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

    SBI Magnum Tax Gain Scheme 1993 Applcation Form

        https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss     Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.
    Read more

    Birla Sun Life Tax Plan Online

    Invest Birla Sun Life Tax Plan Online   An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.   After a bad patch from 2008 to 2010, Birla Sun Life Tax Plan has made a big comeback in the last five years, with a particularly good run since 2014. The fund's rankings, which had slipped to two stars in 2011-12, recovered sharply to three-four stars in the last three years. The fund has delivered a particularly large outperformance over its benchmark and peers in the last couple of years. The fund's investment strategy focuses on a diversified and high-quality portfolio, with parameters such as capital ratios and balance-sheet strength used to judge quality. It uses a combination of top-down and bottom-up approaches to take sector/stock positions. The fund avoids highly leveraged plays. Staying more or less fully invested at all times, the fund parks roughly half of its portfoli
    Read more

    Should you Roll Over 1 year Fixed Maturity Plans?

    The period between January and March typically sees an uptick in the launch of fixed maturity plans, or FMPs. Not this year. Instead, fund houses are busy rolling over or extending the tenure of their one- year FMPs launched last year to three years. Investors in one- year FMPs have a choice. Either redeem units or roll over to three years. If you exit now, your gains will be added to your income and taxed in line with your individual slab rate of 10, 20 or 30 per cent. If you stay invested for two more years, you pay 20 per cent tax with indexation benefit. Yields have softened in the past few months on expectations of a rate cut. If the central bank continues its soft monetary stance, yields are likely to fall further. In such a scenario, it makes sense for investors, particularly those in the 30 per cent tax bracket, to roll over their investments and lock in at a higher yield now. In a surprise move, the Reserve Bank of India cut repo rate by 25 basis
    Read more

    Mutual Fund Review: IDFC Premier Equity Fund

      IDFC Premier Equity Fund, which falls under the presumed high risk group of mid- and small-cap schemes, can rely on astute and timely equity picks. These make it less vulnerable to fluctuations compared with others in the category   IDFC Premier Equity Fund is designed to invest in upcoming, but promising businesses available at cheap valuations, and hold on to these businesses until they reap desired returns. The experiment has been successful so far, and IDFC Premier Equity has emerged as one of the top performing mutual fund schemes in the mid- and smallcap category of equity schemes.    While the scheme is an open-ended equity fund, i.e. open for subscriptions throughout the year, it has a unique philosophy to limit fresh inflows. Thus, while an investor can always take the systematic investment plan ( SIP ) route to invest in the scheme throughout the year, inflows through a lumpsum investment have been restricted. Since inception, IDFC Premier Equity has been opened for l
    Read more

    IDFC Premier Equity Fund dividend

      IDFC Mutual Fund   has announced dividend under the dividend option of   IDFC Premier Equity Fund Direct-D . The quantum of dividend shall be   R 4.3464 per unit.   The record date has been fixed as May 06, 2015. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot]
    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