Register yourself on Income Tax Department website for e-filing returns and get your Form 26 AS.
If you are a Salaried Individual then keep your Form 16 handy.
Pre-validate your Bank Account and link it with your PAN to receive any Income Tax Refund.
Things to keep in mind:
Identify your Income Sources correctly.
Claim applicable Deductions.
ITR V is generated once you successfully submit your ITR. You must digitally sign ITR V (Acknowledgment) and complete the process.
We understand it can be tedious and confusing. So, we are here to answer all your questions
Update: On account of COVID-19, the due date to submit the tax audit report is 15th Jan 2021, and the due date to file ITR is 10th Jan 2021(In case tax audit is applicable). For taxpayers, when a tax audit is not applicable the ITR due date is 15th Feb 2020.
The Income Tax Department allows you to rectify multiple errors made at the time of filing your original ITR. In order to amend you incorrect interest income amount, you need to file a revised return. Refer to this article for more insight on revised return.
Since you have changed jobs, you would have received a Form 16 from both your current employer and your past employer. In that case, you can refer to this article for steps to e-file return with multiple Form 16.
The ITR V password is a combination of your PAN number and your date of birth. You need to enter the last 5 digits of your PAN number and your date of birth in the format - ddmmyyyy. This should open your ITR 5.
I had some intraday losses, and I initially filed an ITR-3. Later, I revised it to ITR-2 to avoid auditing next year. However, given the quantum of losses I felt it better to carry forward the losses and revised it again to ITR-3.
The IT department has sent a mail saying that they have processed the ITR-2 (1st revised return). They have not processed the original and 2nd revision. Will the process the latest one as well (ITR-3 that I filed in second revision). I had filed the 2nd revised return before they sent mail of processing the ITR-2.
Will they process the latest submission automatically or I need to raise a grievance?
Which return will be finally considered. They have also issued refund at this stage. In case the refund in the new ITR is different, how would that be adjusted.
As per the Income Tax Act, a taxpayer can revise the ITR before the end of the Assessment Year or before the completion of the assessment; whichever is earlier. If an assessment is completed by the ITD, then the revised ITR will not be taken into account. You can raise a grievance with ITD to get a better clarification on the same.
But I submitted the original ITR on 27th December, 1st revision on 29th Dec, and 2nd revision on 1st Jan.
On 5th Jan, the ITD processed the 1st revision (submitted on 29th Dec). Thus, I submitted second revision before processing. Ideally, the 2nd revision should have been processed instead of 1st revision.
