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  • IT Returns - Guide for e-Filing of Income Tax Return (ITR) Online

    As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

    The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other websites. The due date for filing tax returns (physical or online), is July 31st.

    Who should e-file income tax returns?

    Online filing of tax returns is easy and can be done by most assessees.

    • Assessee with a total income of Rs. 5 Lakhs and above.
    • Individual/HUF resident with assets located outside India.
    • An assessee required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.
    • Assessee required to give a notice under Section 11(2) (a) to the assessing officer.
    • A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
    • An assessee required to furnish returns U/S 139 (4B) (ITR 7).
    • A resident who has signing authority in any account located outside India.
    • A person who claims relief under sections 90 or 90A or deductions under section 91.
    • All companies.

    Types of e-Filing:

    • Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
    • If you e-file without DSC, ITR V form is generated, which should then be printed, signed and submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of e-filing.
    • You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.
    e-filing ITR

    Checklist for e-Filing IT Returns

    There are a few prerequisites to filing your tax returns smoothly and effectively. Major points have been highlighted below.

    • How to choose the right form to file your taxes electronically
    • It can be confusing deciding which form to submit when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below.
      ITR 1 (SAHAJ) Individuals with income from salary and interest
      ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
      ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
      ITR 4 Individuals and HUFs having income from a proprietary business or profession
      ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
      ITR 5 Firms, AOPs,BOIs and LLP
      ITR 6 Companies other than companies claiming exemption under section 11
      ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
    • E-file IT Returns Online
    • Check your tax credit - Form 26AS vs. Form 16

      You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the figures in Form 26AS. If you file your returns without clarity on errors, you will get a notice from the IT department.

    • Claim 80G, savings certificates and other deductions

      You can claim extra deductions if you forgot to claim them. Similarly, you can also claim deductions under section 80G on donations made to charitable institutions.

    • Interest statement - Interest on savings accounts and fixed deposits

      A deduction for up to Rs.10,000 is allowed on interest earned on savings accounts. However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.

    • In addition to the above, have the following at hand.

      • Last year's tax returns
      • Bank statements
      • TDS (Tax Deducted at Source) certificates
      • Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
    • Ensure your system is equipped with the below.

      Java Runtime Environment Version 7 Update 6 or above

    List of Required Documents for e-filing of tax returns

    It is always good to stay a step ahead, especially when it comes to tax filing. The checklist provided below will help you to get started with the e-filing of tax returns.

    General details:

    • Bank account details
    • PAN Number

    Reporting salary income:

    • Rent receipts for claiming HRA
    • Form 16
    • Pay slips

    Reporting House Property income:

    • Address of the house property
    • Details of the co-owners including their share in the mentioned property and PAN details
    • Certificate for home loan interest
    • Date when the construction was completed, in case under construction property was purchased
    • Name of the tenant and the rental income, in case the property is rented

    Reporting capital gains:

    • Stock trading statement is required along with purchase details if there are capital gains from selling the shares
    • In case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details
    • Details of mutual fund statement, sale and purchase of equity funds, debt funds, ELSS and SIPs

    Reporting other income:

    • The income from interest is reported. In case of interest accumulated in savings account, bank account statements are required
    • Interest income from tax saving bonds and corporate bonds must be reported
    • The income details earned from post office deposit must be reported

    Income Tax Slab Rates

    Income Tax Slab rates For Financial Year 2017 – 2018 And Assessment Year 2018-2019

    (As Declared in the New Budget) :

    For Individuals and HUF (Age – Less than 60 years):

    Income Tax Slab Tax rate
    Up to Rs.2,50,000 NIL
    Above Rs.2,50,000 and up to Rs.5,00,000 5%
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

    *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

    For Individuals and HUF (Age – 60 years and more, but less than 80 years):

    Income Tax Slab Tax rate
    Up to Rs.3,00,000 NIL
    Above Rs.3,00,000 and up to Rs.5,00,000 5%
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

    *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

    For Super Senior Citizens (age - 80 years and more):

    Income Tax Slab Tax rate
    Up to Rs.5,00,000 NIL
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

    *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

    Income Tax Slab Rates for Year 2016 – 2017 :

    For Individuals and HUF (Age – Less than 60 years):

    Income Tax Slab Tax Rate
    Up to Rs.2,50,000 NIL
    Above Rs.2,50,000 and up to Rs.5,00,000 10%
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *12% surcharge is imposed in case the total income is above Rs.1 crore.

