Hi ,
I would like to describe e-filing IT-returns process step by step, which would helpful to file individually.
Below I described process and snap-shots for filing ITR-1 for Assessment year 10-11, probably check the current assessment year in your Form-16 and proceed further. Process slightly varies if we have more than one From-16 in a financial year.
case-1: Single Form-16
case-2: Multiple Form-16
case2.1 : current employer has taken note of your previous income which you have given at the time of
joining with your current employer
case2.2 : Current employer has no idea about your previous income.
Who are exempted from e-filing:
==========================
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Reference: http://www.incometaxindia.gov.in/home.asp
Doc: http://www.incometaxindia.gov.in/archive/PressRelease_ExemptEfilingSalaryPerson_06232011.pdf
For whom e-filing is mandatory:
=======================
Financial year 2011-2012 onwards e-filing is mandatory for income above Rs 10 Lakh
Notification Content – “an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause(ii) or clause(iii)”
Notification URL – http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay-2012-2013/NotificationENG_2012.pdf
CBDT Notification Summary:
Applicable for individual and HUF ( Hindu Undivided Family )
Applicable for financial year 2011-12 ( or assessment year 2012-13 ) and all subsequent financial years
Applicable for yearly assessable income more than Rs 10 lakh. Assessable income is the yearly gross income that is the total yearly income from all sources of income before deductions of “Chapter VI A”
For the entire above scenario e-filing of income tax return is mandatory. That is paper tax return will not be accepted for the above scenario.
E-filing of tax return for above scenario was optional till financial year 2010-11 ( assessment year 2011-12 )
Advantages of e-filing:
===============
1) efiling provides convenient time to file IT Returns unlike regular paper filing we
need to wait in queues for third party assistance / Acknowledgement.
2) efiling avoids interaction between assessee and third party. so that u can save
150 Rs per one Form-16 which usually charged by third party
3) efiling avoids lot of paper work(printing stuff) which u need to submit to third party
for providing your income details. it's benefit to employer less resources are
consumed in office :-)
4) we can have all IT Returns in IT portal or soft copy in mail,
unlike paper filing we need to keep safe all hard copies.
Disadvantages:
==========
Till now no disadv..let me know if you found any :-)
If you agree with above points go through below steps to e-file IT Returns.
different ways of e-filing:
===============
either PDF foramt or Excel format used to fill details.
below i used excel format, pdf also similar to excel.
case-1: Single Form-16
case-2: Multiple Form-16
case2.1 : current employer has taken note of your previous income which you have given at the time of
joining with your current employer
case2.2 : Current employer has no idea about your previous income.
Who are exempted from e-filing:
==========================
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Reference: http://www.incometaxindia.gov.in/home.asp
Doc: http://www.incometaxindia.gov.in/archive/PressRelease_ExemptEfilingSalaryPerson_06232011.pdf
For whom e-filing is mandatory:
=======================
Financial year 2011-2012 onwards e-filing is mandatory for income above Rs 10 Lakh
Notification Content – “an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause(ii) or clause(iii)”
Notification URL – http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay-2012-2013/NotificationENG_2012.pdf
CBDT Notification Summary:
Applicable for individual and HUF ( Hindu Undivided Family )
Applicable for financial year 2011-12 ( or assessment year 2012-13 ) and all subsequent financial years
Applicable for yearly assessable income more than Rs 10 lakh. Assessable income is the yearly gross income that is the total yearly income from all sources of income before deductions of “Chapter VI A”
For the entire above scenario e-filing of income tax return is mandatory. That is paper tax return will not be accepted for the above scenario.
E-filing of tax return for above scenario was optional till financial year 2010-11 ( assessment year 2011-12 )
Advantages of e-filing:
===============
1) efiling provides convenient time to file IT Returns unlike regular paper filing we
need to wait in queues for third party assistance / Acknowledgement.
