Skip to main content

How to File ITR for year 2017 - 2018

 
Most income tax assessees have to file their ITR online. Here is the process of doing it in detail


All income tax assesses - including individuals, Hindu Undivided Families (HUFs), professionals, Trusts, firms and companies-can now file their tax returns online. With a few exceptions, it is mandatory for all taxpayers to file returns online. Here are the steps to follow when you file your tax return.


Who should go for ITR e-filing
All income tax assessees need to file their returns online. However, the following can file using physical forms.


-Very senior citizens (individuals who were older than 80 years at any time during the previous year).


-Individuals or HUFs whose income was less than Rs5 lakh and who do not have to claim any refund.


 

You can file the online return yourself on the income tax department's e-filing website www.incometaxindiaefiling.gov.in.  Most of these websites provide simplified platforms for income-tax assessees to file their returns. You can use these platforms for free if you want to file the return on your own. The websites levy a charge in case you need assistance. The charges are based on several factors such as the type of income and complexity of the tax return.


However, if you prefer to file through the tax department's website, the process remains the same as last year. There is no change in the process of filing ITR (online or offline).


Just like the previous assessment year, two processes are available. One is partially offline and the other is fully online (see graphic: How to e-file your return).


However, before filing, check a few things. You should check Form 26AS and ensure that the tax deducted from your income is as per your Form 16 and matches the figures in Form 26AS. If you file your returns without checking for mismatches between Form 16 and Form 26AS, you could get a notice from the I-T department, he added.


Also, ensure that you mention the correct bank details so that any refund can be directly credited to the bank account. Similarly, make sure you mention the correct PAN, address, email and mobile number.


Remember that the due date for filing returns for AY 2017-18 is 31 July 2017. However, don't wait for the last date.


In the past, there have been instances when the e-filing website has crashed because too many people logged on at the same time, which led to delays and failure in filing returns.


E-filing taxes
While filing your tax return, if you find that you still owe some tax to the income tax department, you can pay it online. This is considered self-assessment tax.


The tax liability could have arisen because maybe you did not consider an income while paying the final instalment of advance tax, or if nil or a lower rate of tax deducted at source (TDS) was applied on an income instead of a higher rate of tax.


Paying tax online
You can pay tax offline as well at designated branches of banks that are empanelled with the income tax department. For this, you need to fill up Challan 280. You can pay the tax either by cheque or cash. Remember to collect the challan receipts and ensure that the challan information number (CIN) along with a 7-digit BSR code of the branch and date of deposit are clearly printed, stamped or written on the acknowledgement.


To pay the tax online, go to the income tax website www.incometaxindia.gov.in. Once you login, you will see an option to "e-Pay taxes". Click here and you will be directed to the website of National Securities Depository Ltd (NSDL). Here, select challan no./ITNS 280. You will be presented with two options; choose the option marked '(0021) Income tax (other than companies)'. Fill in details such as PAN, name, address, and contact details. Select the assessment year for which you want to pay the tax. Then, under the head 'Type of payment' select '(300) Self Assessment Tax', click on the drop-down list to choose the bank's name through which you want to pay.


Remember that online payments can be made only through Net banking and not by credit or debit cards. After clearing the captcha test, pay tax through net banking.





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

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

ICICI Prudential Dynamic Plan Invest Online

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   ICICI Prudential Dynamic Plan             Invest Online This fund does remarkably well during falling markets, but fails to show the same prowess during a rising market. The fund sticks to its mandate to adapt to the dynamic nature of the market by shuttling between debt and equity. It takes aggressive asset calls in equity when the market surges by investing in quality mid-cap stocks. At the same time, it adopts a defensive strategy by investing in debt and cash when markets get overvalued, making it a good long-term choice.     For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call     Leave a missed Call on 94 8300 8300   Leave your comment with mail ID and we will ...
Read more

What are the factors affect the changes in Interest Rate of Fixed Deposits?

  What are the factors affect the changes in rate of Fixed Deposits? Fixed Deposits are now considered to be a very old fashioned method of saving, but still attract many investors since they have guaranteed returns at the end of the tenure of the investment at a decent interest rate. There are various factors that affect the rates of interest for a Fixed Deposit. Policies of the Reserve Bank of India   - The several norms and restrictions posed by the Reserve Bank of India , in order to gain optimum control over credit and inflow and outflow of fund throughout the country. The repo rate changes, cash reserve ration tends to change and these changes affect the banking products like Fixed Deposits, loans etc. Recession   - When unemployment in a country crosses the benchmark set Recession hits, and slowly the country faces an economic slow movement, affecting the purchasing power of the people in the country, forcing the Reserve Bank of India to release more funds in the financial marke...
Read more

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
Read more

Mutual Fund Review: ING Dividend Yield

  ING Dividend Yield's small assets enable the fund manager to churn in impressive returns… Strategy The aim of the fund is to invest in stocks which offer a high dividend yield. This fund deploys a value based strategy which aims to gain from investing in fundamentally strong and free cash flow generating businesses. The scheme focuses not only on growth but also on the cash generated by the business, which mostly leads to stable returns even in volatile markets. This fund has a low volatility because of its investment in high yielding stocks. The scheme tries to include stocks that yield dividend above the dividend yield of the Nifty and stocks with liquidity, which throws up a universe of 150 stocks.   Our View Launched in October 2005, this fund invests at least 65 per cent of its assets in high dividend yield stocks. The fund has consistently maintained a mix of stocks across varying market capitalisation, with a higher tilt to mid caps compared to small caps. Howev...
Read more

Capital Protection Oriented Funds

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   Capital Protection Oriented Funds   Erosion of capital is one of the key concerns for investors wanting to invest in equity mutual funds. To address this concern, asset management companies have launched Capital Protection Oriented Funds (CPOFs). What are CPOFs? CPOFs are generally three to five-year, closed-ended funds where 70-80% of the portfolio is invested in fixed income securities, which mature on or before the scheme's tenure. The investment in fixed income securities grows to 100% at the end of the tenure, providing the investor with capital protection. The remaining portion (20-30%) is used to take exposure to equity, which provides the upside. Exposure to equities is either by directly buying equity stocks (plain vanilla CPOFs) or by b...
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