    For Senior Citizens (Age – 60 years and more, but less than 80 years):

    Income Tax Slab Tax Rate
    Up to Rs.3,00,000 NIL
    Above Rs.3,00,000 and up to Rs.5,00,000 10%
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *12% surcharge is imposed in case the total income is above Rs.1 crore.

    For Super Senior Citizens (Age - 80 years and more):

    Income Tax Slab Tax Rate
    Up to Rs.5,00,000 NIL
    Above Rs.5,00,000 and up to Rs.10,00,000 20%
    Above Rs.10,00,000 30%

    *12% surcharge is imposed in case the total income is above Rs.1 crore.

    Income Tax Return Due Date:

    Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July of the next Financial Year. For example – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.

    Recommended:

    Income Tax Income Tax Return Income Tax Refund Income Tax Refund Status Form 16

    How do I file e-Returns?

    Steps to follow to file Income Tax Returns:

    Filing your income tax returns online doesn't have to be a complicated process. Simply follow the below steps.

    First, log on to IncomeTaxIndiaeFiling.gov.in And register on the website.

    • Your Permanent Account Number (PAN) is your user ID.
    • View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.
    • Click on the income tax return forms and choose the financial year.
    • Download the ITR form applicable to you. If you're exempt income exceeds Rs.5,000, the appropriate form will be ITR-2 (If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal itself, by using the 'Quick e-file ITR' link - this has been explained below).
    • Open excel utility (the downloaded return preparation software) and fill out the form by entering all details using your Form 16.
    • Check the tax payable amount by clicking the 'calculate tax' tab.
    • Pay tax (if applicable) and fill in the challan details.
    • Confirm all the data provided in the worksheet by clicking the 'validate' tab.
    • Generate an XML file and save it on your desktop.
    • Go to 'upload return' on the portal's panel and upload the saved XML file.
    • A pop-up will be displayed asking you to digitally sign the file. In case you have obtained a digital signature, select'˜Yes'. If you have not got digital signature, choose 'No'.
    • The acknowledgment form, ITR Verification (ITR-V) will be generated which can be downloaded by you.
    • Take a printout of the form ITR-V and sign it in blue ink
    • Send the form by ordinary or speed post to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online.

    Steps to file ITR 1 & ITR 4S Online:

    Prepare and Submit ITR1 / ITR 4S (Sugam) Online

    You have the option to submit ITR 1/ITR 4S forms by uploading XML or by online submission

    • Login to e- Filing application
    • Go to 'e File' 'Prepare and Submit ITR Online'
    • Select the Income Tax Return Form ITR 1/ITR 4S and the assessment year.
    • Fill in the details and then click the submit button and choose DSC (Digital Signature Certificate)’ (if available) Click on ‘Submit’.
    • After submission, acknowledgement detail is displayed.
    • Click on the link to view or generate a printout of acknowledgement/ITR V form.

    To use DSC, you have to register it in the e-filing application. You can do so by logging in on the e-filing website of the IT Department and updating the Profile Settings section. Under Profile Settings, you have to select Register Digital Signature Certificate and download the ITD e-Filing DSC Management Utility. You can use this utility to generate the DSC file.

    Private portals:

    You could also make use of several websites to file your income tax returns online. The portals typically charge fees (Rs. 250 to 300) depending on the kinds of service they offer.

    Things to watch out for while e-filing:

    • If the same mobile number or email address is used for more than four taxpayers, you cannot file returns on the website, unless the required change is done. For instance, in some cases, more than five returns may be filed— yours, wife, mother, mother-in-law and the Hindu undivided family (HUF) of which you are the karta, the executor of a will.
    • If your name mentioned in your bank documents or official statements is even slightly different from the one given in the PAN card, the portal will consider you a different individual. In certain instances, some individuals give their father's name as their 'middle' name in their PAN card, but do not use it for their bank accounts.
    • If a non-resident Indian has to file income tax returns, he will need both an India number and a foreign number.

    Frequently Asked Questions: e-filing Income Tax Returns

    1. I file ITR online without an account on the Income Tax e-filing portal?

      No, You have to create an account on the portal to file your ITR online. It is an easy process'“ you have to register yourself by providing details such as user type (individual, HUF, companies, chartered accountants, agencies or tax deductors), your PAN, first and middle names and surname, date of birth, and fill in the registration form. If you already have an account but have forgotten password, you can generate it through the'˜Forgot Password' option.

