E-filing of ‘Income Tax Return‘ is an emerging concept with a dynamic view to cut down the arduousness that is faced by the tax payers. Online filing of income tax returns refers to a procedure of filing income tax returns through the use of internet in an electronic form. Hence, derives its name as E-filing. E-filing is mandatory for a company and a firm is liable to get its accounts audited under the section 44AB of the IT Act, whereas, on the other hand, others are at discretion to file their return electronically. E-filing can be done in three ways:
i) Filing through an e-return intermediary who does e-filing along with assisting the assessee to file the ITR-V Form.
ii) Using Digital Signature in cases where no paper return is required to be submitted.
iii) Filing without digital signature in cases where ITR-V form is to be filed with the department (Updates: Send ITR-V to Banglore). This acts as a single page receipt cum verification form as it does the work of both at the same time by providing itself as a proof of receipt as well as a verification form.
How do I file an Income Tax Return Online?
Well, it is simple. A person who wishes to file his returns online, needs him to get registered on incometaxindiaefiling.gov.in and then creates a user i.d and password. Once he completes this, he is registered online to the income tax department. After he is finished with his registration, he needs to login using the same i. d and password. Once, the login is successful, the client needs to download Client-side utility, Instructions, which will provide the client with some useful guidelines. Use Income Tax Calculator to calculation of tax with in seconds. Next the client needs to complete the form using the software provided to him on the basis of selecting information which goes with him. If there is an error or difficulty then the client may opt for reviewing the instructions or may seek help from ITD call center.
If no problem persists or after the persisting problem is resolved then the client has to generate a XML file. Generating XML file will enable the client to submit the return to the income tax department in the prescribed form. Once the XML file is generated, the client needs to click on the “submit return” button and along with it needs to attach the necessary documents required and upload the aforesaid XML file. Submitting the return would result in a question of whether digital signature was used at the time of submission. Well this will have either of the two as it s answer:
See also: Some helpful tips to file income tax return.
I) YES: IF yes, then take a printout of acknowledgement indicating successful transmission.
II) NO: IF no, then take the printout of the ITR-V form, which will act as a provisional acknowledgement Receipt. This document then needs to be sending the following address: Electronic City Post Office, Bangalore – 560100, Karnataka BY ORDINARY POST ONLY within thirty days after the date of transmitting the data electronically.
Thus, we find e-filing is a simple procedure of online filing of returns and helps and a tax payer to escape the trouble of standing hours after hours in a long cue waiting for his turn to submit his return. E-filing is one of the easiest and quickest possible ways to file income tax return provided one has the right knowledge and information. There are so many benefits to file income tax return online.
Related posts:
- Benefit of Filing Income Tax Return Online
- How To file Income Tax Return Online ?
- Review of Online Filing of Income Tax Return Portals
- E-filing of Income Tax Return has Enabled for A.y. 2009-10
- 10 Thinks You Must Do Before Filing Your Income Tax Return
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