ITR Filing 2020: 10 FAQs answered

ITR Filing 2020: Every salaried person whether falling under the tax slab or not must file income tax return (ITR). Alternatively, ITR is a necessary document for people seeking a home loan or a car loan.

ITR Filing 2020: 10 FAQs answered

It is that time of the year again. The time to file your income tax return. Though there is enough time this year as the deadline of filing has been extended till November 30 by the government of India, but it is better to do it early than to knock on your wealth manager's door to get it done on the deadline.

Every salaried person whether falling under the tax slab or not must file income tax return (ITR). Alternatively, ITR is a necessary document for people seeking a home loan or a car loan.

This means it becomes very important to file ITR carefully so that it doesn't get rejected. And more so, to avoid penalties.

Here are 10 FAQs answered related to ITR filing who may want to know:

How to know my income tax refund status?

  1. Login to e-Filing website with User ID, Password, Date of Birth / - Date of Incorporation and Captcha. Go to My Account and click on "Refund/Demand Status". These details would be displayed: Assessment Year, Status, Reason (For Refund Failure if any)

Why is IRS not showing my refund status?

If the Check Status screen shows that your tax return is accepted, then you can check your refund status with the IRS on the Where's My Refund? tool or by calling 1-800-829-1954. ... tool before that time, your refund information will not show up on the IRS system.

How to check my ITR status?

> Registered users can log in to the e-filing portal of the I-T department with your PAN (permanent account number) as user ID and password.

> Go to 'View e-Filed Returns/Forms' section

> Select income tax returns and enter the relevant assessment year

> You will be redirected to a new page where the status of your return such as ITR filed, verified, ITR processing, issued and status of refund will be displayed.

> Under the 'Status' menu, you can check mode of payment, amount of refund, date of clearance and the likes.

Can we claim tax refund for belated return?

A belated return can be filed at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.

If you file a belated return for FY 2019-20 but before December 31, 2021, you will have to pay a penalty of Rs 5,000. This penalty would increase to Rs 10,000, if the ITR is filed on or after January 1, 2021. However, if the total income of the taxpayer is less than Rs 5 lakh, the penalty amount will not exceed Rs 1,000.

When will the refund processing start?

You can get your refund in as little as 8 days from when you file.

Could I file an income tax return after 4 years?

The amendment made in the Finance Act 2016 stated that income tax returns must be filed within the end of the relevant assessment year, effective from the assessment year 2017-18. There is no provision for you to file the returns once you have missed the due date.

Does income tax refund get reissued?

Refund shall be issued to the pre-validated bank account only. In case of refund failure, taxpayer can raise the service request in e-Filing portal upon receiving communication from CPC. Below are the steps to reissue income tax refund.

> Logon to ‘e-Filing’ Portal

> Click on the 'My Account' menu and click the 'Service Request' link.

> Select the 'Request Type' as 'New Request' and Select the 'Request Category' as 'Refund Reissue'. Click 'Submit'.

> Details such as PAN, Return Type, Assessment Year (A.Y), Acknowledgement No, Communication Reference Number, Reason for Refund Failure and Response are displayed.

> Click 'Submit' hyperlink located under 'Response Column’. All the prevalidated bank accounts with status validated/validated and EVC enabled will be displayed.

> Select the bank account to which the tax refund is to be credited and click 'Continue'. Details such as Bank Account Number, IFSC, Bank Name and Account Type are displayed for the taxpayer to cross verify the same.

How to get a tax refund?

A person can claim the refund of the excess tax paid/deducted during a financial year by filing his or her income tax returns for that year. As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 (unless deadline extended) to claim the refund.

What is the income tax return status?

Taxpayers become eligible for refunds if higher taxes -- either through advance tax, self-assessment tax or tax deducted at source (TDS) -- are paid in comparison with the total tax liability. The refund can be claimed by filing the income tax returns (ITR) form within the specified timeline.

How to claim refund for income tax?

You may have received an email informing that you are eligible for an Income Tax Refund and it will be credited to your bank account by the Income Tax Department.