STEP-BY-STEP PROCEDURE FOR E-FILLING OF INCOME TAX RETURN

Posted By on August 9, 2013

The government earlier in May this year, has made the E-filing of Income Tax Return compulsory. The rule is applicable w.e.f. A.Y. 2013-14 for the persons having assessable income exceeding Rs. 5 Lakh.

Further, the exemption from filling of ITR given to salaried persons earning up to Rs. 5 Lakh annually has been withdrawn from the current A.Y. 2013-14. Now all the employees having taxable income are liable to file their income tax return.

For the benefit of the assessee, the step-by-step procedure for e-filing of income tax return is given below.

PROCEDURE FOR E-FILLING OF INCOME TAX RETURN:

1. Select the e-filling templates from the e-filling portal (https://incometaxindiaefiling.gov.in/portal/selectforms.do) for the appropriate tax return form on the basis of following criterion:-

ITR FORM

TO BE USED BY PERSONS HAVING FOLLOWING SOURCES OF INCOME

ITR 1

·         Income from salary and Pension

·         Other income – Interest and  Family pension

·         Income/Losses from House property (1 property only)

ITR 2

·         Income from salary and Pension.

·         Income/ Losses from other sources

·         Income/Loss from House property (more than 1 property)

·         Capital gains/losses.

ITR 3

·         Partner in a Partnership firm.

·         And/or any other income specified above in ITR 2

ITR 4

·         Income from Proprietary business (Other than covered under section                   44 AD) or profession

·         And/or any other income specified above in ITR 2

ITR 4 S

·        Presumptive tax on small business  u/s 44 AD (Business with turnover                  less than 1 crore)

ITR 5

·         Partnership firms , AOP , BOI , Local Authority

ITR 6

·         Companies

ITR 7

·         Trusts

2. Download the relevant Excel spreadsheet. (Excel is an electronic spreadsheet program by Microsoft, the creator of Windows operating system.)

3. Fill your tax return form offline and save the XML file generated by the software.

4. Register yourself as an assessee on the income tax e-filling website – http://incometaxindiaefiling.gov.in

5. Log in and click the relevant form on the left panel and select “Submit Return”

6. Now upload the XML file on the e-filling website..

7. An ITR is an important document and the Assessee to whom it belongs needs to sign it – Manually or digitally to affirm that he has reviewed the return document and he is the one who is officially submitting the ITR.

8. In case if you have a digital signature, then the DS has to be registered on the e-filling portal and at the time of submission of the return, the ITR has to be attached with the registered digital signature. If the return includes digital signature, the acknowledgement generated in Form ITR-V is final and the process is over.

9. In case if the digital signatures are not affixed, you need to take a print out of acknowledgement of e-filling in Form ITR-V. Sign it and mail it to ‘Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka’ by ‘Speed Post’ or ordinary post within 120 days of submitting the return.

Once the tax department receives the physical copy of the ITR-V form, you will get an acknowledgement of receipt over email.

DISCLAIMER

The Views expressed on this blog are strictly personal and for knowledge of our clients only. The contents of this blog are solely for informational purpose and it does not constitute any professional advice or recommendation. The laws related to GST and other taxes are under evolution and subject to constant changes and amendments over time. It is suggested to take specific legal advice and necessary due diligence before relying on the contents and information of this Blog. The authors of this blog, does not accept any liabilities for any loss or damage of any kind arising out of information on this blog and for any actions taken in reliance thereon.