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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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When you earn taxable income, filing returns is mandatory. To file your income tax returns (ITR), you need Form 16 and other supporting documents.
It is a common belief that when the employer deducts the tax deducted at source (TDS), the tax payment is complete. Similarly, many believe that the tax filing procedure is complete after paying the tax liability.
However, there are additional things you need to do after you file your ITR:
Online Income Tax return filing has made the procedure simple and convenient; however, it does not end there. The process remains incomplete until you verify the ITR. The Income Tax Department provides you 120 days once you file the returns to verify the same. The verification may be done by either sending a copy to the Central Processing Center in Bengaluru or e-verifying the returns using your Aadhar number.
You may now want to know after e-verification of ITR what to do? You must not become very eager to finish off the ITR e-filing. In the rush, you must never destroy the related documents that were used during the e-filing procedure, thinking that they served their purpose. The Income Tax Department may raise a query for any year from the previous filings during random checks. Therefore, it is very important to safeguard the documents in case this need arises or to check the e-filing of income tax status. Moreover, these documents will be needed in case you have to revise your returns.
Filing the returns is only one part of your task. There are additional things that need to be kept in mind once the filing is done. It is possible that you may have more than one bank account. Alternatively, you may live in a different city while filing the returns. To ensure the refund is received on time, providing accurate bank details and contact information is crucial. You must also periodically check income tax refund status to ensure that there is no delay.
The Income Tax Department often sends communications to your registered mail address. It is important to read these emails and not ignore them. The department sends email confirmation when you successfully file your returns. You may also receive communication about IT return status, notices, or tax dues on your mail. Therefore, you must check your mails regularly to ensure you do not miss any important communication.
If you have a refund claim on the ITR, you need to regularly make an income tax refund enquiry. It is a very simple activity and you only need the assessment year and Permanent Account Number (PAN) details to check the status.
Your task does not end with filing the returns, as mentioned above. There are additional things that you need to check periodically and you must seek the income tax status to ensure you did not forget any important steps in ITR filing.
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