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

    Birla SunLife Manufacturing Equity Fund

    The Make in India program was launched by Prime Minister Naredra Modi in September 2014 as part of a wider set of nation-building initiatives. It was devised to transform India into a global design and manufacturing hub. The primary motive of the campaign is to encourage multinational as well domestic companies to manufacture their products in India. This would create more job opportunities, bring high-quality standards and attract capital along with technological investment to bring more foreign direct investment (FDI) in the country.   Why India as the next manufacturing destination?   The rising demand in India along with the multinational's desire to diversify their production to include low-cost plants in countries other than China, can help India's manufacturing sector to grow and create millions of jobs. In the words of our Honourable Prime Minister- Mr. Narendra Modi, India offers the 3 'Ds' for business to thrive— democracy,...
    Read more

    Total Returns Index brings out real Equity Funds Performers

    From February, equity mutual funds have to change their benchmarks to account for dividend payments. Until now, funds used price-based benchmarks alone. TRI or total return indices assume that dividend payouts are reinvested back into the index. What this does is lift the overall index returns, because dividends get compounded. For example, the Sensex TRI index will consider dividend payouts of its constituent companies while the Nifty50 TRI index will consider dividends of its constituents. Using TRI indices as benchmarks comes on the argument that an equity funds earn dividends on the stocks in its portfolio, which they use to buy more stocks. Therefore, using an index that also considers dividend reinvestment would be a more appropriate benchmark. Shrinking outperformance With a stiffer benchmark, it is obvious that the margin by which an equity fund outperforms the benchmark would shrink. Rolling one-year returns from 2013 onwards, the average margin by which largecap funds out...
    Read more

    Stock Review: Havells

    HAVELLS India's stock performance has been muted in the past three months, in line with the weak broader market. But, given the turnaround in its overseas subsidiary and the launch of new products in its consumer durable business, the company's stock may undergo a re-rating.    Havells is India's leading consumer electrical goods company, with consolidated sales of . 5,527 crore in the past four quarters. Its wholly-owned subsidiary Sylvania, which makes lighting and fixtures, has established brands in European, Latin American and Asian markets. Sylvania repre sented nearly half of the company's consolidated revenues in the first half of FY11.    Sylvania's poor financials hit Havells' consolidated performance in FY10. But, this has changed in the cur rent fiscal. Havells has reduced fixed costs of Sylvania by exiting from unprofitable businesses and outsourcing manufacturing to low-cost locations such as India and China. In the September 2010 quarter, Sylv...
    Read more

    Kisan Vikas Patra - KVP

      Kisan Vikas Patra (KVP) First launched in 1988, the Kisan Vikas Patra (KVP) is one of the premier and popular saving scheme offering from the Indian Postal Department. This product has had a very chequered history- initially successful, deemed a product that could be misused and thus terminated in 2011, followed by a triumphant return to prominence and popular consumption in 2014. The salient features of KVP are as follows- The grand USP- Money invested by the applicant doubles in 100 months (8 years, 4 months). KVPs are available in the following denominations- Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. The minimum purchase value for the KVP is Rs.1000. There is no maximum limit. KVPs are available at all departmental post offices across India. These certificates can be prematurely encashed after 2 ½ years from the point of issue. KVPs can be transferred from one individual to another and from one post office to another. ----------------------------------------------------- Inve...
    Read more

    How to generate a UAN Online

    Best SIP Funds Online   In order to make Employees' Provident Fund (EPF) accounts portable, the Employees' Provident Fund Organisation (EPFO) had launched the facility of Universal Account Number (UAN ) in 2014. Having a UAN is now mandatory if you have an EPF account and are contributing to it. So far, you got this number from your employer and every time you changed jobs, you had to furnish this number to the new employer.  However, in order to make it easier for you to get a UAN , and without your employer's intervention, the EPFO now allows you to go online and generate a UAN on your own. This facility can be used by freshers, or new employees, who are joining the workforce as well as by employees who have older EPF accounts but do not have a UAN as yet. As a new employee, you can simply generate a UAN and provide the number to your employer at the time of joining, when you need to fill up forms for your EPF contribution. As per a circula...
    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