BENGALURU: Everyone feels that after they have done with their e-filing of income tax returns but that is not the case. For instance the taxpayers are supposed to verify their income tax return after e-filing and failing to do so may lead their e-filed ITR as invalid, according to rediff.com.

Secure Your Income Tax Records:

We always tend to forget to keep our income tax records after e-filing it. Losing your income tax records may cost you dearly and it may also lead you to go through the process all over again. Legal proceedings under the income tax act can be initiated within a span of six years and therefore keep all income tax related documents safely for at least seven years.

Some of the main records that needs to be kept safely are - Form 16, Form 12 B, Filed ITR along with ITR-V, Copy of Challan for tax paid, Tax deducted at source (TDS), Form 16A, Tax exemption documents, Bank account statements, Gifts deeds and Intimation from the IT department (soft copy email) and hardcopy.

Payment Of Additional Tax:

You may have to pay additional tax if you have got intimation u/s 143(1) which specifies that the tax paid by you is less than what is computed by the IT department then this intimation becomes Notice of Demand u/s 156. For instance, if you have paid income tax of Rs 500,000 while the IT department computed your income tax as Rs 530,000 then it will be treated as fall of tax paid.

Income Tax Refund Status:

The Income tax refund status can be checked by logging to the account at www.incometaxindiae-filing.gov.in. The same can be checked after the ITR gets processed. If in case the income tax paid is more than what is computed by the IT department then the taxpayer is entitled for income tax refund.

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