10 Tips for Easy Filing of Online Tax Returns in India
By jayita, Gaea News NetworkMonday, April 5, 2010
Efiling is very easy and simple process that save your time. For online tax return, all you have to do is to fill up your tax return form online and provide some information such as your income, expenditure and savings. Besides that, you require
a software to generate the income tax form, which is available at Income Tax Department website.
Types of E-Filing
You can use one of the following E-Filing types for your Online Tax Returns.
1. Digital Signature
Use a digital signature to sign the e-form. No further action is required.
2. E-Filing Without Digital Signature
In case you don’t have digital signature, you have to print out the single page receipt cum verification form, after you have completed the e-filing process. Then you need to visit the nearest income tax office to physically sign and submit it.
3. E-Return Intermediary
An e-return intermediary is an agent, chartered accountant or firm that completes the e-filing process for you and submits the receipt cum verification form to the correct income tax counter.
10 Tips for Filling Tax Return
i) Select appropriate type of Return Form — There are two income tax forms for salaried individuals. ITR-1 is for those who derive their income from salary, pension or interest while ITR-2 is for income from capital gains, house property and other sources. You must choose the appropriate one.
ii) Download Return Preparation Software — To avail the e-filing system you need to download the Return Preparation Software - External website that opens in a new window for each ITR form. This software is an excel file that requires one to type in personal details as well as financial information from TDS certificates, bank statements, deductions made and interest statements.
iii) Generating an XML file — After keying in the details, check once for accuracy. After you are satisfied, click the ‘Generate’ button to create your tax return in XML format. This format helps in sharing of structured data across different information systems. Save this XML file on your computer.
iv) Register and Create a user id/password – The next step requires you to Register at the Income Tax website - External website that opens in a new window. Your registered Permanent Account Number (PAN card) has to be entered as your username.
v) Login – After registering, enter your user id and password to login. Click on the relevant form on the left panel and select ‘Submit Return’.
vi) Upload XML — Browse to select the XML file, which you had generated and saved in Step 3. Click on the ‘Upload’ button to upload the file.
vii) Acknowledgment — After the file is successfully uploaded, acknowledgment details or the ITR-V Form will be displayed. Take a printout of this acknowledgment for your records.
viii) Digital Signature — If your income tax return was digitally signed, then no further paperwork or visit to the income tax office is needed. Here is some information about how to get a digital signature - External website that opens in a new window.
ix) Verification — If your return is not digitally signed, then you need to print and fill up the verification part of the acknowledgment cum verification form (ITR-V). This has to be signed and submitted to the local Income Tax Office within 15 days to complete the e-filing process.
x) Additional Assistance — In case you require any more help in filing the paper copy of the return, please contact the Public Relations Officer at your local Income Tax Office. One may also phone the Aayakar Sampark Kendra (ASK) call centre at 124-2438000 or email at ask@incometaxindia.gov.in.
