Saturday, July 24, 2010

eFiling your Income Tax Returns made Easy

Have you filed your IT Returns - July 31, Last Date for filing.
It is easy to file your returns online using hassle free e-Filing method.

Avoid Rush at the counters and save your time, travel and money.

How to file e-Returns online?

  • Logon to Income Tax India eFiling website: https://incometaxindiaefiling.gov.in/portal/index.do
  • For the first time user: Register yourself with your PAN number in the website first, please provide full name, father's name as given during PAN Registration.
  • Select your 'Assessment Year' - Example: 2010-11 and choose the right form for filing IT Returns with the appropriate ITR forms.
  • Download the 'Excel Utility' of the appropriate ITR form (Return Preparation Software) as applicable to you.
  • Note on ITR form: For assessment year 2010-11 (income earned for financial year 2009-10):
  • ITR-1:

  • Who can use this Return Form
    This Return Form is to be used by an individual whose total income for the assessment year 2010-11 includes:-
    (a) Income from Salary/ Pension; or
    (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
    (c) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
    Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of
    the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
  • Who cannot use this Return Form
    This Return Form should not be used by an individual whose total income for the assessment year 2010-11 includes,-
    (a) Income from more than one house property; or
    (b) Income from Winnings from lottery or income from Race horses; or
    (c) Income under the head “Capital Gains”, which are not exempt from tax, e.g., short-term capital gains or long-term capital
    gains from sale of house, plot, etc.; or
    (d) Income from agriculture in excess of Rs. 5,000; or
    (e) Income from Business or Profession.

  • ITR2:

  • Who can use this Return Form
    This Return Form is to be used by an individual or an Hindu Undivided Family whose total income for the assessment year
    2010-11 includes:-
    (a) Income from Salary / Pension; or
    (b) Income from House Property; or
    (c) Income from Capital Gains; or
    (c) Income from Other Sources (including Winning from Lottery and Income from Race Horses)..
    Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income
    of the assessee, this Return Form can be used where such income falls in any of the above categories.
  • Who cannot use this Return Form
    This Return Form should not be used by an individual whose total income for the assessment year 2010-11 includes
    Income from Business or Profession.

  • Fill the details in the respective sheet, use TAB key to move to next field to avoid confusions.
  • Fill by typing not using 'Cut, Copy, Paste' in each field.
  • Most of the fields match your 'Form-16' and add the values in the respective fields.
  • Once you fill the ITR form (Excel), you need to Validate (click Validate button) every sheet before you move to next sheet. This will ensure that you have filled all relevant fields in the form/sheet.
  • 'Generate' button helps to generate a XML file and save it in the directory where your ITR Excel file is present. Before you upload this XML to eFiling website, Open the file in Internet Explorer browser and see all Bold numbers and their fields matching your Form-16 and Tax payable/Refund details.
How to find specific details:
  1. Before your start filing your returns, please check your 'Annual Statement' - 26AS under 'My Account' menu section after you logon to eFiling website. This should match your 'Form-16' and Annexure of TDS by Employer/Deductor.
  2. Judistriction: Design of Assessing Officer Information: Logon to eFiling website with your PAN number, look at the top-right section for 'Services' left to 'My Account'. Under 'Services' you will see 'Know your Judistriction' - This will give you this information.
  3. 'Calculate Tax' button can be used to calculate tax after all the IT Returns details in all the Excel sheets. This should reflect your tax paid details as per Form-16.
  4. 'Compute Setoff' - Use this button to setoff for calculations.

Useful Links:
Source & Courtesy: Income Tax India
Thanks to my friends who help directly or indirectly in writing this article.

2 comments:

Hemapriya said...

Its a timely post Anent. You must post this link to our SFC groups...

Deeps said...

ITR notes....guess i ve read this somewhere.....neways dude dis is a gud perspective;) i appreciate ur concern:)

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