The deadline for filing your income tax returns (ITR) is approaching quickly, with just a few weeks left before July 31, 2024, and it is highly recommended to complete your tax return submission before this date to avoid any potential legal consequences and financial penalties. Fortunately, taxpayers now have the option to conveniently pay their taxes online through the Income Tax Department’s e-filing portal, which has been designed to make the entire process simpler and more accessible.
If you find that your total tax liability is greater than the amount of Tax Deducted at Source (TDS) that has been paid over the course of the year, it will be necessary for you to settle this outstanding amount. Thankfully, this can be easily accomplished online via the e-filing portal. The portal offers a streamlined process for making these payments and is accessible from any location. Tax payments can be made through a variety of authorized banks, totalling 28 institutions that have been sanctioned by the Income Tax Department for handling these transactions. These banks include prominent financial institutions such as Axis Bank, HDFC Bank, ICICI Bank, and the State Bank of India, among others.
In addition to these major banks, you can also make tax payments through a range of other authorized financial entities. This comprehensive list includes Axis Bank, Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Kotak Mahindra Bank, Karnataka Bank, Punjab National Bank, Punjab & Sind Bank, RBL Bank, State Bank of India, South Indian Bank, UCO Bank, Union Bank, and Dhanlaxmi Bank. By choosing from these banks, you can ensure that your tax payments are processed efficiently and in a timely manner.
If you have overpaid your taxes through TDS and Tax Collected at Source (TCS) payments relative to your actual tax liability, you will be entitled to a refund from the Income Tax Department. This refund process is usually completed within a few days to a few weeks and will be credited directly to the bank account that is linked to your e-filing portal account. According to tax professionals, the typical processing time for income tax returns after e-verification is between 15 to 45 days. However, if you are using the offline verification method, such as submitting the ITR-V form, the processing time may be longer.
Amit Bansal, a Partner at Singhania & Co., notes, "The time taken by the tax department to process a return can vary widely. While some returns might be processed on the same day or within a month, others might take as long as six months to a year, depending on the discretion and efficiency of the department." After the processing of your ITR, you will receive an Intimation under Section 143(1) of the Income Tax Act, 1961, which serves as a formal notice confirming the status of your return. This notice must be issued within nine months from the end of the financial year in which the return was filed. For returns filed for the Financial Year 2023-24 (Assessment Year 2024-25), you should expect to receive this notice by December 31, 2024.
If you find that your ITR has not been processed in a timely manner, you have the option to lodge a complaint using the "Grievance" tab on the Income Tax portal or by contacting the Central Processing Centre (CPC) helpline for assistance. This provides a way to address any delays or issues with your tax return and seek a resolution.
To summarize, as the deadline for filing your ITR approaches, it is crucial to ensure that you complete your tax return submission by July 31, 2024, to avoid legal and financial penalties. You can make your tax payments online through the e-filing portal, using one of the 28 authorized banks. If you are due for a refund, it will be processed and credited to your account once your ITR is verified. Be aware that the processing time for ITRs can vary, and if there are delays, you can file a grievance through the Income Tax portal or contact the CPC helpline for support.
In the final steps of the ITR filing process, you should prepare to meet the deadline and submit your returns before July 31, 2024. Make your tax payments through the e-filing portal and the list of authorized banks, including Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India, to manage your payments. If eligible for a refund, it will be processed and credited to your linked bank account after your ITR is verified. Understand that processing times can vary widely, and if delays occur, you can lodge a grievance through the Income Tax portal or contact the CPC helpline for assistance.
Following these detailed steps will help you navigate the ITR filing process effectively and ensure that you meet all deadlines and requirements without facing unnecessary complications.
To break it down further:
Firstly, you must ensure you complete your ITR before the upcoming deadline of July 31, 2024, to avoid potential penalties and legal repercussions.Â
Secondly, you should make any necessary tax payments online through the e-filing portal by selecting from one of the 28 authorized banks, which include prominent institutions such as Axis Bank, HDFC Bank, and ICICI Bank.
Thirdly, if you have overpaid taxes, you can expect a refund which will be processed and credited to your bank account linked to the e-portal, with processing times typically ranging from 15 to 45 days for e-verified returns, and potentially longer for those using offline methods.
Fourthly, after your ITR is processed, you will receive an Intimation under Section 143(1) of the Income Tax Act, 1961, by December 31, 2024, for FY 2023-24 (AY 2024-25), confirming the status of your return.
Lastly, if your ITR is not processed in a timely manner, you have the option to file a grievance through the Income Tax portal or contact the CPC helpline for support to address any issues.
By adhering to these guidelines, you can ensure that you meet the deadline, manage your tax payments, handle refunds, and address any potential delays effectively.
