Skip to main content

Filing Returns Offline Filing 2016

 

Filing Returns Offline 2016


Only those with a taxable income less than R5 lakh in the previous financial year can file their tax returns offline; all others have to mandatorily e-file their income tax returns. Also, irrespective of the amount of income, anyone who is eligible for a tax refund has to file returns online.

 

If an eligible assessee decides to file her return offline, she can either download the relevant ITR form from the income tax website or she can collect it from the nearest income tax office. She has to write down all the details required in the form, and then submit it to the assessing officer concerned or to the help desk (these are called Aaykar Sampark Kendra). Along with the ITR form, she also has to fill up the acknowledgement form, which includes a summary of the ITR filed. The stamped copy of the acknowledgement form is given back to the assessee.

 

While a person with taxable income less than R5 lakh can choose between filing return online or offline, the former is easier. The online process not only makes things simpler by providing forms with pre-filled personal details, based on the previous year's ITR and Permanent Account Number (PAN), it also helps you maintain documents and allows you to access these through the e-filing account. Moreover, if you miss out on some information, the online software warns you about it. It also calculates the tax payable or any refund due based on the income and deductions filled in the return. Therefore, the chances of wrong calculation are minimised.

 

Filing returns online
You can e-file your return either directly on the income tax website (http://incometaxindiaefiling.gov.in/) for free, or you can use a private service provider's platform. The non-government sites offer different packages and plans, depending upon the number of income sources they cover and the process involved.

 

How to e-file using the government website: Over the years, the government website, too, has evolved. Earlier, the process was only partially online; now it is fully so, but you can do both. In the partial online process, you first need to download the relevant ITR form, and save it on your desktop. Fill the details offline, save it, generate an XML file and save that on the desktop. Then, if you don't already have a user ID and password, get these using your PAN. Once you have created an account, log in and click on the relevant form on the left panel and select 'Submit Return'. Browse to select the XML file that you had generated earlier, and click on 'Upload'. After you upload the XML file, acknowledgement details would be displayed on the screen.

 

In the fully online process, you don't have to download the form and fill it offline. You can directly login to the e-filing website with your user ID and password, fill the relevant form online and upload it.

 

How to file through a service provider: Till a few years back, most online return filing portals catered only to salaried individuals. However, now many of them offer to file all types of tax returns, be it related to income from salary, business or profession. If you want to use a service provider's platform, get clarity on the cost and features offered before making a choice. A simple ITR, for which all the information is available in a Form 16, can be filled with ease; little manual work is needed. You need to upload a PDF copy of the Form 16 and the software picks up the relevant details and fills the ITR form for you. While there are do-it-yourself options on private portals, if you need assistance, there will be a cost attached.

 

Before zeroing in on a service provider, look at the quality of the content on its website and whether it is authorised by the income tax department. You must remember that when you file your returns online, you are sharing important personal financial details, such as your income, savings and investments, bank account details, and so on. So, it is important to check the 'confidentiality and privacy policy' of the service provider. Choose a service provider after you are assured that your information will not be shared with others.

-----------------------------------------------
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. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

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

Popular posts from this blog

Birla SunLife Manufacturing Equity Fund

The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
Read more

Total Returns Index brings out real Equity Funds Performers

From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
Read more

Stock Review: Havells

HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
Read more

Kisan Vikas Patra - KVP

  Kisan Vikas Patra (KVP) First launched in 1988, the Kisan Vikas Patra (KVP) is one of the premier and popular saving scheme offering from the Indian Postal Department. This product has had a very chequered history- initially successful, deemed a product that could be misused and thus terminated in 2011, followed by a triumphant return to prominence and popular consumption in 2014. The salient features of KVP are as follows- The grand USP- Money invested by the applicant doubles in 100 months (8 years, 4 months). KVPs are available in the following denominations- Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. The minimum purchase value for the KVP is Rs.1000. There is no maximum limit. KVPs are available at all departmental post offices across India. These certificates can be prematurely encashed after 2 ½ years from the point of issue. KVPs can be transferred from one individual to another and from one post office to another. ----------------------------------------------------- Inve...
Read more

Health for Wealth - How to buy Health Insurance ?

Tax Saving Mutual Funds Online Current open Infra Bond Application form   HEALTH insurance is a relatively new phenomenon in India. Hence, it is not on the top of the mind for most people to make a conscious commitment towards health insurance. However, it is imperative for each one of us to plan for better health for our families and ourselves. There's no better way than to start with making health your top priority this year. So, your health insurance resolution charter would look something like: ■ Invest in health for wealth: Timely investment in health insurance can help build a security net and hedge sudden dilution of another financial asset class in the event of a health emergency, making it imperative to opt for a comprehensive health insurance plan. ■ Buy a comprehensive health cover that fu lfills your health needs for life: Buy a personal health insurance cover even if you have an employee cover because 'employer provided' health insuranc...
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