Skip to main content

How to e-File Income Tax Returns

 

The deadline for filing your income tax (IT) returns is around the corner. The Income tax department of India has simplified the filing process on-line and the convenient online portal makes e-filing worth a try. Let's equip you with the basics on how to e-file your income tax returns.


Types of Filing:

Income Tax e-filing can be done in two ways –

·Method 1 – Select and download the suitable ITR form on your computer. You can then upload it on https://incometaxindiaefiling.gov.in portal

·Method 2 – This is easier of the two methods. However, not all ITR forms can be filled with this method. You can fill all your details on the easy online format if the process of download and upload makes you uncomfortable.


How to prepare -

You might want to do a bit of ground work beforehand. Keep your PAN number handy to register or login to the portal. You would also need to provide details such as user type – individual, Hindu Undivided Family (HUF), companies, chartered accountants, agencies or tax deductors.


The ITR form type is decided based on your income profile. If you are a salaried tax payer you should use ITR- 1. However, if you are a business person or have earnings from other sources you will be using other ITR forms ranging from ITR 2 to ITR7. Hence appropriate selection of ITR form is essential.


·  Form 16 – Used by salaried employees, this form given by the employer to employee provides details of income and TDS (Tax Deducted at Source).

· Form 16A – Similar to form 16, it is the certificate of deduction given quarterly for payments other than your salary.

· Form 26 AS - Provided by the IT department, it shows all taxes you have paid against your PAN. It can be easily accessed through the IT e-filing website.


How to e file -

Here are the steps to follow to e file your returns –

· Step 1 Login– Login in to https://incometaxindiaefiling.gov.in portal using your PAN card number which is also your user ID followed by a password. This password was set up by the agent or the person who filed your tax returns in the previous year. If you are an unregistered first time user, you can e-file by either signing up as a new user or logging in to your net banking account and searching for the e filing link.


· Step 2 e-file – You will be directed to the dashboard in all the above cases. The dashboard will have the link to Quick e file or Download ITR. Depending on the method you choose, you can either click the 'Quick e- file option, file your ITR and submit or download the ITR form fill it and upload it again.


· Step 3 e-verify– Having filled the mandatory columns or uploaded the ITR form successfully, the site will ask you to e-verify your returns instantly. This substitutes the earlier process of verification done manually by sending out an ITR –V through post. The option of ITR V (manual) is however still available.


Things to know –

The deadline – It may take just 30-odd minutes to file your ITR online with the e-file facility. The deadline to file your IT Returns for the financial year 2015-2016 is July 31, 2016.

The login – In case you are already a registered user or have an account but have forgotten the password, you can generate a new password. This can be done through 'Forgot Password' option on the e filing portal.

The verification –E verification of your ITR can be done online, without you having to send a copy of ITR-V through post to Bengaluru. It can be verified using your Adhaar number, net banking or Electronic verification code that is generated by the e-filing portal.

E-filing makes it easy for you to file your returns from anywhere at any time without having to share your personal details. You also have a record of all your income tax returns for future verification. Besides, the portal now allows you to calculate your tax liability immediately.







------------------------------------------
Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact Prajna Capital on 94 8300 8300

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

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Call us 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

How to generate a UAN Online

Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
Read more

Mutual Fund Review: Reliance Regular Savings Equity

    Despite high churn, Reliance Regular Savings Equity has managed to fetch good returns   In its short history, this one has made its mark. Though its annual and trailing returns are amazing, the fund started off on a lousy note (last two quarters of 2005). It managed to impress in 2006 and was turning out to be pretty average in 2007, till Omprakash Kuckian took over in November 2007 and wasted no time in changing the complexion of the portfolio. Exposure to Construction shot up to 28 per cent with almost 21 per cent cornered by Pratibha Industries and Madhucon Projects . Exposure to Engineering was yanked up (18.50%) while Financial Services lost its prime slot (dropped to 6.69%) and Auto was dumped. That quarter (December 2007), he delivered 54.66 per cent (category average: 25.70%).   When the market collapsed in 2008, thankfully the fund did not plummet abysmally. But even its high cash allocations could not cushion the fall which hovered around the category average. ...
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