2) efiling avoids interaction between assessee and third party. so that u can save
150 Rs per one Form-16 which usually charged by third party
3) efiling avoids lot of paper work(printing stuff) which u need to submit to third party
for providing your income details. it's benefit to employer less resources are
consumed in office :-)
4) we can have all IT Returns in IT portal or soft copy in mail,
unlike paper filing we need to keep safe all hard copies.
Disadvantages:
==========
Till now no disadv..let me know if you found any :-)
If you agree with above points go through below steps to e-file IT Returns.
different ways of e-filing:
===============
either PDF foramt or Excel format used to fill details.
below i used excel format, pdf also similar to excel.
Prereqisites:
=========
1)PAN card
1)PAN card
2)Form-16
3)Bank Account number, MICR code
We can get MICR code of particular bank,branch from www.banklocations.in or http://www.micrcode.net
4) we need to know which ITR1/ ITR2/ ITR3/ ITR4 we need to file.
In general if you are salaried employee, single house property, and Income from other sources(excluding winning from lottereis and horse races) it is ITR1.
If we are salaried and having multiple House properties, income from other sources/capital gains it will be ITR2.
please refer https://incometaxindiaefiling.gov.in/portal/selectforms.do for reference.
please refer https://incometaxindiaefiling.gov.in/portal/selectforms.do for reference.
Check once before start filing.
Flow chart:
=========
Procedure to File:
==============
Step-1: If you have login in https://incometaxindiaefiling.gov.in/portal/index.do proceed to step 3.
else Create it. Userid is PAN number.
Step-1: If you have login in https://incometaxindiaefiling.gov.in/portal/index.do proceed to step 3.
else Create it. Userid is PAN number.
Chrome browser gives you error while registering.
Try to register using IE(Internet Explorer) for first time instead of using Chrome.
Registration page shown as below. Here we need to take care of two things.
1) Fill correctly First name, Middle name, surname.
If your name consists of two parts then Middle name will be empty.
If your name consists of more than two parts just by trial and error method
Fill First name, Middle name, surname.
Ex: Beeram Suresh Kumar Reddy
In general I will fill any application
Surname: Beeram
FirstName: Suresh Kumar
Middlename: Reddy
But few years back when I applied for PAN card it went wrong I didn’t notice
By trial and error method I found details. J
Surname: Beeram
Firstname: Reddy
Middlename: Suresh kumar
OR
If you are lucky below link tells about your PAN details
2) Uncheck the Digital certification, bcoz in general individuals doesn’t have Digital certificate J
Step-2: Activation link will be sent to your given mail Id. Activate it and login.
Step-3: After successfully logged in download related ITR excel as shown below.
Download --> e-filing.A.Y. Individual…
If you have any doubt what is Assesment year check in your Form-16.
below snap-shot given for Assessment year 2010-2011
please check your Form-16 for current Assessment year.
below snap-shot given for Assessment year 2010-2011
please check your Form-16 for current Assessment year.
Step-4: Select ITR1/ ITR2… based on your requirement.
After downloading Excel sheet at first we should check whether macros enabled or not. Default macros
will be disabled in Excel for security reasons. if your excel has macros enabled and when you open ITR
excel it will prompt windows.
will be disabled in Excel for security reasons. if your excel has macros enabled and when you open ITR
excel it will prompt windows.
How to enable macros in Excel 2003:
Tools à Macros àSecurity select low/ Medium
How to enable macros in Excel 2007:
Office Buttonà ExcelOptions à Trust centre à Trust Centre Settings à macro settings to
Enable all macros
Office Buttonà ExcelOptions à Trust centre à Trust Centre Settings à ActiveX settings to
Enable all controls without restrictions.
Save the settings , close and re-open the excel sheet. If you have enable the seetings correctly now immediately after opening excel sheet It will prompt the assessment year window…
Now the “validate button” and all others below that will be enabled.
Step-5: Now fill excel sheet with necessary data.
When you open the ITR1 Excel sheet you will find four sheets ”Income Details”,”TDS”, “TaxPaid and Verification”,"80G".
