File your Income Tax Returns online in 8 easy steps (For Resident individuals)

Step by step guide to file IT returns online 
(For Resident Individuals)

In 10 years of my banking career, for the first two years (like most salaried professionals) I had outsourced the filing of my tax returns. However, I did not receive timely acknowledgements from the CA and had to go through a lot of hassle to confirm that the returns were indeed filed correctly. It was then that I decided to file tax returns on my own. And to my surprise, I found it really simple and easy. I have been successfully doing e-filing and receive timely acknowledgements for all these years.

Let me spell out a step-by-step guide that will help you to e-file your returns this financial year

Who should file income tax returns?

·    If your gross total income( i.e income from all sources) without any allowed deduction exceeds Rs.2,50,000

Ø  For senior citizens in the age group of 60-80 years the gross total income limit is Rs.3,00,000

Ø  For senior citizens more than 80 years, the gross total income limit is Rs.5,00,000

·        If you want to claim refund of TDS ( Tax deducted at source)

·        If you want to carry forward any loss under applicable head of income.

·        If you have an asset, property or account outside India.

If you fall in any of the above categories, then it is mandatory for you to file your income tax returns.

Pre requisites of filing an income tax return

1.       Last year’s tax return copy

2.       Bank statement of your account/accounts for the financial year

3.       TDS certificates

4.       Copies of your receipts of investment which are allowed for deductions under the Income tax act

5.       Interest statement for the financial year

6.       Form 16 (provided by the employer for salaried individuals)

7.       Form 26 AS (Tax Credit statement from income tax department for cross checking)

Step 1:- Login

First register yourself on income-tax website-https://incometaxindiaefiling.gov.in/( click here to register)

Fill in all the mandatory fields correctly, most importantly, provide your correct email address and mobile number, as link for authorization and PIN are sent on this.

1) Once a login id is created, log into your account using your PAN number, password & date of birth.

OR

2) You can directly log into the income tax e filing site through your net banking provided you are registered user of e-filing income tax portal and your pan number is registered with the bank.

Ø  You can do this by clicking on the NetBanking icon as below which will re-direct you to list of banks. Select your bank and then log into your net banking account

Ø  Or you can directly log into your net banking account through your bank’s website.

 Next step is to click on the E filing (Income tax) tab. This will automatically log you into your income tax account. 

Step 2:- Downloading ITR

You can now download ITR 1 (for salaried individuals & individuals having interest income or income from one house property) from the Download section or from the home page of the website https://incometaxindiaefiling.gov.in/

The Java Utility version of the ITR 1 is automated, simple and can be uploaded swiftly. You should have java version 7 or above for the utility. If you don’t have it, it can also be download from the income tax website.

We will discuss the Java Utility version step-wise in the below section.

Step 3:- Filling up the personal and address details 

Extract the java utility version. Click on the icon and open the utility. The easiest way is to opt for the pre-fill option in the utility as it will save you from entering personal and address details and the information as per your choice

Ø  Pan (address corresponding your PAN with IT department alongwith tax details)

Ø  Previous ITR (address from last year’s filed ITR and tax details) or

Ø  None (only name and columns upto A6 will be filled alongwith tax details ) will be automatically updated in the utility

  

Use your income tax webite’s login and password and birthdate and select your option

Step 4:- Completing your filing status

     A19   Select employer category as applicable to you

A20   Select the tax status as applicable to you

·  Tax refundable (if filing for refund)

·  Tax payable (if there is still tax to be paid)

·  Nil tax balance (if there is no refund or pending taxes)

A21   Select residential status as RES-Resident from the dropdown

A22   Return is normally filed under section 11-on or before due date 139(1)

A23   Click on ‘Yes’, if you are governed by Portuguese Civil Code and impacted bv Section 5A of Income-tax Act,      1961 otherwise click ‘No’

A24   Applicable if A23 is ‘Yes’

A25   Details of original return for the same assessment year have to be entered

A26   Enter the notice details if applicable

A27   Click on ‘Yes’, if you have Aadhar number or else click, ‘No’

A28   Fill in your Aadhar number if A27 is ‘Yes’

Step 5:- Gross Total Income and Deductions

B1      Enter these details from your Form 16 provided by your employer.

