E-filing of Income Tax Return Online

E-Filing of Income Tax Return is the process of electronically filing IT returns through the internet. You no longer have to stand in long queues to file income tax returns!!!

We earlier covered details on who need to File an Income Tax Return in India and the Income Tax Forms in which such returns need to be furnished. The return form, along with copies of necessary supporting documents, has to be filed atthe appropriate income tax office or special counters set up for this purpose by Income Tax Department, India.

While eFiling of Income Tax Returns is mandatory for a company and a firm liable to audit under section 44AB of the IT Act, it is optional for other categories of Indian Direct tax payers.There are three options for furnishing Income Tax Returns electronically.

• Use digital signature in which case no paper return is required to be submitted
• File without digital signature in which case ITR-V form is to be filed with the department. This is a single page receipt cum verification form
• File through an e-return intermediary who would do e-filing and also assist the assessee file the ITR-V Form

How to File an Income Tax Return Online?

Register on incometaxindiaefiling.gov.in and create a user id/password. The following is a flowchart of steps to file an income tax return online.

Check the heads of income under which the tax payer would be assessed and determine the appropriate Income Tax Return.

• Select appropriate type of Return from the various Indian Income Tax Forms for different assessees
• Download Return Preparation Software for selected Return from incometaxindiaefiling.gov.in
• Fill your income tax return offline
• If there is any tax payable, make an Income Tax Payment Online and generate the challan counterfoil with CIN
• Complete the income tax return by filling the generated the challan counterfoil with CIN, payment details and bank name through which e-payment has been made.
• Next, generate a XML file from the filled return using the downloaded software (XML is a format in which the IT department captures the required information directly into its database)
• Login to incometaxindiaefiling.gov.in and click on relevant form on left panel and select “Submit Return”
• Browse to select XML file and click on “Upload” button
• On successful upload acknowledgement details would be displayed. Click on “Print” to generate printout of acknowledgement/ITR-V Form.

Incase the return is digitally signed, on generation of “Acknowledgement” the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.

Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.

It is important to fill up PAN number in the Income Tax return. To obtain a pan card,you can make a pan card application online or download and print a pan application form and submit it offline. You can also know pan card status (pan status) online!!!

Enjoy e-filing of income tax return and beat the rush!!!