    2. How many days do I have to verify the Income Tax Return I filed online?

      You have to either send the ITR-V to CPC, Bangalore, or verify it online through electronic verification code or Aadhaar-linked one-time password, within 120 days of e-filing the return.

    3. Can I e-verify my ITR instead of sending a hardcopy to CPC, Bengaluru?

      Yes. The Income Tax Department now allows you to e-verify ITR through an electronic verification code (EVC) or through a one-time password by linking your PAN and Aadhaar.

    4. Can I e-file my return before all my tax payments are done?

      You can only file your Income Tax Return'“ online or through an agency'“ after all your tax payments for the year are done. The deadline for filing ITR is July 31 of the year after the end of a given assessment year'“ that is, you get 4 months to file ITR. This helps you put your accounts in order and make sure all tax-related payments are sorted.

    5. Is it mandatory for me to do the e-filing or can I depute it to someone?

      You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud.

    6. How to check the status of Income Tax Refund?

      You can check the status of Income Tax Refund online on the website of the Income Tax Department of India. You can track the refund status after 10 days (from the date the refund was sent to you). To check the status, you have to enter your Permanent Account Number (PAN) and choose the correct Assessment Year.

    7. What is HRA ?

      HRA stands for House Rent Allowance. It refers to the amount of rent you pay for your place of residence. While filing Income Tax, you can claim HRA. You can enjoy tax exemption on HRA up to a certain limit. If you are unable to submit rent receipts to claim HRA exemption, then you can claim it while filing your ITR. If you have paid more than Rs.1,00,000 on rent in a financial year, then you will have to provide the PAN of your house owner/landlord. HRA exemption will be the minimum of the following:

      • Actual HRA received.
      • Actual Rent Paid.
      • Rent Paid – 10% of Basic Salary.
      • 50% (metro)/ 40% (non-metro) of Basic Salary.

      To claim HRA exemption in ITR1 (If your employer has not calculated HRA), you have to deduct the HRA exemption amount from your Gross Salary and enter the result in the section ‘Income from Salary/Pension’.

    8. What is ITR–V ?

      If you e-File ITR without using DSC or you e-File through e-Return Intermediary, then ITR-V form will be generated for you. You have to print this form, sign it and submit it to CPC, Bangalore using Speed Post or Ordinary Post only within 120 days, starting from the e-Filing date.

    News About E-Filing Tax Return

    • TCS and TDS Deductors: Apply for GST Registration

      GST registrations for entities who must compulsorily collect and deduct tax at source should be underway from the month of September. During its 21st meeting in Hyderabad, the GST Council made a decision to open registrations of entities who are liable to deduct TCS and TDS from September 18. Based on the Central GST Act, entities who have been notified must collect TDS at 1% on payments to suppliers of commodities or services exceeding Rs.2.5 lakh. Moreover, e-commerce firms will have to collect 1% TCS when making payment to suppliers under GST.

      20th September 2017

    • ITR – 2 Should be Used to Show Income from Salary and Income from Capital Gains

      Assessees who earn income from capital gains and income from salary will have to file their income tax returns in the form ITR-2 so far as annual year 2017-18 is concerned. Individuals are expected to prepare their income returns offline through the use of ITR-2 utility (JavaExcel) which can be found on the income tax department’s eFiling portal. They will then have to general an xml file before uploading the same on the portal. Only ITR 1 and 4 can be prepared as well as submitted online. The communication was made through a notice dated July 24, 2017, and is part of the e-governance initiative which aims to facilitate conduct of assessment proceedings in an electronic manner.

      5th September 2017

    • Last date for tax payment, filing GST returns extended to 25 Aug

      August 20 was communicated to be the last date for filing GST returns and paying taxes. However, several firms had reported technical issues at the GST return filing website on Saturday, a day before the deadline. In view of this, the government has extended the deadline for filing tax returns to August 25.

      The Finance Ministry also reported that it had received requests from States that were recovering from floods for the extension of the deadline. Jammu and Kashmir had also sought more time, as the GST-enabling laws in the state were passed after the actual rollout of the tax regime.

      The Finance Ministry has requested taxpayers to file their returns well before the deadline, so as to avoid facing any last minute glitches.

      24th August 2017

    • GST Council receives requests for slash in tax rates post GST implementation

      The GST Council is currently flooded with requests for bringing down the tax rates on a variety of products. The Council has stated that such requests have been received for as many as 133 different commodities from several stakeholders.

