Applicable Provision: Sec
139(1) of the Income Tax Act, 1961 in the country,
139(1) of the Income Tax Act, 1961 in the country,
Who Required to File ITR: individuals
whose total income during the previous year exceeds the maximum amount not
chargeable to tax, should file their income tax returns (ITR).
whose total income during the previous year exceeds the maximum amount not
chargeable to tax, should file their income tax returns (ITR).
Due
Date for filing Tax Returns: 31st July
(Physical or Onine), if non Audit Case.
Date for filing Tax Returns: 31st July
(Physical or Onine), if non Audit Case.
Mode of Filing: E-filing, either go to professional
help or file your returns yourself from the comfort of your home by registering
on the income tax department website or other websites.
help or file your returns yourself from the comfort of your home by registering
on the income tax department website or other websites.
Types of e-Filing:
1.
Use Digital Signature
Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital
Signature Certificate (DSC) by a chartered accountant.
Use Digital Signature
Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital
Signature Certificate (DSC) by a chartered accountant.
2.
If you e-file without
DSC, ITR V form is generated, which should then be printed, signed and
submitted to CPC, Bangalore by ordinary post or speed post within 120 days from
the date of e-filing. Or You can also E-Verify your return through Aadhar OTP
or Net banking.
If you e-file without
DSC, ITR V form is generated, which should then be printed, signed and
submitted to CPC, Bangalore by ordinary post or speed post within 120 days from
the date of e-filing. Or You can also E-Verify your return through Aadhar OTP
or Net banking.
3.
You can file IT returns
through an E-return Intermediary (ERI) with or without DSC.
You can file IT returns
through an E-return Intermediary (ERI) with or without DSC.
Checklist for e-Filing IT
Returns
Returns
There are a few prerequisites to filing your tax returns
smoothly and effectively. Major points have been highlighted below.
smoothly and effectively. Major points have been highlighted below.
1. Choose
the right form to file your taxes electronically
the right form to file your taxes electronically
It can
be confusing deciding which form to submit when filing your tax returns online.
The different categories of Income Tax Return (ITR) forms and who they are
meant for are tabulated below.
be confusing deciding which form to submit when filing your tax returns online.
The different categories of Income Tax Return (ITR) forms and who they are
meant for are tabulated below.
|
ITR 1 (SAHAJ)
|
Individuals with income from salary
and interest |
|
ITR 2
|
Individuals and Hindu Undivided
Families (HUF) not having income from business or profession |
|
ITR 3
|
Individuals/HUFs being partners in
firms and not carrying out business or profession under any proprietorship |
|
ITR 4
|
Individuals and HUFs having income
from a proprietary business or profession |
|
ITR 4S (SUGAM)
|
Individuals/HUF having income from
presumptive business |
|
ITR 5
|
Firms, AOPs,BOIs and LLP
|
|
ITR 6
|
Companies other than companies
claiming exemption under section 11 |
|
ITR 7
|
Persons including companies required
to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) |
2. Check
your tax credit – Form 26AS vs. Form 16
your tax credit – Form 26AS vs. Form 16
First, You
should check Form 26AS before filing your returns. It shows the amount of tax
deducted from your salary and deposited with the IT department by your
employer. You should ensure that the tax deducted from your income as per your
Form 16 matches with the figures in Form 26AS. If you file your returns without
clarity on errors, you will get a notice from the IT department.
should check Form 26AS before filing your returns. It shows the amount of tax
deducted from your salary and deposited with the IT department by your
employer. You should ensure that the tax deducted from your income as per your
Form 16 matches with the figures in Form 26AS. If you file your returns without
clarity on errors, you will get a notice from the IT department.
3. Claim deductions,
savings certificates and other (Most Common 80C, 80G, 80TTA)
savings certificates and other (Most Common 80C, 80G, 80TTA)
You can
claim extra deductions if you forgot to claim them. Similarly, you can also
claim deductions under section 80G on donations made to charitable
institutions. Deduction up to Rs.10,000 is allowed on interest earned on
savings accounts. However, interest earned on bank deposits, if any, forms a
part of your taxable income and is taxable at applicable slab rates.
claim extra deductions if you forgot to claim them. Similarly, you can also
claim deductions under section 80G on donations made to charitable
institutions. Deduction up to Rs.10,000 is allowed on interest earned on
savings accounts. However, interest earned on bank deposits, if any, forms a
part of your taxable income and is taxable at applicable slab rates.
Also
refer the following documents.
refer the following documents.
4. Tax
return- Previous Year
return- Previous Year
5. Statements
of all Bank Accounts
of all Bank Accounts
6. TDS
(Tax Deducted at Source) certificates
(Tax Deducted at Source) certificates
7. Profit
and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if
applicable
and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if
applicable
Ensure
your system is equipped with the below.
your system is equipped with the below.
8. Java
Runtime Environment Version 7 Update 6 or above
Runtime Environment Version 7 Update 6 or above
How to File e-return?
Filing your income tax returns online doesn’t
have to be a complicated process. Simply follow the below steps.
have to be a complicated process. Simply follow the below steps.
log on to incometaxindiaefiling.gov.in And
register on the website.
register on the website.
·
Enter user ID – Your Pan No.
Enter user ID – Your Pan No.
·
View your tax credit statement or Form 26AS,
should match with your form 16.
View your tax credit statement or Form 26AS,
should match with your form 16.
·
Download the ITR form as applicable,
see above list as mentioned.
Download the ITR form as applicable,
see above list as mentioned.
· Open excel utility or java utility (the downloaded return
preparation software) and fill out the form by entering all details using
your Form 16.
preparation software) and fill out the form by entering all details using
your Form 16.
·
Check the tax payable amount by clicking the ‘calculate
tax’ tab.
Check the tax payable amount by clicking the ‘calculate
tax’ tab.
·
Pay tax (if applicable) and
fill in the challan details.
Pay tax (if applicable) and
fill in the challan details.
·
Confirm all the data provided in the worksheet by clicking the ‘validate’ tab.
Confirm all the data provided in the worksheet by clicking the ‘validate’ tab.
·
Generate an XML file and
save it in a folder where you want to save.
Generate an XML file and
save it in a folder where you want to save.
· Go to income tax online portal and select ‘upload
return’ and upload the saved XML file.
return’ and upload the saved XML file.
· A pop-up will be displayed asking you to digitally sign
the file. In case you have obtained a digital signature, select ‘Yes’.
If you have not got digital signature, choose ‘No’.
the file. In case you have obtained a digital signature, select ‘Yes’.
If you have not got digital signature, choose ‘No’.
·
The acknowledgment form, ITR Verification (ITR-V) will
be generated which can be downloaded by you.
The acknowledgment form, ITR Verification (ITR-V) will
be generated which can be downloaded by you.
· Take a printout of the form ITR-V and sign
it in blue ink
it in blue ink
·
Send the form by ordinary or speed post to the
Income-Tax Department-CPC , Post Bag No. 1 ,Electronic City Post
Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns
online. Or you can also e-verify it through Aadhar OTP or Net Banking.
Send the form by ordinary or speed post to the
Income-Tax Department-CPC , Post Bag No. 1 ,Electronic City Post
Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns
online. Or you can also e-verify it through Aadhar OTP or Net Banking.