Skip to main content

E-filing of Income Tax Returns is easy and convenient

Buy Gold Mutual Funds

Invest Mutual Funds Online

Download Mutual Fund Application Forms

Call 0 94 8300 8300 (India)

To file income tax returns, most people prefer to delegate the task to chartered accountants or tax consultants. But last financial year saw an 80 per cent jump in the number of e-return receipts over 2010-11.

Maharashtra is learnt to have generated 320,000 receipts, followed by Gujarat and Delhi. Other states such as Karnataka, Tamil Nadu and Uttar Pradesh are also catching up. About 10 million taxpayers opted for filing returns electronically last year. This number may inch up by another 10-15 per cent this year as filing returns online has become compulsory for those earning above ~10 lakh.

Those yet to take the online route, could opt for the convenience of filing returns from anywhere in the country and making fewer mistakes.

You can file returns either through the income tax (I-T) departments website or other sites such as I-T department authorised e-return intermediary (ERI) Taxspanner.com, Taxyogi.com, Taxsmile.com, taxshax.com and myITreturn.com.

Personal finance website perfios.com and Aditya Birla groups myUniverse also offer this service. Some others like mutual fund portal Fundsindia.com offer this service with Taxyogi.com, and banks like Canara Bank, Punjab National Bank, Syndicate Bank with Taxspanner.com.

Here is how to e-file returns: Register with the tax filing site you choose and fill in your details in the applicable income tax returns (ITR) form. There are various packages available with these sites, which you could choose from. For instance, Taxspanner.com e-file standard package is for employees who are interested in self-preparing and e-filing returns. E-file Plus package is for those who want to e-file themselves, but would like to take assistance of a tax professional to enter their data and review it. And, the eFile Premium package is for those who want to want keep their tax documents in a vault for up to or more than eight years, in case of scrutiny notice (see table for price).

Then there are packages for professionals or those having their own consulting firms and non-resident Indians.

Personal finance website Perfios charges ~140 for those with one Form 16 and ~150 extra for more than one Form 16. That is, in case you have changed jobs in a year.

The portals help you preview the form you fill and make changes if need be. For example, Taxyogi.com has an online chat service in case you get stuck midway.

Make the payment after reviewing your form. The ERI will provide the form in an XML file, which should be stored and uploaded on the I-T departments website. "Then ERIs upload your ITR form on the I-T department's website (www.incometaxindia.gov.in). An acknowledgment is sent to the registered e-mail address, that is, the Income Tax Return Verification form (ITR V).

Sign the printout and send it to the I-T departments Bangalore office, within 120 days of e-filing. Once you receive a confirmation, your e-filing is complete.

In case you have a tax liability at the time of filing, you may not be allowed to do so. Here, you need to either visit the NSDL website or approach a bank with whom you have a net banking account, select the required challan and make a payment for the dues. You will receive a challan identification number, acknowledging your payment, ensure you save a copy of that, he explains.

You can even sign ITR V digitally. Some websites like Stacos.com, myITreturn.com sister concern, offers digital signatures that authenticates your identity to the I-T department at a cost of ~650 for professionals and ~750 for individuals (for two years each). But, it's better to post the documents if you are opting for a digital signature just for filing returns as it would be cheaper.

These websites also provide other services like assisted filing of returns and tax planning. For instance, many allow you to email your Form 16, other details and file returns for you. Some other help you if your ITR V does not reach the I-T department or if you get a scrutiny notice.

To lure more taxpayers, tax filing websites have some more offers. Like, TaxSpanner.com has announced a Tax Back Offer under which one ITR (income tax return form) will be selected every week, and get the entire tax money back, which he/she pays for financial year 2011-12 and myITreturn will allow those who file returns in spite of earning less than ~5 lakh to file it for free

I-T Department Free

1 Keep all relevant documents handy like Form 16, PAN, all statements of income and investment

2 Register with the site you choose and fill in your details in the applicable ITR form online by choosing among various packages as per your requirements

3 Always preview the form you fill and make changes if needed

4 Make the payment after you have reviewed your form

5 In case you need to pay some tax, visit tin-nsdl.com and save a copy of the challans

6 The portal will email your ITR form

7 Upload this form at the I-T department's website after registering with it; download (ITR V) and take a printout

8 Sign the printout and send it to the I-T departments Bangalore office, within 120 days of e-filing

Happy Investing!!