“Income Details” sheet:
===================
Name, PAN, Address.
For individuals “returns filed under section” is 11-BeforeDueDt 139(1)
Designation of assessing officer is not mandatory to fill.
“Income from salary/pension” check in Form-16 and fill it accordingly.
[ Here if you have more than one Form-16 sum up all the
"Income chargable under Head salaries"
in all the Form-16's and fill the final amount.]
[ Here if you have more than one Form-16 sum up all the
"Income chargable under Head salaries"
in all the Form-16's and fill the final amount.]
“Deductions under chapter VI A” check in Form-16 and fill it accordingly.
Please fill 80G sheet if any, total amount under 80G will be added to Deductions.
Please fill 80G sheet if any, total amount under 80G will be added to Deductions.
[ Here if you have more than one Form-16 sum up all the
"Employee provident fund" contribution in all the
Form-16's and rest of the savings which ever is the higher.]
Press “Validate” button if you have filled correctly it will throw “sheet is Ok” window.
“TDS” sheet:
===========
Sec 23: Details of Tax Deducted at Source:
Fill employer, Income, Tax deducted details As per Form-16 given.
[ Here if you have more than one Form-16 corresponding number
of rows should be filled.
of rows should be filled.
Ex: if you have two form 16 then two rows with each row
corresponding the employer details given by employer in Form16]
corresponding the employer details given by employer in Form16]
Sec 24: check form 16 if they have deducted tax other than salary if not then no need to fill
Sec 25: Discussed below …
Press “validate” button if you have filled correctly it will throw “sheet is Ok” window.
Go to previous sheet “Income Details” sheet and press “calculate Tax” Button.
It will calculate and tell if there are any returns/excess tax needs to be paid in
“Taxes paid and verification sheet”.
Here there are three cases.
1) Extra Tax payable is “0” and Refund “0”
2) Extra Tax payable is “X” amount.
3) Refund “Y” amount.
As said above we need to take care of case-2) we need to pay “X” amount tax through
e-payment of tax online and submit details in “TDS” sheet sec 25 “Details of Advanced tax and self
Assesment tax”. As i said above in description of multiple Form-16 case2.2 we may encounter this
issue. apart from Amount "X" we need to pay interest on amount "X" as per section 238B, 238C income tax rules. In case of Multiple form16 case2.1 where the current employer has taken note of your previous
income should have deducted tax including the previous income. please cross check current employer
form16(section : summary of TDS) or IT computation statement which will reflect the calculations.
How to Cross check Tax payable amount is X?
=================================
Based on your inputs given in excel sheet in section "7" of "IncomeDetails" sheet calculate the tax from the link http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx . Assume that amount is "Y".
Assume section 17 of "Taxes Paid and verification sheet" is "Z"
Assume section 19 of "Taxes Paid and verification sheet" is "R"
Y == ( Z + X - R).
If LHS equals to RHS then the details provided is correct and Tax payable amount "X" is correct.
what will happen if i did'nt pay interest on amount?
===================================
you will be given demand notice and notice will be send to the address which you have given at the time of filing. please mention the permanent address so that atleast if some thing goes wrong you will be communicated
How to Pay TAX online:
=================
Procedure:
--------------
To pay taxes online the taxpayer will select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282 or ITNS 283, as applicable.
1)https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
click on relevant chalan for example :CHALLAN NO./ITNS 280
Enter its PAN / TAN as applicable. There will be an online check on the validity of the PAN / TAN entered.
If PAN/ TAN is valid the taxpayer will be allowed to fill up other challan details like accounting head under which payment is made, name and address of TAN and also select the bank through which payment is to be made, etc.
On submission of data entered a confirmation screen will be displayed. If the taxpayer confirms the data entered in the challan, it will be directed to the net-banking site of the bank.
The taxpayer will login to the net-banking site with the user id/ password provided by the bank for net-banking purpose and enter payment details at the bank site.
