Thursday 26 June 2014

How to file income-tax returns online

Most of us are so busy in our daily activities that we hardly get time to take care of our finances. We also find it difficult to submit our income-tax returns before the due date. In order to meet the deadline of filing our income-tax return, most of us hire the services of a chartered accountant or tax consultant. However, no one knows your finances and income better than you — so why let anyone else file your tax returns?


Individuals prefer to file their tax return through experienced accountants or professionals due to lack of knowledge or the fear of making mistakes. The below article provides the basics of electronic tax return filing that could help you complete the process on your own.

Register yourself
Filing of income tax returns online is very easy and free, especially for salaried people. First-time users need to register their permanent account number (PAN) in the tax website to do the filing. For registration, please have the PAN card handy, log-on to www.incometaxindiaefiling.gov.in, click ’register yourself” and submit your basic details.

Fill the right IT return form
The Form ITR-1, also known as Sahaj, is a simple form for individuals who have income from salaries plus one house property and other sources. Choose the appropriate form depending on your source of income. Generally, you need a copy of the Form 16 from your employer, Form 16A from bank, investment and proofs for deduction (if you have not exhausted your deduction limit and not claimed in your Form 16) besides bank account details (account number and IFSC code of the bank).

You have two options for filing the tax return — it could either be in a quick filing mode or the normal longer process. ‘Quick e-file’ option requires no download of software/form and can be filled like any online registration form.

In the normal longer process, you can download the pre-filled applicable return form, complete the remaining required fields, validate the data and verify the tax calculation using the inbuilt options.

Click ‘XML generate’ and save the XML on your desktop
  • Log onto the website, click ‘e-file’ menu and select ‘upload return’.
  • You will get an acknowledgement (ITR-V) for filing the tax return.
Send your ITR-V: Sign the ITR-V in blue ink and send it to CPC Bangalore through ordinary or speed post so as to reach them within 120 days of filing. The I-T Department does not accept forms sent through registered post or courier.

Send the signed ITR-V to...
Income Tax Department-CPC
Post Bag No-1
Electronic City Post Office
Bangalore-560100
Karnataka

After few days, you will receive an email from the CPC that would acknowledge the receipt of your ITR-V form. This makes the e-filing of I-T returns complete

No comments:

Taxation of Intangible assets acquired through business restructuring.

1.     Background    1.1        When a company aims to acquire another company's business through amalgamation or demerger, assets or ...