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.



For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300

Popular posts from this blog

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...
Read more

Fortis Mutual Fund

Fortis Mutual Fund, a relatively new player, it is still to prove its case and define its position in the industry. In September 2004, it came onto the scene with a bang - three debt schemes, one MIP and one diversified equity scheme. And investors flocked to it. Going by the standards at that time, it had a great start in terms of garnering money. Mopping up over Rs 2,000 crore in five schemes was not bad at all. The fund house has not been too successful in the equity arena, in terms of assets. Though it has seven equity schemes, it is debt and cash funds that corner the major portion of the assets. Most of the schemes are pretty new, and the two that have been around for a while have a 3-star rating each. The last two were Fortis Sustainable Development (April 2007), which received a rather poor response, and Fortis China India (October 2007). Fortis Flexi Debt has been one of the better performing funds, after a dismal performance in 2005. It currently has a 5-star rating. None ...
Read more

SBI bonds FAQ

  Maximum retail subscription and over – subscription There is a lot of excitement around these bonds, so I won't be surprised if they get over-subscribed on the first day itself. So, I thought Sameer asked a very good question about over-subscription. Here is that discussion. Here are some other questions that you may find useful. Can I trade the SBI bonds on NSE after it lists? Yes, these can be traded after listing. Where can I get the application forms, and can I buy the bonds online? You can get the application from notified branches, and then fill it up there and submit it. To the best of my knowledge, there is no way to invest in them online, but if anyone knows otherwise then please leave a message, and let us know. Can NRIs apply for these bonds? NRIs can't apply for these bonds as they fall under one of the ineligible categories. Can you take a loan by keeping the SBI bonds as security? The terms of the issue in the prospectus state that the bank shall no...
Read more

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...
Read more

Zero Coupon Bonds or discount bond or deep discount bond

A ZERO-COUPON bond (also called a discount bond or deep discount bond ) is a bond bought at a price lower than its face value with the face value repaid at the time of maturity.   There is no coupon or interim payments, hence the term zero-coupon bond. Investors earn return from the compounded interest all paid at maturity plus the difference between the discounted price of the bond and its par (or redemption) value. In contrast, an investor who has a regular bond receives income from coupon payments, which are usually made semi-annually. The investor also receives the principal or face value of the investment when the bond matures. Zero-coupon bonds may be long or short-term investments.   Long term zero coupon maturity dates typically start at 10 years. The bonds can be held until maturity or sold on secondary bond markets.
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