HOW TO ONLINE FILE INCOME TAX RETURN

Considering the ever increasing usage of internet these days, the Income Tax Department has made the returns filing procedure easier for us taxpayers by enabling us to file returns electronically by visiting https://incometaxindiaefiling.gov.in/. With the huge number of taxpayers, this comes across as a very practical option.

Now before getting any further into how the ITR e-filing procedure works, here are a few things you should be aware of -

• The last date of filing ITR is July 31st of the assessment year for the financial year that just ended. So if the financial year 2013-14 is in consideration, the last date of filing your ITR will be July 31st, 2014.

* Assessment Year is what follows immediately after the Financial Year.

• PAN (Permanent Account Number) is mandatory for any transaction with the Income Tax Department. 

• There are 8 types of ITR forms -

ITR 1	Individuals having income from salary or pension
ITR2	Individuals and HUFs NOT having income from business or pension
ITR3	Individuals and HUFs having partnership in firms but not carrying business under proprietorship.
ITR4	Individuals earning income from proprietorship
ITR5	For firms, AOP (Association of Persons) and BOIs (Body of Individuals)
ITR6	Companies (apart from companies claiming exemption under section 11 of IT Act, 1961)
ITR7	For persons and companies who require to furnish returns under sections 139 (4A), 139 (4B), 139 (4C) or 139 (4D).
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• Since last year, the Central Board of Direct Taxes (Income Tax Dept.) has made it mandatory for individuals to e-file ITR returns if their annual salary exceeds 5 Lakhs.

Important documents in the return filing process

These are the documents you should be aware about when filing your income tax returns: -

Form 16: This is the income certificate for the tax deducted at source (TDS) on what you earn. It is mandatory for your employer to provide you a Form 16 when TDS is deducted from income in a given financial year and has to be submitted in original.

Form 16A: This the certificate for TDS deducted on sources other than income like interest on securities, commissions, professional or technical fees, lotteries etc.

Form 26AS: This is a tax credit statement that highlights all the TDS paid by you to the income tax department.

Steps to follow for E-filing your Income Tax Returns

There are two ways in which you can file your Income Tax Returns electronically: E-filing with Excel utility and e-filing with ITR V form.

Option 1: E-filing with Excel utility (Using Digital Signature Certificate) -

• Register yourself on the Income Tax e-filing website by filling up the fields and providing important details like PAN and email ID. Upon registration, an activation link will be sent to you mail. Once done, you will be able to login to your account with your user ID, password and date of birth.
• Open https://incometaxindiaefiling.gov.in/ and login to your account.
• Select and download the correct ITR form.
• Furnish all the details and cross-check the information with what you had mentioned in Form 16/16A.
• Generate XML file and submit it online. The option is visible on the home page itself.
• The ITR-V Acknowledgment Slip is generated and mailed to your registered e-mail address. That completes the tax returns filing process.

*A Digital Signature Certificate is the digital equivalent of a physical certificate that authenticates your identity and is used for digitally signing electronic forms. In this case, the ITR form.

In India, these certificates are issued by various organizations that are authorized certifying authorities as recognized by CCA (Controller of Certifying Authorities).

Option 2: E-filing with Excel Utility (without Digital Signature) -

The whole process works in the same manner as Option 1 up to the submission of the XML file. Once the ITR V slip is mailed to your email address, you need to take a printout of it and sign it. After that, you need to mail the duly signed ITR V slip to the Income Tax office address mentioned below -

Income Tax Department CPC, Post Box No.1, Electronic City Post Office, Bangalore-560100, Karnataka.

Direct Online Submission -

• Open https://incometaxindiaefiling.gov.in/ and logon to your account.
• Select “e-File – Income Tax Return – Prepare and Submit Online”
• Furnish all the details online and submit.
• Download the ITR V slip, sign it and mail it to the Income Tax Department CPC, Bangalore address.

The ITR V Acknowledgement Slip is very important when you have not used Digital Signature Certificate as it allows the Income Tax Department to authenticate your identity and the corresponding tax returns details that you have furnished.

File your Tax Returns on time

The whole motive behind making the e-filing option available is to make it convenient for you to file your returns on time. It is a smart approach file your returns as soon as you can if you do not have any pending tax liability for the financial year. It not only saves you from the last moment rush, it gets you your acknowledgement slip and applicable refunds (if any) much sooner.