 

We can help. Call 0 94 8300 8300 (India)

 

Leave your comment with mail ID and we will answer them

                        OR

You can write back to us at prajnacapital [at] gmail [dot] com

---------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

Best Performing Mutual Funds

    1. Largecap Funds        Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds     Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds    Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds             Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds              Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds             Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

Mutual Fund Exit Load Changes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Mutual Fund Exit Load Changes AMCs don't communicate about any change in exit load directly with investors, but do update on their website   The exit load applicable to your investments is the load which existed at the time when you invested in the particular fund. Any subsequent changes in the exit load will not be applicable to your investments.   However, Asset Management Companies ( AMCs ) periodically publish addendums in the newspapers, which state any change in exit loads of specific schemes managed by them. Such changes are also posted on their websites. However, a direct communication to an investor is not made, considering the costs involved in doing so. In their own interests, investors should not only track the performance of the funds they i...
Read more

Birla Sun Life Mutual Fund Launches Birla Sun Life NIFTY ETF

Birla Sun Life has launched a new fund namely, Birla Sun Life Nifty ETF, an open ended exchange traded fund. The new fund will be open for subscription from 4th July to 18th July 2011, at an offer price of Rs 10 per unit. The investment objective of the scheme is to generate returns that closely correspond to the total returns of securities as represented by S&P CNX Nifty, subject to tracking errors. No exit load will be charged under the scheme. The performance of the scheme will be benchmarked against S&P CNX Nifty and will be managed by Satyabrata Mohanty.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   1) DSP BlackRock Mutual Funds: http://prajnacapital.blogspot.com/2011/05/buying-dsp-blackrock-mutual-funds.html   2) Reliance Mutual Funds: http://prajnacapital.blogspot.com/2011/06/buying-reliance-mutual-funds-online.html   3) Birla Sunlife Mutual Funds: http://prajnacapital.blogspot.com/2011/...
Read more

Atal Pension Yojana contribution Tax Benefit for spouse

Contributions to Atal Pension Yojana (APY) are eligible for the same tax benefits as the NPS. This means that the contributions can be claimed under Section 80CCD (1B). The current limit for Section 80CCD (1B) is   Rs   50,000, over and above the   Rs   1.5 lakh limit under Section 80C. Section 80 CCD (1) is a different one, meant to cover employers' contribution towards NPS . You cannot get tax benefit by investing in the name of your spouse under Section 80 CCD . ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in India for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Religare Tax Plan 4. DSP BlackRock Tax Saver Fund 5. Franklin India TaxShield 6. ICICI Prudential Long Term Equity Fund 7. IDFC Tax Advantage (ELSS) Fund 8. Birla Sun Life Tax Relief 96 9. ...
Read more

Mutual Fund Reivew: Birla Sun Life Asset Allocation Conservative

Birla Sun Life Asset Allocation Conservative has numbers on its side to prove its credibility… Don't be surprised to find this Fund of Funds ( FoF ) in our recommendations. It has earned its place. And despite the difference in the structure of the product, there is no arguing with the numbers.   Of the total 6 years of its existence, the fund has been among the top 10 funds in its category in four of them. Last year it put up an average show and the only year it underperformed its peers was in 2008.   One aspect to look at when investing in an FoF is the expense ratio. The expense ratio of an FoF is capped at a lower limit of 0.75 per cent (2.50% for an actively managed fund). However, the FoF not only has its own expense (though lower) but even the expense ratio of the fund it is investing into. Fortunately, the fund manager takes that into account. "Expense is one of the important criteria used for fund selection and is the main reason for our investment in BSL Ind...
Read more

Short-Term Investment Options in Mutual Funds

Mutual funds offer liquid funds and ultra short term funds in the debt category, which are suitable for short investment periods. Ultra short-term funds were earlier known as liquid plus funds. Liquid funds invest in money market instruments with a maturity of 91 days or less. However, there are no such restrictions for ultra short-term funds. Who should invest in these? These are open-ended schemes. Investors with a short investment horizon or with surplus cash and low risk appetite should look at these. These could include corporate as well as retail investors. Those interested in staying invested for less than 15 days can opt for liquid funds. Retail investors who want to remain invested for two-four months, can look at ultra short-term funds. The short duration for both liquid and ultra short-term funds shields them from any interest rate volatility.   What kind of returns do they offer? In terms of an investment period less than 15 days, these funds are comparable to a ba...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now