While filing e-returns is not very difficult, you need to ensure that you file it properly, that is, primarily know all your income-liability details and some basics of taxation.
Step 1: Know your situation
Determine all your sources of income. Does your income comprises of only salary and interest on savings bank account?Or you also earn rental income, capital gains and / or income from any other source?
Step 2: Compile details of income and taxes
Tally your details in Form 16 and Form 16A with the details contained in Form 26AS available on the income tax website.
Step 3: Select the right form
Step 4: Maintain documents after e-filing
Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:-
1. Income Tax efiling by downloading the excel utility and furnishing details in the excel utility offline and then uploading it on Income Tax Website
2. Income Tax efiling without downloading the Excel utility and furnishing all details online itself
Procedure for Income Tax efiling using Excel Utility
1. Logon to https://incometaxindiaefiling.gov.in/ and select the Income Tax Return Form for your type of Income. There are various different Income Tax Return forms for different class of assesses.
2. After having downloaded the Excel Utility, you are required to furnish all details in the Excel Utility and also cross check the same with the figures as mentioned in your Form 16/ Form 16A and Form 26AS.
3. After furnishing all the details in the Excel Utility, you are required to Generate a XML file for the purpose of Income Tax efiling (The Procedure for Generating XML File for Income Tax efiling has been explained below)
4. After having generated the XML File from the Excel Utility, logon to your account on the Income Tax Website and then Select “Submit Return” from the relevant options on the left panel. In case, you are doing Income Tax efiling online for the 1st time, you would first be required to create an account on the Income Tax Website.
5. Browse to select XML file and click on “Upload” button
6. On successful upload Acknowledgement Details would be displayed. An ITR-V would also be automatically generated and sent to your registered email id
7. In case while efiling income tax return you used your Digitally Signatures to digitally sign the Income Tax Return Form, the whole process gets completed on generation of “Acknowledgement”
8. However,in case while efiling incometax return,you didnot use Digital Signatures on successful uploading of e-Return ,the ITR-V Form generated and sent to your registered email-id.This ITR-V acknowledgement form should be signed by taxpayer and sent to Income Tax Office
Procedure for Income Tax efiling without downloading the Excel Utility
Income Tax efiling can also be done without downloading the Excel Utility and simply by furnishing all the details online. For efiling Income Tax Return without downloading the Excel Utility, a person would be required to login to his account
on https://www.incometaxindiaefiling.gov.in and then go to “e-File – Income Tax Return – Prepare and Submit Online” After having prepared and submitted the Income Tax Return Online, he would also be required to take a print out of the ITR-V Acknowledgement Form, sign it and send it to the Income Tax Department
1. The due date for Income Tax efiling is 31st July for Assessee’s not required to get their Tax Audit done. For all Assessee’s required to get their Tax Audit done, the Due Date is 30th September.
2. All Income Tax dues (after deducting the TDS and Advance Tax paid) computed as per the Income Tax Slabs are required to be paid before filing the Income Tax Return
The Address for sending duly signed ITR-V form is
“Income Tax Department – CPC,
Post Bag No – 1, Electronic
City Post Office,
Bengaluru – 560100,
by ordinary post or speed post only, within 120 days of transmitting the data electronically. In case, Form ITR-V, is furnished after the end of 120 days from the date of filing of Income Tax Return, it will be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the Tax Payer to electronically re-transmit the data and follow it up by submitting