Saturday, July 12, 2014

Steps-by-step procedure to submit IT Return

July month is the time to file you IT return. Income Tax Department has come up with an easy way to file IT return.
Step 1: Log in to the Income Tax Department site. (https://incometaxindiaefiling.gov.in/).
Note:
  • For registration, PAN card is mandatory, and this number will be your user ID.
  • Keep your Form 16 handy, that is provided by your company.
Step 2:
a. In the Quick Link section, click Quick e-File ITR.
b. Provide the IT returns detail as illustrated in Figure 1.
Note: If you have income from any other source other than interest (such as, shares, property deals, and other), which attracts tax under different clauses; select correct ITR form.
Figure 1. Prepare and Submit Online
Prepare and Submit Online
Step 3:
a. In the Personal Information tab, provide your personal details.
b. Click the Save Draft icon.

Step 4:
a. In the Income Details tab, provide your income details as illustrated in Figure 2.
b. Click the Save Draft icon.
Figure 2: Income Details

Note: In the Tax Details tab, you can view the TDS deducted from your salary. This value is auto-generated from your PAN details. If there is any tax payable amount, pay your tax through online banking and provide the details in the Sch IT section.
Step 5:
a. In the Taxes Paid And Verification tab, verify tax details and provide your bank information.
  • Pay Tax – If D17=0, no tax is payable for you. 
  • Refund – If D18=0, Money will be reimbursed to you. The refund amount is credited to your bank account through ECS.
b. To submit your IT return to Income Tax Department, click Submit.
The Income Tax Department site flashes the message about successful e-filing on the web page. The acknowledgment form — ITR—Verification (ITR-V) will be sent to your email ID.
Note: You can submit IT return when D17=0.
Figure 3: Taxes Paid And Verification

Note: If you donated any amount to relief fund, for example Prime Minister's National Relief Fund, provide the details in the 80G tab.
Step 6:
a.Take a printout of the form ITR-V that you receive in your email ID or download from the Income Tax Department site.
b. Sign the form ITR-V preferably in blue ink.
c. Send the form ITR-V only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing your return online.

No comments: