How to do online e-filing of income tax returns India?
The process of filing the income tax return through the electronic mode is known as e filing. The Central Board of Direct Taxes (CBDT) has made it mandatory to file the income tax return electronically for those who are having an income of more than Rs. 5,00,000 or having an income tax refund or for those whose accounts are auditable. How to do e-filing of income tax returns online in India? Which ITR should be used for income tax returns filing? What documents are required while efiling income tax returns?
Step-by-Step Process on online e-filing of income tax returns India
Step 1 – Firstly, log in to the website www.incometaxindiaefiling.gov.in. The person has to create his log in id and has to give his email and mobile number. The income tax website issues you a onetime pin on your registered email id and mobile number. At the time of creating the account, your PAN will be your user id. By entering this pin, your account will be created.
Step 2 – Under the download menu, click on the income tax return form and choose the correct forms that are applicable to you. Download the Return Preparer Software (excel utility) and complete the form entering all the data.
Step 3 – Ascertain the tax payable by clicking the ‘calculate tax’ tab. Pay tax (if applicable) and enter the details of Challan in the tax return.
Step 4 – By clicking the validate tab, confirm all the information on the worksheet.
Step 5- Proceed to generate an XML file and save it on your computer.
Step 6 – On the portal’s left panel, go to ‘upload return’ and upload the saved XML file after selecting AY-
2016-17 and the relevant form.
Step 7 – Once the message about the successful e-filing flashes on your screen, you can consider the process to be complete. The acknowledgement form ITR-Verification (ITR-V) will be generated and you can download it.
Step 8 – Take a print out of the form ITR-V, sign it in blue ink and send it only by ordinary post or speed post to : Income Tax Department-CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru- 560100, Karnataka. You can send it in 120 days of filing your return online.
What are various documents that are required while e-filing income tax return?
You need to gather a few documents while preparing to file your income tax returns. Here, is a list provided that you need. But, yes, you won’t need all the documents. The requirements may vary in the case to case basis.
- For salaried employees- Form 16 issued by the employer
- Documents related to interest income like bank statements or passbook
- TDS certificate issued to you by your bank and others
- Form 26AS- it is a summary of taxes deducted on your behalf and different taxes paid by you. This form is provided by the income tax department can be assessed from its website.it shows the details of tax deducted on your behalf by deductors, details on tax deposited by taxpayers and tax refund received during the financial year.
- Section 80 investments – all the documents related to the investments made under PPF, NSC, ULIPS, ELSS and all other investments that qualify for the deductions under section 80C. These are mainly required if your employer has not adjusted them before 31st March.
Other documents (if you have not claimed through employer before they issued Form-16)
- Your children school fees
- Principal repayment on your home loan
- Stamp-duty and registration charges
- Education loan interest payments
- Interest paid on housing loan
- Life insurance premium payment
- Stock trading statements
Which ITR Form to be used for e-filing income tax returns?
The CBDT has provided various ITRs on its website. The correct ITR has to be chosen in order to submit your return.
1) ITR 1- this return form is used by those individuals who are
- Having their income in the form of salary
- Rental income from one house
- Any exempted income up to RS. 5,000
- Other source income excluding horse racing and lottery
2) ITR – 2A-this form is used by salaried persons and own more than one house property and do not have any capital gains.
3) ITR – 2 – this form can be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes-
- Income from salary
- Income from house property
- Income from capital gains
- Income from other sources
- Further, in cases where the income of other persons like spouse, children etc. Is to be clubbed with the income of the assessee, this form can be used.
4) ITR-3- this return form can be used by the individuals or Hindu Undivided Family (HUF) who is a partner in a partnership firm or LLP.
5) ITR – 4S-this ITR is used by individuals or HUF having proprietorship business and showing net profit of total turnover.
6) ITR-4 – his ITR is used by individuals and HUF having proprietorship business and getting their accounts audited.
7) ITR-5 – this return form is used by the partnership firms and LLP.
8) ITR-6-this return form is to be used by the companies.
9) ITR-7-this return form is used by trusts and charitable institutions.
Those who are using ITR-4, ITR-5, ITR-6, and ITR-7 have to e-file their return through digital signatures mandatorily.
Hope, this article proves to be very handful guide for the taxpayers. The steps of e-filing and the information about various ITRs have been given in very simple language for the readers.
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How to do online e-filing of income tax returns India