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
For Detailed FAQ go through the below link:
http://www.tin-nsdl.com/faqOLTASetax.asp
submit chalan details in “TDS” sheet sec 25 “Details of Advanced tax and self Assesment tax”.
issue. apart from Amount "X" we need to pay interest on amount "X" as per section 238B, 238C income tax rules. In case of Multiple form16 case2.1 where the current employer has taken note of your previous
income should have deducted tax including the previous income. please cross check current employer
form16(section : summary of TDS) or IT computation statement which will reflect the calculations.
How to Cross check Tax payable amount is X?
=================================
Based on your inputs given in excel sheet in section "7" of "IncomeDetails" sheet calculate the tax from the link http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx . Assume that amount is "Y".
Assume section 17 of "Taxes Paid and verification sheet" is "Z"
Assume section 19 of "Taxes Paid and verification sheet" is "R"
Y == ( Z + X - R).
If LHS equals to RHS then the details provided is correct and Tax payable amount "X" is correct.
what will happen if i did'nt pay interest on amount?
===================================
you will be given demand notice and notice will be send to the address which you have given at the time of filing. please mention the permanent address so that atleast if some thing goes wrong you will be communicated
How to Pay TAX online:
=================
Procedure:
--------------
To pay taxes online the taxpayer will select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282 or ITNS 283, as applicable.
1)https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp
click on relevant chalan for example :CHALLAN NO./ITNS 280
Enter its PAN / TAN as applicable. There will be an online check on the validity of the PAN / TAN entered.
If PAN/ TAN is valid the taxpayer will be allowed to fill up other challan details like accounting head under which payment is made, name and address of TAN and also select the bank through which payment is to be made, etc.
On submission of data entered a confirmation screen will be displayed. If the taxpayer confirms the data entered in the challan, it will be directed to the net-banking site of the bank.
The taxpayer will login to the net-banking site with the user id/ password provided by the bank for net-banking purpose and enter payment details at the bank site.
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
For Detailed FAQ go through the below link:
http://www.tin-nsdl.com/faqOLTASetax.asp
submit chalan details in “TDS” sheet sec 25 “Details of Advanced tax and self Assesment tax”.
Now again Go to previous sheet “Income Details” sheet and press “calculate Tax” Button. Now it
Will recalculate again and show “Extra tax to be paid” “0”.
“Tax paid and verification” sheet
=====================
if you have any returns fill bank account number, MICR, savings/Current details to get refund back
if you have any returns fill bank account number, MICR, savings/Current details to get refund back
If any. Fill sec 27 details Name, Fathers Name, place, Date and validate sheet.
Finally validate all the sheets once and press “Generate” XML button in “Tax paid and Verification”
Sheet.
Step-6: Upload Xml generated in your login in https://incometaxindiaefiling.gov.in/portal/index.do
Submit Returnà Select Assesment Year à select Form Name à Realted ITR which you have downloaded and filled (ITR1/ITR2…).
below snap-shot given for Assessment year 2010-2011
please check your Form-16 for current Assessment year.
Press “Next”
Now you have to upload the Xml file which you have generated.
Please cross check all the data which you have given before final kick J
Now you have e-filed successfully and ITR-V will be sent to your mail ID.
Step-7: Download ITR-V which you have received. Password to open the PDF is
Pan number in small letters + DOB ddmmyyyy. For example
PAN is AGVOD7345w DOB is 01011970 password will be agvod7345w01011970
Step-8: Please refer ITRV: Do's and Don'ts in HELP menu
Take print out of ITR-V and sign it and post it to
Take print out of ITR-V and sign it and post it to
“Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, ” BY ORDINARY POST
Step-9: check the status of efiling in your login.
Myaccount à MyReturns
Myaccount à E-filing Processing status
IT department will send confirmation mail that they recieved your ITR-V and update status as ITR V received.
Where to check Tax refund status?
After 6 months check the status of tax refund status in below link
References:
