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.







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

Top 4 Tax Saver Mutual Funds for 2017

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact Prajna Capital on 94 8300 8300

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

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Call us on 94 8300 8300

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

 

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Read more

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...
Read more

WEALTH TAX

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 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...
Read more

How to Pick Top Performing Mutual Fund Schemes

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   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...
Read more

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...
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