Despite umpteen reminders, many tax-payers postpone the annual exercise of filing tax returns until July 31, the due date for completing the process.
This results in hurried visits to tax consultants and banks to prepare the returns and pay the tax.
You can avoid the hassle by simply logging on to the Income Tax department's e-filing portal to file your returns in very little time, provided you keep your bank statements and Form-16 at hand. In any case, it is mandatory for those with taxable income of over Rs 5 lakh to file their returns electronically.
So, you can do it yourself instead of relying on consultants and other service providers.
Visit the Income Tax department's e-filing portaland login or register yourself.
Your Permanent Account Number (PAN) will be your user id.
Click on 'Quick e-File ITR' on the left hand side menu & select the applicable Income Tax Return (ITR) form.
If the applicable form is ITR-1, select it and choose 2014-15 as the assessment year.
Select 'No' if you don't have a digital signature and proceed.
You will be directed to ITR -1 form, where your personal information is pre-filled.
Make changes or corrections, wherever required.
Complete the other fields like income details, tax details, Section 80G deductions and the taxes paid.
Pay Income Tax due, if any (online or by depositing the amount in the designated bank branches), recalculate the tax and hit the 'Submit' button.
If you have a digital signature, the process ends here.
Else, you will have to download the ITR-V (verification), or the acknowledgement form.
That also will be sent to your registered email id.
Print (in black ink) and sign (in blue) the ITR-V (verification) form.
Send it to Income Tax Department-CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka by ordinary or speed post within 120 days of filling your returns electronically.