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.

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