.
Conformity with the Form 26 AS
If an individual presented as an advance/self-assessment tax, in order check Form 26AS to make sure that these payments also reflects there in the new scheme. The tax department will give the public the credit only for the taxes which reflects in the Form 26AS, in the form of TDS or taxes paid by people directly.
An individual must check and verify the amount which displays in the Form 26AS post-filing the return.
Also, the public must make sure that they should have these confirmatory emails from the Income Tax Department:
- ITR acknowledgment
- Confirmation that the IT department has received ITR-V if sent physically
- Confirmation of the verification of your ITR if you chose to verify it later.
- Ensure that your PAN is linked with your Aadhaar card.
