News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Top Headlines »
 New direct tax regime kicks in from today
 Want to claim ITR refund? This is what you must know about Income Tax e-payment
 New tax regime and other tax changes that will come into effect from April 1
 Here are the key operational aspects COVID-19 tax-saving extension
 Where’s My Income Tax Refund? How To Track It
 Here's how it impacts you Tax saving deadline extended for FY2019-20
 Income Tax Dept proposes Amendment in Tax Audit Form
  From belated ITR to Section 80C investments – 7 points every taxpayer should know
 Find out what changes from today New income tax rules from April 1
 5 changes that come into effect from today Income tax new rules
 Notification No. 36/2020 Central Board of Indirect Taxes and Customs

10 Steps To File Your Income Tax Return Online
June, 29th 2016

If your income is above Rs 5 lakh, you have to file income tax return online. The last date of filing income tax return is generally July 31 of every year. You still have a lot of time so why keep it for the last moment. Follow these easy steps and e-file your income tax return.

Here is a 10-point guide

1) To e-file your income tax return, you will have to register yourself on tax department's website using your personal details. Your permanent account number (PAN) will be your user id.

2) There are two ways of e-filing your income tax return. First, you can go to the download section and select the requisite form, save it on your desktop and fill all the details. Click on the generate XML. Then go to the website again and click on the upload XML button. You will have to first log into to upload the XML file saved on your desktop and click on submit.

3) You can go to the Quick e-file section of the website. Log in and select the form and the assessment year for which you are filing return and fill in all the details.

4) You have to select the forms on the basis of the source of your income. In case of individual with salary or pension income or income from one house property or income from other sources excluding lottery, you have to select form ITR-1, also known as SAHAJ. If you have capital gains, you will have to file ITR-2.

5) You will have to keep a few documents such as your PAN number, Form 16, your interest statement, tax deducted at source (TDS) details and investments proofs handy while e-filing your income tax return.

6) From this year an additional column has been added called "AL" in which you will have to disclose the value of your asset and liabilities at the end of the year, in case your income for the year is more than Rs 50 lakh.

7) You can also download your Form 26AS, which is your consolidated tax statement summarizing tax paid against your PAN. You can validate your tax return with Form 26AS to check you tax liability.

8) On submitting the form, an acknowledgement number is generated in case the return is submitted using digital signature. If the return is submitted without a digital signature, then an ITR-V is generated and is sent to your registered email id. ITR-V is an acknowledgement that your return has been submitted.

9) You will have to send the signed ITR-V to the centralized processing center at Bengaluru within 120 days of filing the return to complete the tax filing process.

10) You can also e-verify (don't have to send the ITR-V to Bengaluru office) your return through electronic verification by using the e-verify return option on the website. You can also use net banking, Aadhaar-based one-time password to e-verify it.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting