Skip to main content

Filing your Income Tax Returns 2014

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

 

E-File your Income Tax returns 2014

 

We are in the first half of July, and soon it will be time for you to file your returns as the last date in July 31st. This year, you will be required to file your returns online if your taxable income has crossed Rs. 5 lakhs for the year ending March 2013. This is following a recent notification, where the limit of taxable income for compulsory E-Filing was brought down to Rs. 5 lakh from Rs. 10 lakh.

Over the past few years, the Income Tax department has tried to make the E-filing process easy and user friendly. This year, with several more assesses expected to file returns online, the process is expected to become easier. So why should you depend on others to E-file your returns when you can complete the entire E-filing process in less than an hour?


Here's a look at the simple steps you will need to follow to file your Income Tax returns online:


Returns are filed on the Income Tax department's E-Filing website.

Please click here to start the process.

  • You will first need to register yourself on the website. To register, you will first need to select the User Type (Individual/HUF/Company etc). On selecting "Individual", you will need to fill in your personal details, including your Permanent Account Number (PAN). Your PAN will act as your user ID. On completing the registration form, your registration will be successful.
  • After you register, you can login to your account using the PAN as the user id, the password you have set and your date of birth.
  • You can e-file your returns in two ways. The first option is to download the applicable ITR form, fill it offline, generate the XML file and then upload this on the website. Alternately, you can choose to prepare and submit the ITR online directly after you login to your account.
  • Let us consider the first option. 

  1. You will need to download the Return Preparation Software of ITR applicable to you. You can check the applicability of the form on the e-filing website.
  2. The Return Preparation Software is in the form of an excel file and you will need to enable 'macros' on the file for all the commands to work. 
  3. Enter all the details in the Return Preparation Software which includes your personal details, income details, the tax deducted at source and taxes you have paid. You can fill this using the Form 16 issued by your employer, TDS certificates, interest statement and any other statement which has details of all the income you earned in the previous year.
  4. After you fill in all the details, you will need to validate the details in each sheet of the file by clicking on the 'Validate' button on each sheet. Next click on 'Generate XML' in the first sheet of the file.
  5. An XML file will be generated and saved on your computer. You should then upload this XML file on the E-filing website and select the appropriate ITR form and the Assessment Year for which you are filing the returns. You will be asked if you want to digitally sign the return. If you have a Digital Signature, then you can select 'Yes'. Else choose 'No' and proceed to submit the form.
  6. On successful completion of the process, you will get a message on your screen, as well as an email with your ITR verification form. If you have not signed the form digitally, you will need to take a printout, sign it and send the form within 120 days by normal post or speed post to the address mentioned on the form. However, if you have digitally signed the form, the process stands completed on submitting the XML form. 

  • In the second option, where you prepare and submit online, you should furnish all your details online and submit the return. You will then need to take a print of the ITR form you have filed, sign it and send it to the IT Department. 
  • The E-Filing process is said to complete when the IT Department receives your form and sends you an acknowledgement for the same. If you do not receive an acknowledgement of receipt of the form by the IT Department, you will need to send them the form again. 


The IT Department is working towards simplifying the process further, by planning to do away with the mandatory submission in paper form after one files returns online. With more and more assesses coming under the E-Filing umbrella, it is hoped that the IT Department will ensure the stabilization of the website, in addition to making the process easier and more simplified.

For further information contact Prajna Capitalon 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 answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

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

Invest Mutual Funds Online

Invest Any Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

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

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap FundsInvest Online

      1. DSP BlackRock MicroCap Fund

2.Franklin India Smaller Companies

E. Sector Funds Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF

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

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

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
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