Last day of filing income tax return is not so far, so it’s better to file it now and avoid last minute mistakes.
CBDT has made mandatory for every individual having total taxable income i.e. after deductions, Rs.5 lakhs or more to e-file tax return. Generally people think that filing tax return is a complex job requiring in-depth knowledge of tax and thus can be performed only by CA or tax professionals. But in this article we will learn that unless you have income from various sources, e-filing tax return is very easy to accomplish.
Please keep all the necessary documents i.e. PAN card, Previous Tax Return, Form 26AS, Form 16 and Form 16A, if any, with you before sitting to e-file tax return.
Step 1: Open the website for online tax filing which is https://incometaxindiaefiling.gov.in/ in your browser to begin the e-filing process.
Step 2: There are various kinds of income tax forms located on the right side of the site for various types of returns. You are required to download the appropriate form which is in the zip file and unzip it to file the form.
Read: Which ITR to file?
The form is to be opened in MS-Excel only and you will also have to enable the macro X controls, if not already enabled.
Step 3: All the required details and particulars have to be correctly and attentively filed in the form and then validate it by clicking “validate” icon on the last page.
After validating you have to access the “Generate XML” link and then subsequently save the generated XML file.
Step 4: The saved XML file will now have to be uploaded on the income tax e-filing portal mentioned above. For this an existing user can log in by entering the PAN number as User ID and a secret password.
For new users an account has to be created by filing in the PAN, name, father’s name, date of birth, e-mail address and contact number. After this an automated activation link will be sent on the mail ID provided by you, which has to be clicked to activate the account.
The PAN number is the user ID in this link. Follow the steps to choose a secret password which has to meet the laid down specifications in the website. In case the secret password is lost or forgotten one can reset the same using the PAN number and the secret question that has been previously answered.
Step 5: Once you log in, jump onto the ‘submit return’ tab. Now, select the relevant year that is 2013-2014 in our case, choose whether you want to file return using digital signature or not and upload the XML file that was generated in Step III above.
Step 6: Acknowledgment form ITR-V of the return having filed will be generated now. The file can be opened with a password which your PAN followed by the date of birth in DDMMYYYY format.
Step 7: In case you have filed return by affixing digital signature on the tax return, the procedure is finished at this stage. Otherwise a printout of the ITR-V will have to be taken and physically signed before sending it to the CPC Bangalore within 120 days of filing return. One has to keep a copy of signed ITR-V with him for future reference.
Step 8: When the ITR-V acknowledgment is received you will have to log in to your account and acknowledge the completion of the process.
In case you have made some mistake apparent to record and would like to rectify it, read: How to File Rectification Online? or you have made some big mistakes then it would be good to go for Revised Return under section 139(5), read: How to File Revised Tax Return u/s 139(5)?