The deadline for documenting income tax returns for the last financial year is 31 July but regardless of the date being familiar, several people miss it.
But thanks to the internet, one can now file income tax returns online and on time.
Here is a step-by-step tutorial to file your income tax returns online, through the official the IT department website.
1. Register on the official website
First, one has to register on the income tax website, using Permanent Account Number (PAN). Click here to check the income tax India website. Once you open the page, click on the "New to e-Filing? Register Yourself" on the top right side.
Fill in your PAN number, full name, date of birth, e-mail id and mobile number to create an account. After creating the account, login to the website using user ID and password. User ID is same as your PAN card number.
2. Form 26AS
Once you log in, click on "View Form 26AS" to check your tax credit statement for the fiscal year 2013-2014. After clicking the link, you will be directed to a new page where you can check your credit statement. Your date of birth is the password to open Form 26AS.
The tax credit statement will give details about your TDS, advance tax, self assessment tax that has been paid on your behalf. The amount mentioned in the statement should match the amount of tax deducted/deposited on the Form No 16.
If you have paid more tax than the amount mentioned in the statement, the remaining amount will get credited to you. But if you have paid less than the amount mentioned, then it will get deducted from your account.
3. Download e-File ITR
Click on "Quick e-File ITR" link displayed under the quick link menu on the left hand side of the page. The sight might ask you to log in again.
There are eight different types of ITR forms, so choose your form carefully. Download the ITR form that is applicable to you.
4. Fill in your personal details
Fill in your personal details including your name, PAN, address, date of birth, e-mail ID, mobile number, residential status, whether original or revised return and residential status, in the tax form. Also, fill in details of income earned as well as tax deducted or paid. From here, keep saving the form at regular intervals.
Click on the "validate" button provided on all the sheets to confirm your details.
5. Income Details
As the next step, fill in your income from salary. Remember, the income from salary does not include HRA + housing loan etc.
6. Calculate Tax
"Calculate Tax" tab will find out the tax liability, and if it is applicable than you have to deposit the amount. After that, fill in the challan details in the ITR form.
7. Generate XML file and upload return
The next step is to generate an XML file, by clicking on "Generate XML". After generating the XML file, which will be saved in your system, click on "Upload Return" under quick link menu on the left hand side of the page.
Choose the ITR form, name and assessment year "AY 2014-2015". Once you upload, the page will ask you to sign digitally. Go ahead with the step only if you have a digital signature, otherwise choose "no" option.
The website will then flash a message saying the return has been successfully uploaded and will provide your transaction id.
8. ITR-V
An mail confirming the submission of your return will be sent to your email ID, along with an acknowledgement number, an ITR-V and a verification form.
9. Send ITR-V to income tax department
Download the received ITR-V form, take a print out, sign it with blue ink and send it to income tax department office, via ordinary or speed post.
Address: CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100.
NOTE: The ITR-V form should be sent to the income tax department within 120 days of filing the form online.
10. Acknowledgment of receipt of ITR-V
Once the income tax department receives the ITR-V form, they will acknowledge it by sending a receipt of the ITR-V form. You will also get an SMS acknowledging the same.
Check the video below on how to file income tax return:
