Skip to main content

How to e-Filing of Income Tax Return (ITR) Online

Invest in ELSS Funds Online and Save Tax


As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other websites. The due date for filing tax returns (physical or online), is July 31st.



Who should e-file income tax returns?

Online filing of tax returns is easy and can be done by most assessees.

    • Assessee with a total income of Rs. 5 Lakhs and above.
    • Individual/HUF resident with assets located outside India.
    • An assessee required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.
    • Assessee required to give a notice under Section 11(2) (a) to the assessing officer.
    • A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
    • An assessee required to furnish returns U/S 139 (4B) (ITR 7).
    • A resident who has signing authority in any account located outside India.
    • A person who claims relief under sections 90 or 90A or deductions under section 91.
    • All companies.




Types of e-Filing:

      • Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
      • If you e-file without DSC, ITR V form is generated, which should then be printed, signed and submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of e-filing.
      • You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.

    <img class="alignnone size-full" src="http://discountwalas.com/wp-content/uploads/2017/06/bank.png" />

    Checklist for e-Filing IT Returns

    There are a few prerequisites to filing your tax returns smoothly and effectively. Major points have been highlighted below.

      • How to choose the right form to file your taxes electronically
      • It can be confusing deciding which form to submit when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below.
        ITR 1 (SAHAJ)Individuals with income from salary and interest
        ITR 2Individuals and Hindu Undivided Families (HUF) not having income from business or profession
        ITR 3Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
        ITR 4Individuals and HUFs having income from a proprietary business or profession
        ITR 4S (SUGAM)Individuals/HUF having income from presumptive business
        ITR 5Firms, AOPs,BOIs and LLP
        ITR 6Companies other than companies claiming exemption under section 11
        ITR 7Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D


    • Check your tax credit – Form 26AS vs. Form 16You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the figures in Form 26AS. If you file your returns without clarity on errors, you will get a notice from the IT department.
    • Claim 80G, savings certificates and other deductionsYou can claim extra deductions if you forgot to claim them. Similarly, you can also claim deductions under section 80G on donations made to charitable institutions.
    • Interest statement – Interest on savings accounts and fixed depositsA deduction for up to Rs.10,000 is allowed on interest earned on savings accounts. However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.
    • In addition to the above, have the following at hand.
      • Last year's tax returns
      • Bank statements
      • TDS (Tax Deducted at Source) certificates
      • Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
    • Ensure your system is equipped with the below.

      List of Required Documents for e-filing of tax returns

      It is always good to stay a step ahead, especially when it comes to tax filing. The checklist provided below will help you to get started with the e-filing of tax returns.



      General details:

      • Bank account details
      • PAN Number

      Reporting salary income:

      • Rent receipts for claiming HRA
      • Form 16
      • Pay slips

      Reporting House Property income:

      • Address of the house property
      • Details of the co-owners including their share in the mentioned property and PAN details
      • Certificate for home loan interest
      • Date when the construction was completed, in case under construction property was purchased
      • Name of the tenant and the rental income, in case the property is rented

      Reporting capital gains:

      • Stock trading statement is required along with purchase details if there are capital gains from selling the shares
      • In case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details
      • Details of mutual fund statement, sale and purchase of equity funds, debt funds, ELSS and SIPs





      Reporting other income:

      • The income from interest is reported. In case of interest accumulated in savings account, bank account statements are required
      • Interest income from tax saving bonds and corporate bonds must be reported
      • The income details earned from post office deposit must be reported

      Income Tax Slab Rates

      Income Tax Slab rates For Financial Year 2017 – 2018 And Assessment Year 2018-2019

      (As Declared in the New Budget) :

      For Individuals and HUF (Age – Less than 60 years):

      Income Tax SlabTax rate
      Up to Rs.2,50,000NIL
      Above Rs.2,50,000 and up to Rs.5,00,0005%
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      For Individuals and HUF (Age – 60 years and more, but less than 80 years):

      Income Tax SlabTax rate
      Up to Rs.3,00,000NIL
      Above Rs.3,00,000 and up to Rs.5,00,0005%
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      For Super Senior Citizens (age – 80 years and more):

      Income Tax SlabTax rate
      Up to Rs.5,00,000NIL
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      Income Tax Slab Rates for Year 2016 – 2017 :

      For Individuals and HUF (Age – Less than 60 years):

      Income Tax SlabTax Rate
      Up to Rs.2,50,000NIL
      Above Rs.2,50,000 and up to Rs.5,00,00010%
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%





      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      For Senior Citizens (Age – 60 years and more, but less than 80 years):

      Income Tax SlabTax Rate
      Up to Rs.3,00,000NIL
      Above Rs.3,00,000 and up to Rs.5,00,00010%
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%





      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      For Super Senior Citizens (Age – 80 years and more):

      Income Tax SlabTax Rate
      Up to Rs.5,00,000NIL
      Above Rs.5,00,000 and up to Rs.10,00,00020%
      Above Rs.10,00,00030%

      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      Income Tax Return Due Date:

      Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July of the next Financial Year. For example – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.