B2      If you own a house property in your name, then select the applicable option from Self-occupied and   Let out.

  Enter the income from your house property in the field below, enter amount with negative sign if it     is a loss.

B3    Enter the income earned from other sources than salary like interest income, dividend income, rental income etc excluding Lottery prize and Income from Horse Races.

B4     Automatically calculated field

C1-C18   Enter these fields from your Form 16 or your savings certificates across the corresponding applicable sections. For C11, the details as per your donation receipt have also to be entered in the 80G tab above.

C19 This field is automatically calculated

C20 This field is automatically calculated and is your Net Taxable Income after allowed deductions.

D1- D6   These fields are automatically calculated.

D7   If salary for more than this financial year is received in arrears or in advance due to which you fall in the upper income tax slab then upon application, assessing officer can grant prescribed relief. This amount has to be entered in field D7.

D8   This field is automatically calculated.

D9   This is the amount of interest that has to be paid ,if return is filed after  due date as specified under section 139(1)

D10  This is the interest amount to be paid by an assessee, if he fails to pay the required advance tax for a financial year if applicable

D11  This is the interest related to Penalty on the Advance Tax which is calculated on the basis of difference between actual amount paid and due.

D12  This field is automatically calculated. 

Step 6: Fill your TDS details

SCH TDS 1: Fill in the fields as per the corresponding details mentioned in your Form 16.

SCH TDS 2: Fill in the details as per the TDS certificate provided by the deductor.

SCH TDS 3:  Fill in the details of tax payments made by you in case the tax payable is more than the taxes paid.

Note:- Verify whether the TDS details as mentioned in Form 16 or Form 16A matches with those in Form 26AS.

Step 7:- Verifying your Taxes Paid

D13 - D18 These fields are automatically calculated

D19 Enter details of all exempt income e.g. Dividend income, Agricultural income etc

D20 Enter the number of savings account(s) and current account(s) you have or had in the financial year.

Enter these account details in the rows below.

Fill in your details in the verification section, You will not have to fill the TRP field as you yourself are submitting your returns.

Step 8 : Validating, Saving and uploading.

Validate your return for any errors. Resolve your errors  and save the file. The file will be save as xml.

To upload your returns, go to https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html.Log into your account and upload your file from the e-File tab .After successful submission ITR-V (ITR verification) will be generated, which can be downloaded from My Account tab. Take a print out of ITR-V , sign it and send it along with copies of Form 16 & Savings certificate & TDS certificates via ordinary post or speed post to the address below within 120 days of filing your returns online (individuals with Aadhar number need not send ITR V to CPC bangalore)

“Income-Tax Department-CPC” , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka.

Important:-                   

CBDT  vide Notification No. 49/2015 Dtd 22.06.2015 notified changes in Rule 12 of Income Tax Act 1962 for Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 (Financial Year 2014-15). The changes included Introduction of AadharCard Number in ITR. (But Those Who Give Aadhar Card Details also have to Send ITR V because at present OTP system is not implemented).And so the paperless filing had not practically started.

But OTP/EVC system has practically started on 13th July. As rightly brought up by one of the readers, Ravi, from this year onwards, we need not send a copy of ITR-V to CPC Bangalore.

This facility is available only to the following:-

• Having total income <  Rs 5 lakh
• Not claiming tax refund
• Registered their mobile number and email id as OTP will be sent on the same.

To know more about to e-verify your income tax returns through following channels, click here

•Income Tax e-filing website

•Internet banking

•Aadhar Number

•ATM

Any queries related to filing of income tax returns can be posted in the comments below.