      At the time of the GST implementation on 1 July 2017, the GST Council had segregated 1,200 products into four slabs, incurring tax at the rates of 5%, 12%, 18%, and 28%. However, there has been a lot of dissatisfaction over this demarcation and changes have been sought by many.

      Some of the requests received by the Council are:

      • Slashing GST on IT products to 12% from the current 18%.

      • Reducing GST on IT hardware from 28% to 18%.

      • GST on helmets to be reduced to 5% from 18%.

      • Tax on textiles to be reduced from 5% to nil.

      • GST on tractors to be slashed to 5% from the current 12%.

      • Tax on granite slabs to be reduced to 18% from 28%.

      • A reduction in tax is sought on packaged drinking water to nil from the current 18%.

      • On motorcycles with engine capacity between 350 cc and 500 cc, the additional 3% cess over and above the 28% tax rate is requested to be removed.

      • The GST on sanitary napkins has been sought to be nullified from the present 12%.

      The GST Council refers some of these change requests to the fitment committee. Once the fitment committee confirms that there is merit in these demands, the approval will be provided for the changes.

      23rd August 2017

    • Deadline for Filing Returns Extended by the Government

      Section 139AA has been introduced by the government this year. Under this section, it is compulsory for individuals to quote their Aadhaar number at the time of filing their returns after the 1st of July, 2017. One of the most common issues faced by the people is linking. For instance, some people have only mentioned their initials in their PAN, but their initials have been expanded in their Aadhaar card. As a result, there will be problems when linking their PAN to their Aadhaar. Other problems faced by the people include applying for Aadhaar. A large number of individuals across the country still do not possess an Aadhaar card. As a result, Aadhaar centres across the country are witnessing people rush to them for instant solutions. Due to such issues, the government has decided to give people some more time to link their PAN and Aadhaar.

      3rd August 2017

    • IT Return Deadline Extended Till the 5th of August

      The Government has extended the deadline for the filing of IT returns for FY 2016-17. August 5 has been set as the new deadline. The Twitter handle of the IT department made the official announcement, and cited the reason for the same as the difficulty faced by taxpayers. The tweet read, “In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017.”

      "The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in time," an official had said last month. However, considering the difficulties faced by taxpayers in filing their IT returns, the government decided to extend the deadline.

      1st August 2017

    • E-Filing of Income Tax Verification with Aadhaar OTP, EVC and Net Banking

      Following the completion of e-filing of the tax returns by every taxpayer, the next crucial step will be to electronically verify their returns as well. This is the final step in the process, and also the most important step. Tax returns will not processed by the Income Tax Department if they have not been verified. Returns that were filed electronically will also have to be verified electronically, and there are three ways to get the job done. Individuals can either choose to do so using their Aadhaar number, the electronic verification code, or their net banking account.

      1st August 2017

    • E-filing the ITR is easier than you thought

      The Income Tax (IT) Department has made it easy for the taxpayers to carry out e-filing of Income Tax Return (ITR) through their website. If you are a taxpayer looking for e-filing ITR, this is a great alternative compared to the method of sharing your details with a third party such as Chartered Accountants. Now you can visit the IT Department’s website to complete your e-filing with few simple steps. The website provides complete step-by-step guidance in filling in the forms and submitting it. The IT Department has kept the entire process simple for the common man to understand. The ITR forms are currently available on the IT Department’s website./p>

      18th April 2017

    • Income Tax Department launches e-filing for two ITRs

      The Income Tax Department recently launched services to support the e-filing of two types of ITR. ITR-1 (Sahaj) and ITR-4 (Sugam) are enabled for e-filing on the website - https://incometaxindiaefiling.gov.in. The IT Department has also notified that the other five ITRs will be soon enabled for e-filing. Individuals who are required to complete their e-filing can visit the IT Department’s website to access the services. The e-filing service will be available until the 31st of July. This initiative will help the IT Department in processing more ITRs efficiently.

      7th April 2017

    • IT department offers e-filing facility through their website

      The Income Tax (IT) Department has taken a series of steps to boost e-filing for various types of income group. The IT Department is working towards various solutions that will help the taxpayers in making easy tax payments. This initiative will aid the IT Department in reducing tax evasion and also the non-filing of tax. The individuals can take advantage of the e-filing service from the IT Department’s website. Currently, the IT Department accepts e-filing for certain income group, they are also working towards adding more segments soon.

      5th April 2017

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