The final accountability of your ITR is yours; the responsibility doesn't end at hiring a professional to file your Income Tax Return. So, it is prudent to consider a few things beforehand.
The due date for filing the Income Tax Return is 31st July. A fee of Rs 5000 shall be levied if the return is furnished after the due date and before 31st December under Section 234F of the Income-Tax Act. However, the fee shall be Rs 10,000 if it is filed after 31st December. Moreover, if the total income of the person doesn’t exceed Rs 5 lakh, then the fee payable will not exceed Rs 1000.
There are certain things one must keep in mind if they have hired a professional to file Income Tax return. your responsibility doesn’t just end at delegating the important work. The final accountability is yours, so it is prudent to consider a few things beforehand.
The basic precautions one must need to take into account while getting a return filed from professionals
1)Do a verification of the return filed
Your duty as a tax-paying citizen doesn’t end at paying the tax and filing the return. After filing the return, make sure you have got it verified. There are five ways through which one can e-verify one’s returns easily. One can file one ’s return using the Electronic Verification Code to avoid verifying their return through a traditional route. As individuals, when you file your income tax return without using a digital signature, then you are required to send the signed copy of ITR V to Bangalore. ITR-V is an acknowledgement of the return filed electronically.
ALSO READ: 5 different ways of e-verifying ITR
2) Get the acknowledgement of the return filed
If you have hired a professional to file your income tax return, then ensure that you get the acknowledgement of the return filed. After e-filing the return and verifying it just after uploading it you get one page “Indian Income Tax Return Acknowledgement” on the registered mail. If you have chosen to verify your return later, then an ITR-V or “Indian Income Tax Return verification form” is sent to the email ID registered in your e-filing account. Make sure that you receive a copy of one of these forms if you have filed your ITR through a professional. One can download the form from the e-filing account on the income tax e-filing website. Log-in to your account, click on the “My account tab” and click on option “view e-filed returns and forms”
3) Make sure the number and email address is yours
Make sure that the number and email address you give belongs to you and not the professional who is filing the return. The email ID and mobile number mentioned in the return should be the same as those registered in your e-filing account. If the communication belongs to them, then make sure that the professional forwards you all the communications, acknowledgement, notices etc which they receive from the income tax department.
4) Choose an organisation over an individual
If you are getting your return filed through someone else, then make sure that you choose a trustworthy well functioning organisation. Make sure you retain the password to your account if it is created by the professional. Nowadays, websites like MyITreturn, ClearTax, H & R block, Taxsmile, TaxSpanner et cetera are helping individuals file their tax return hassle-free.
5) Before verifying the return check the ITR V
You will receive an ITR-V if you have chosen to verify your return later. Inspect and read the ITR-V carefully to ensure that it reflects the information you have filed in the ITR correctly. Check the accuracy, then e-verify the return or send it for verification to Bengaluru CPC. It is important because even if someone else is filing your return with the income tax department, it is you who have verified the correctness of the return filed.
6) Conformity with the Form 26 AS
If you pay an advance/self-assessment tax, check Form 26AS to ensure that these payments also reflects there. The tax department will give you the credit only for the taxes which reflects in the Form 26AS, in the form of TDS or taxes paid by you directly. One must check and verify the amount shown in the Form 26AS after filing the return.
Also, you must ensure that you have these confirmatory emails from the Income Tax Department:
- ITR acknowledgement
- 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.