From assessment year 2013-14, E-filing has been made compulsory for the person who is an individual or a Hindu undivided family (HUF), if his or its total income, or the total income in respect of which he is or it is assessable under the act during the previous year, exceeds Rs. 5 lakh rupees for the assessment year 2013-14 onwards. It clearly states total income and not taxable income.
Please read below to know how you can file income tax return online yourself.
You can calculate your income tax payable using the income tax calculator provided at this page: Income tax calculator. Income tax return excel utility also computes income tax, but they only take taxable income as input.
Also make sure that you also see whether the advance tax has been paid on time (See row 101-104 in tax calculator). In case you have paid the full tax but not paid on time as per the advance tax schedule, you are liable to pay interest under section 234 C. Income tax return excel utility also computes interest penalty u/s 234C.
Whatever pending amount you need to pay can be paid online on this link: Pay Taxes Online (Use only Internet explorer for this).
Select challan type as CHALLAN NO. /ITNS 280 and continue.
Select (0021) INCOME-TAX (OTHER THAN COMPANIES) in tax applicable field and
Select (300) SELF ASSESSMENT TAX in type of payment.
Select bank through which you want to pay.
Make sure to add interest penalty as computed by income tax return excel form u/s 234A, 234B and 234C in case of tax payments after due date.
You also pay through your net banking login on Axis Bank, Oriental Bank of Commerce, State Bank of Patiala, Bank of Baroda, IDBI Bank, State Bank of Mysore, Bank of Maharashtra, State Bank of Hyderabad, State Bank of Saurashtra, Union Bank of India, Allahabad Bank, Dena Bank, Syndicate Bank, ICICI Bank, State Bank of India, Punjab National Bank, Indian Overseas Bank, Canara Bank, Indian Bank, Bank of India, Corporation Bank, State Bank of Bikaner & Jaipur, State Bank of Travancore, State Bank of Indore, Vijaya Bank and HDFC Bank.
You can check online if your money has actually reached the I-T Department. For this you have to go to Tax Information Network Website and click the box CIN Based View. Provide details as per the receipt generated while online tax payment.
Fill Income tax return form
Download respective income tax form from income tax website. Income tax department has modified the return preparation software to include automatic calculation of tax and interest.
Income from Salary/Pension, interest and single house property ( but with exempt income is less than Rs. 5,000) : ITR-1
Income from more than one house property, capital gains, salaries, pension, interest and exempt income more than Rs 5,000: ITR-2
Income from partnership in a firm: ITR-3
Income from business/profession: ITR-4
Income from Presumptive Business: ITR-4S
Exempt income here includes transport/conveyance allowance, HRA exemption, agricultural income, insurance maturity amount, LTA, Gratuity, Interest on PPF balance, Leave Encashment, Income from Mutual Funds, Dividends and long term capital gains.
Fill up the form with information provided in Form-16 and the tax calculated in income tax calculator above in Step 1.
If you don’t know Assessing Officer (Ward / Circle), Find it here by submitting your PAN.
After filling up the form, Generate tax return XML from the income tax form by clicking Generate button on first sheet of excels form.
After you have created a XML file from income tax return excel form, Go to Income Tax e-Filing Website.
Create your login on this page on website. It’s not mandatory, to use a digital signature for electronically filing the return.
a) Filing return without digital signature:
Login to income tax site and click on assessment year under submit return menu on left side of page.
Upload the generated XML on this page for 2012-13 assessment year.
On successful upload acknowledgment details would be displayed.
Take printout of acknowledgment/ITR-V Form. You may also download it later. Login and go to link on top right My account > My Returns.
Form ITR-V has to be submitted with the Income tax Department as verification of the electronic filing of the return within 120 days after the date of e-Filing.
Form ITR-V is bar-coded, so it need not to be folded and to be mailed in a A4 size envelope BY ORDINARY or SPEED POST ONLY to “Income Tax Department – CPC, Post Box No – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka” within 120 days after the date of e-filing of return. ITR-V sent by Registered Post or Courier will not be accepted. No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. Please keep a copy of the same with you also. After some day of posting the ITR-V, you can check status of receipt by going into account ‘My Account’ -> ‘E-filing Process Status’.
From year 2012-13, even if a person does not have digital signature, he can file online and even does not need to send ITR-V copy to Bangalore CPC (Central processing centre) address.
An electronic signature would be generated online in income tax efiling website after providing certain information from previous year’s income tax return. On validation of such information, unique PIN would be provided to person on email/SMS. This PIN can be used to file income tax return online without needing digital signature. This will also make sure no further hard copy needs to be sent to department.
b) Filing return with digital signature:
In case you don’t have digital signature and you want to buy that, you can buy class 2 or class 3. You can buy digital signature on e-Mudhra website . Class 2 individual certificate is available for Rs. 285 for 1 year validity.
In case return is filed with digital signature, user may take a printout of the Acknowledgment for his record. The tax-payer is not required to submit the Form ITR-V with the Income-tax Department.
To assist taxpayers, a limited call center service has been established at ITD-CPC, Bangalore. Taxpayer queries on status of ITR-V receipt at CPC, Bangalore will be answered on 080-43456700 between 9:30 AM to 6 PM. The service will be available in English, Hindi and Kannada.
