Filing of IT Returns Online

Online transactions are fast catching up in India with almost all transactions being permitted online. Now you can buy life insurance, health insurance, apply for a loan and pay most of your bills including EB bills online. Yes, India is fast catching up with the West, where online is the order of the day for many years.

What about filing of IT returns online?

Yes, filing of IT returns online is allowed for the past many years in India and is fast catching up now. From the Assessment Year 2012-13, filing of IT returns online was compulsory, if the income exceeded 10 Lakhs. About 1.6 crore tax payers filed the IT returns online last year.

The government is planning to make filing of IT returns online mandatory for taxpayers with a taxable income above Rs. 5 lakhs.

Is filing of IT returns online so complicated?

No. In fact, it is very user-friendly. Please go through the steps outlined below. You can complete the whole process in few simple steps:

1. Visit www.incometaxindiaefiling.gov.in and register yourself using your PAN number.
2. Download the relevant Excel spreadsheet from the download menu.
3. Fill the details using Form 16 issued by your employer and other details. Save the XML file generated by the software.
4. Using the `Calculate Tax’ tab, calculate the tax payable. If there is a tax liability, pay it and enter the challan details.
5. Confirm the details by clicking the `validate’ tab.
6. Generate the XML file.
7. Click on `Submit return’ and upload the XML file.
8. You will be asked whether you wish to sign digitally or not. Answer ‘yes’ or ‘no’.
9. You can see the message of successful filing of your IT returns on the screen and can download the acknowledgement.

10. You will get your acknowledgement by email also. Print the acknowledgement form ITR-V.

11. Sign the ITR-V in blue ink and send it to the ‘Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru – 560 100, Karnataka’ by ‘Speed Post’ or Ordinary Post within 120 days of uploading your Returns.

12. You will get a mail confirmation, once the IT department receives your ITR–V. If you are not getting the confirmation, send the ITR–V again.

Before proceeding for filing of IT returns online, keep the following items handy:

1. Form 16 issued by your employer
2. Details of Section 80 C tax benefits
3. Any other income like dividend, bank interest, etc.

It is not a complicated exercise, as you think. If you are net savvy, you can do all this by yourself. Otherwise, there are many portals which will help you in filing your IT returns online by charging a nominal fee.