Thursday, June 10, 2010

How to file Income tax Return Online in India

Income Tax Department has introduced a convenient way to file Income Tax  returns online using the InternetEvery new user has to register at https://incometaxindiaefiling.gov.in website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Checklist of documents and pre-requisites
  • A copy of last year's tax return
  • Bank Statement
  • TDS certificates
  • Savings certificates/Deductions
  • Interest statement showing interest paid to you throughout the year.

1. Select appropriate type of Return Form
S.No
Individual
Individual, HUF
Source of Income ß
ITR-1
ITR-2
ITR-3
ITR-4
1
Income from Salary/Pension
2
Income from Other Sources (only Interest Income or Family Pension)
3
Income/Loss from Other Sources

4
Income/Loss from House Property

5
Capital Gains/Loss on sale of investments/property

6
Partner in a Partnership Firm


7
Income from Proprietary Business/Profession





2 Download Return Preparation Software for selected Return Form according to your criteria.



Sl. No.
Form Name
Return Preparation Software
System Requirements
1
 ITR-1
Excel Utility (Version 1.0)
2
 ITR-2
Excel Utility (Version 1.0)
MS Excel
3
ITR-3
Excel Utility (Version 1.0)
MS Excel
4
ITR-4
Excel Utility (Version 1.0)
MS Excel

3 Fill your return offline and there is an option to generate XML file in the same.Generate a XML file.
4 Register and create a user id/password
5 Login and click on relevant form on left panel and select "Submit Return"
6 Browse to select XML file and click on "Upload" button
7 On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
8 Incase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.
9 Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. 



The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, ” BY ORDINARY POST ONLY within 30 days after the date of transmitting the data electronically. 
ITR-V sent by Speedpost, Registered Post or Courier will not be accepted. 
No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. In case, Form ITR-V, is furnished after the above mentioned period, 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 assessee to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within thirty days. This completes the Return filing process for non-digitally signed Returns.


Dos and Dont's for printing and submitting of ITR-Vs toITD-CPC Bangalore

  • Please use Ink Jet /Laser printer to print the ITR-V Form.
  • The ITR-V Form should be printed only in black ink.
  • Do not use any other ink option to print ITR V.
  • Use of Dot Matrix printer should be avoided.
  • Ensure that print out is clear and not light print/faded copy.
  • Please do not print any water marks on ITR-V. The only permissible watermark is that of "Income tax Department" which is printed automatically on each ITR-V.
  • The document that is mailed to CPC should be signed in original.
  • Photocopy of signatures will not be accepted.
  • The signatures or any handwritten text should not be written on Bar code.
  • Bar code and numbers below barcode should be clearly visible.
  • Only A4 size white paper should be used.
  • Avoid typing anything at the back of the paper.
  • Perforated paper or any other size paper should be avoided.
  • Do not use stapler on ITR V acknowledgement.
  • In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
  • Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V.
  • The ITR-V form is required to be sent to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100, by ordinary post.
  • ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.



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