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

    Top 10 Tax Saving Mutual Funds of 2018

    Best 10 ELSS Mutual Funds to Invest in India of 2018

    1. Tata India Tax Savings Fund 

    2. Mirae Asset Tax Saver Fund

    3. DSP BlackRock Tax Saver Fund

    4. Sundaram Diversified Equity Fund

    5. Birla Sun Life Tax Relief 96

    6. ICICI Prudential Long Term Equity Fund

    7. Invesco India Tax Plan

    8. Reliance Tax Saver (ELSS) Fund

    9. Axis Tax Saver Fund

    10. BNP Paribas Long Term Equity Fund


    Invest in Best Performing Tax Saver Mutual Funds of 2018

    Invest Best Tax Saver Mutual Funds Online

    Download Top Tax Saver Mutual Funds Application Forms


    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

    Tata Mutual Fund

    Being a part of the Tata group, the fund has the backing of a very trusted brand name with strong retail connect. While the current CEO has done an excellent job in leveraging the Tata brand name to AMC's advantage, it is ironic that this was just not capitalised on at the start. Incorporated in 1995, Tata Mutual Fund remained an 'also-ran' fund house for around eight years. Till March 2003, it had a little over Rs 1,000 crore in assets and 19 AMCs were ahead of it. But soon after that the equation changed. It was the fastest growing fund house in 2004 and 2005. During these two years, it aggressively launched six equity funds, two debt funds and one MIP. The fund house as of now stands at No. 8 in terms of asset size. This fund house has a lot to offer by way of choice. And, it also has a number of well performing schemes. Tata Pure Equity, Tata Equity PE and Tata Infrastructure are all good funds. It also has quite a few good debt funds. The funds of Tata AMC are known to...
    Read more

    UTI Mutual Fund

    Even though only a few of UTI’s funds are great performers, this public sector fund house has many advantages that its rivals do not. It has a huge base of retail equity investors and a vast distribution network. As a business, it looks stronger than ever, especially in the aftermath of credit crunch. UTI is, by a large margin, the most profitable fund company in the country. This is not surprising, since managing equity funds is more profitable than debt. Its conservative approach and stable parentage is likely to make it look more attractive to investors in times to come. UTI’s big problem is the dragging performance that many of its equity funds suffer from. In recent times, the management has made a concerted effort to improve performance. However, these moves have coincided with a disastrous phase in the stock markets and that has made it impossible to judge whether the overhaul will eventually be a success. UTI’s top performers are a few index funds, some hybrid funds and its inf...
    Read more

    Salary planning Article

    1. The salary (basic + DA) should be low. The rest should come by way of such allowances on which the employer pays FBT and you don't pay any tax thereon. 2. Interest paid on housing loan is deductible u/s 24 up to Rs 1.5 lakh (Rs 150,000) on self-occupied property and without any limit on a commercial or rented house. 3. The repayment of housing loan from specified sources is also deductible irrespective of whether the house is self-occupied or given on rent within the overall ceiling of Rs 1 lakh of Sec. 80C. 4. Where the accommodation provided to the employee is taken on lease by the employer, the perk value is the actual amount of lease rental or 20 per cent of the salary, whichever is lower. Understandably, if the house belongs to a family member who is at a low or nil tax zone the family benefits. Yes, the maximum benefit accrues when the rent is over 20 per cent of the salary. 5. A chauffeur driven motor car provided by the employer has no perk value. True, the company would...
    Read more

    8 Investing Strategy

    The stock market ‘meltdown’ witnessed since the start of 2005 (notwithstanding the recent marginal recovery) has once again brought to the forefront an inherent weakness existent in our markets. This is the fact that FIIs, indisputably and almost entirely, dominate the Indian stock market sentiments and consequently the market movements. In this article, we make an attempt to list down a few points that would aid an investor in mitigating the risks and curtailing the losses during times of volatility as large investors (read FIIs) enter and exit stocks. Read on Manage greed/fear: This is an important point, which every investor must keep in mind owing to its great influencing ability in equity investment decisions. This point simply means that in a bull run - control the greed factor, which could entice you, the investor, to compromise with your investment principles. By this we mean that while an investor could get lured into investing in penny and small-cap stocks owing to their eye-...
    Read more

    Debt Funds - Check The Expiry Date

    This time we give you an insight into something that most debt fund investors would be unaware of, the Average Portfolio Maturity. As we all know, debt funds invest in bonds and securities. These instruments mature over a certain period of time, which is called maturity. The maturity is the length of time till the principal amount is returned to the security-holder or bond-holder. A debt fund invests in a number of such instruments and each of these instruments would be having different maturity times. Hence, the fund calculates a weighted average maturity, which would give a fair idea of the fund's maturity period. For example, if a fund owns three bonds of 2-year (Rs 30,000), 3-year (Rs 10,000) and 5-year (Rs 20,000) maturities, its weighted average maturity would be 3.17 years. What is the big deal about average maturity then, you may ask. Well, knowing a fund's average maturity is important because it tells you how sensitive a fund is to the change in interest rates. It is ...
    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