The last date of your income tax filing is 31st July. From now onwards, all the taxpayers with a taxable income of over INR 5 lakh are required to file IT return online. Electronic filing of your IT return can be done by using the facility of efiling website or through the online facility of efiling intermediaries approved by IT department
You can file your income tax return by using IT department’s website free of cost where as efiling intermediaries charge a reasonable fee for using there online services. You can also avail the services of a charted accountant for efiling your IT return.
If you have decided to file your IT return on your own then you need to ensure that you know the provisions of income tax that is applicable to you and your income tax has been calculated based on that.
Here are the steps that taxpayers can follow to file there IT return online;
Log in to your Income Tax Account
To start the process of efiling you need to first login to your income tax account in efiling website. If you are already registered then directly login with your user ID and Password or else register yourself and get your password generated. By default the login ID at income tax site is your PAN Number.
After logging in, under my account tab you will have a option of “View Form 26AS (Tax Credit)” now click on that to view the tax credit to your account. If you are a salaried employee then you can see the details of income tax your employer has deducted from your salary every month. Other persons can see the income tax details that are deducted from the amount they received from party. Through this option you can see the tax credit assessment year wise.
Download your ITR Form
Based on the category of income and your status different ITR forms are fixed by IT department to file every year. Select the appropriate form that is applicable to your and download the same from the download section of your efiling website.
Fill up the ITR Form
Now its time to fill up the ITR form correctly with the details in Form 16 received from your employer. Self employed person can fill up there form by using there profit and loss account prepared for the year. While filing up certain things you need to remember like income tax paid details, bank account number which need to be filled up correctly.
When the ITR form is filled up correctly you need to click on the calculate IT button to let the ITR Form calculate tax for you. Then click on validate button to check if any error exit in the file. If the file is OK then press on “generate” tab to generate the XML file which will be uploaded.
Upload your XML File
Under the “e-file” tab you have a option of “upload return”. Now click on that to upload your XML file that you generated above. After clicking on that you will have option of selecting the type of ITR form, assessment year, attach the ITR XML file and do you want to digitally sign.
Under the option of ITR Form Name select the relevant ITR form that you filled up above and generated XML file for that.
Under the option of assessment year, select the assessment year that is applicable to your financial/previous year for which you are filing your ITR. For example: if you are filing you IT return for the income that is generated from 1st of April 2012 to 31st march 2013 then you need to select the assessment year as 2013-2014. Assessment year is the next year following the previous year.
Now chose the XML file from your desktop or from the place where you kept it. Before clicking on submit button, if you have a digital signature to sign the form then select the YES option or else go ahead with the default option of NO.
Click on Submit button to upload your return. If you have done the entire process correctly then the site will display a message indicating your IT return has been filled successfully and you can now download the acknowledgement from the website. You can also get the ITRV delivered to your mail ID given at the time of filing your ITRV.
If you are a salaried employee then do not give your company mail ID as all the communication related to your ITR filing will be delivered to that email ID. Incase you are leaving your organization then mail will go to companies ID.
Sending ITR V to CPC Bangalore Office
After downloading ITR V (acknowledgement of IT return), take a print out and send the signed copy through ordinary post to IT office, CPC, Bangalore to complete your IT return filing. You have to send this ITR V within 120 days of filing you IT return or within the extended time. If ITR V is not received within those 120 days then IT return will be treated as invalid (i.e. IT return has not been field).
Address of Sending ITR V: Income Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore – 560 100, Karnataka
If you have followed the process correctly then you will receive a confirmation that the ITR V has been received and intimation after processing your IT return at CPC office. You need to check regularly the status of your IT return form to know whether the ITR V has been received by IT department within time or not. If they have not received then resend it within 120 days time limit. If you have filled up the mobile number and email ID correctly, then you will receive all the updates on your IT return filled online.