Tuesday, August 28, 2012

File Your Income Tax Returns Today

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The last day for filing your income tax return is here. Don't fret. Follow these ten simple steps and file your tax return online before the end of day:

1.
Log on to the Income Tax Department's portal (www.incometaxindiaefiling.gov.in) meant for filing taxes online. Register yourself using your Permanent Account Number (PAN), which will act as your user ID.

2.
Under the 'Download' menu, go to e-filing AY 2012-13 < Individual/HUF and select the appropriate Income Tax Return (ITR) form. Download ITR-1's (Sahaj) return preparation software if you are a salaried individual, pensioner, own one house property and/or earn interest income.

3.
Open the downloaded Return Preparation Software (excel utility), follow the instructions and enter all the details using your Form 16.

4.
Compute tax payable by clicking the 'Calculate Tax' tab. Pay tax and enter the challan details in the tax return (not applicable if your tax liability is nil).

5. Confirm the details entered by clicking the 'Validate' tab. Proceed to generate an XML file, which will be automatically saved on your computer. The registration process (Step 1) can also be initiated at this stage.

6. Go to 'Submit Return' on the portal's left panel and upload the XML file after selecting 'AY 2012-2013' and the relevant form.

7. You will be asked whether you wish to digitally sign the file. If you have obtained a DS (digital signature), select Yes. Else, choose 'No'.

8. Once the message regarding successful e-filing is flashed on your screen, the process is complete. The acknowledgement form - ITR-–Verification (ITR-V) - will be generated and you can download the same. It will also be mailed to your registered email ID.

9. Take a print-out of the form ITR-V, sign it in blue ink, and send it 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 uploading your e-return. Couriered documents will not be accepted.

10.
The IT department will send you the acknowledgement by email, which is the final step in the process. If you do not receive it from the I-T Department in due course, you can send the form ITR-V again. 

Happy Investing!!

 

We can help. Call 0 94 8300 8300 (India)

 

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