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How To File Tax Returns Online

Filing tax returns online, or e-filing, has made the process much simpler. There are three ways to e-file taxes - using a digital signature, without a digital signature but filling out an ITR-V form, or getting help from an intermediary. To e-file, taxpayers need to register on the income tax website, provide details like PAN and address, and download the appropriate tax form. They then fill out the form online, make any required payments, generate an XML file, and submit the return electronically. If using a digital signature, the process ends there. Otherwise, the ITR-V form must be printed, filled out, and mailed to the tax department.

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267 views

How To File Tax Returns Online

Filing tax returns online, or e-filing, has made the process much simpler. There are three ways to e-file taxes - using a digital signature, without a digital signature but filling out an ITR-V form, or getting help from an intermediary. To e-file, taxpayers need to register on the income tax website, provide details like PAN and address, and download the appropriate tax form. They then fill out the form online, make any required payments, generate an XML file, and submit the return electronically. If using a digital signature, the process ends there. Otherwise, the ITR-V form must be printed, filled out, and mailed to the tax department.

Uploaded by

tahsin4perfect
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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How to file tax returns online!

by BankBazaar.com Desk on 19, April, 2011   0 Comments |

Filing incoming tax returns is not a laborious ordeal anymore. E-filing or filing tax returns online has made the process
a whole lot simpler. E-filing of tax returns acts as one of the options for the direct tax payers in India. There are three
different ways of filing returns online:

1.       File returns using a digital signature. By this option there is no need for a paper return to be submitted.

2.       File without using the digital signature. By this option the ITR-V form has to be filled. This form is a one-page
receipt but also serves as a verification form.

3.       Take help from an E-filing intermediary who makes the filing returns and filling the ITR-V form a whole lot
easier.

Details required before logging in to the site

You will need an account with a bank that has net-banking facility. The bank must be one that has e-payments.  If you
are a first time user, i.e if you have never e-filed your returns you will need to register with this website
www.incometaxindiaefiling.gov.in and create a user name and password.  You will need your PAN card number for
the same. Your address details are extracted from the PAN. You must enter other personal details carefully. The
email address is important as all communication regarding this will be through the email address you provide. Once
you have registered, an e-mail will be sent to you confirming registration after you activate your account. Once this is
done, you are ready to file your income returns online. You must now download the appropriate ITR form.

Steps to file Income Tax Return online


 Log into www.incometaxindiaefiling.gov.in and create a username and password.
 Go through all the heads of income under which you will be taxed and select the relevant Income Tax
Return.
 Download the Return Preparation software and fill in the details of your ITR. The Income Tax India website
also provides an instruction sheet on how to fill the ITR form.
 If there is any tax to be paid then make an online payment and generate the challan counterfoil along with
the CIN. Now complete the Income Tax Return form with the details from the challan and CIN along with the
payment details and the details of the bank through which the e-payment has been made.
 After this generate an XML file from the filled return using the software downloaded earlier. An XML is a
format that helps the IT Department enter the details into its database.
 Now select the appropriate form on the left side of the page and click ‘Submit return’. Select the XML file and
click ‘Upload’. Once the uploading is successful it will be acknowledged on the screen.
 Click on ‘Print ’ to get a copy of the ITR-V form.

If the return has a digital signature then the filing process is complete upon the acknowledgement notification and the
print out is required only to keep a personal copy. But if it does not have a digital signature then the ITR-V form needs
to be printed out by the tax payer. As mentioned earlier, this is an acknowledgment as well as a verification form and
all the details need to be filled in and verified. The tax payer has to fill-up the verification part and verify the same. A
duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No – 1, Electronic City Post
Office, Bangalore – 560100, Karnataka,”BY ORDINARY POST OR SPEEDPOST ONLYwithin 120 days after the
date of transmitting the data electronically.

Benefits of e-filing over paper filing

One of the foremost benefits of e-filing is the flexibility of filing your returns anywhere / anytime with access to the
internet.  Online tax returns are processed much faster than paper returns and the tax is worked out automatically as
the payee completes the form. With this the payee also gets the acknowledgment slip immediately. Also online filing
is a safe and secure mode.

Deadlines for filing returns

The last date to file your returns is July 1, 2011. For those who need to get their account books audited under the
Income Tax Act, the last day is October 1, 2011.

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