One may also call on 1800-425-2229 (Toll free) or 080-43456700 for status of receipt of ITR-V at CPC, Processing status of e-filed returns, Refund issues and any other information related to processing of returns at CPC. The working hours of CPC Call center have been extended to 9AM-8PM on all working days.
I hope this article will help many of us and make tax filing Simple & Easy. So please this year Do-It-Yourself.
Feel free to comment/suggest anything that I may have missed.
Note : No hard copy of any kind of proof needs to be submitted along with Income tax return.
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View Comments
Where do i need to fill 80G related information in ITR2?
is it section VI A? also where i need to put where i have made the donation and actual amout?? i have made donation of 2100 to to "Education and cultural socitey" in Delhi, which has provided me 80G tax exemption certificate. Now i don't know whether i can claim 50% or 100% rebate on it. Can you please help me out?
@Sheena
Please fill 80G related information in 49th Row of Sheet 'VIA' in Income tax return (ITR) form 2. You can claim 50% rebate on it.
But the amount donated, however, should not exceed 10% of the donor’s gross total income as reduced by the deductions (other than the deduction under section 80G) for the purpose of rebate.
Pankaj,
I am back with some specific questions.
Income: Salary + Day Trading ( entirely Day trading so all profit/loss would be under the head Business Income and not Capital gains and would be in the normal tax slabs )
Income Tax on Day Trading : Cumulative loss of 8 lacs which i want to carry forward for the next four years. I have made like 230 share transactions. There are few profits but overall it was a loss of - 8 lacs. How would I calculate the loss to be carried forward? Do I have calculate the profit/loss for each share transactions and then deduct the STT and Brokerage from it ? It would be great if someone throws some light into this. I have the detailed report from Sharkhan which they call it the Ledger Balance.
In ITR - 4, there are couple of queries which are doubtful for me.
Schedule S: Second Employer " Doosan " havent deducted the HRA from my salary and added it in my "Income Chargeable under Salaries"becuase I havent furnished my house rent document to my previous company at the EOY. So I have manually added it to the deductibles and shown my income chargable under salaries without the HRA. Is it okay to do so?
Nature of Business: 0808 - Share Brokers, Sub Brokers and others
Part A - BS: Do I have to fill up this Balance Sheet Data?
I have no accounts maintained as i have only done day trading. In that case I would have to fill up ITEM number 6. Which item in 6 (Amount of total sundry debtors/ amount of total sundry creditors ...? ) do i have to fill up here as my Business Income is a loss of -8 lacs.
Part A - P&L: I have no Profit and Loss statements so i would fill up ITEM number 51. which rows i have to fill up in ITEM 51 to show a loss of business income which is through share trading. Am I correct in understanding this?
Schedule BP: The only item I should fill up B ( Computation of income from speculative business) row number 38?
Schedule CG: Capital Gains schedule need not be filled up as all losses have been accounted for in Schedule BP
Schedule CYLA: But there are profit from10% share transcations and loss from 90 % of the amount. Do I have to show them separately under Business profits and Losses in this schedule?
Any help regarding the above would be deeply appreciated.
@Rajdwip,
As your calculation are complex and I don't have expertise to answer these, I would request you to take professional services.
I am not a Finance/Income tax professional and maintain my website, writes articles and reply comments because of my interest/hobby to share information and knowledge to help Common Man.
Hy Pankaj,
That's fine. You have already helped a lot. I know the amount of information i need is little complex bt i still gave it a shot over at your forum.
Thanks a lot for your help
Rajdwip
Hi,
Thanks for the guide. It will be will of much help to me if u can clarify on the following.
I have been filing TAX returns since five years now. Last year, i resigned & joined another company in another place. Now am confused as to what is to be written in the Assessing Officer (Ward/Circle) field in IT form. Should it be to the ITO ward of my current place of posting or should i continue with previous ITO ward.
@Kalyan,
Please see your Assessing Officer here from this link https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction
You should continue using previous ITO ward.
Hello, When I try to upload the XML I generated using the excel utility, i get a weird error stating "Please select a proper XML file for processing". However, I find everything fine with the XML and it opens fine in Internet Explorer. Any idea what the problem could be?
Your help is much appreciated.
@Magesh,
Make sure the XML is correct. Try to open in notepad or any text editor and see if everything provided is there.
I have prepared my AY-2009-2010 return (ITR-2) using excel utility downloaded from Income tax website (ITR2_2009_10_R1h.xls). I have verified the return (all sheets “ok”) and then created XML file for upload. However when I am trying to upload the file after logging in, there is no response from the site and I have to keep on waiting with nothing happening.
If you wish I can send the screenshot as well.
@Rajendra,
Did you try it again? May be there could have been a network issue.
You can also try using different browser, Internet Explorer, FireFox or Chrome.
Thanks Pankaj for the reply. I did check the xml by opening in TextPad and Internet Explorer. File opens properly and all xml tags and info are proper. I am not sure where I am going wrong. I also validated all sheets in the Excel Utility and no error appeared.
During the preXML check I note that some of the schedules are shown as "empty" for me. I guess thats accepted. Please let me know if any have faced similar issue or if you have any suggestions to get around this. Many thanks.
- Magesh
@Magesh,
I have not faced such issue before and so will not be able to suggest any work around.
Because of confidentiality reasons, I also don't want you to share XML with me.
However, If you are a Techie, download the xsd (xml schema) from following link: https://incometaxindiaefiling.gov.in/portal/downloads09-10/ProdRelease1.0.zip
and validate your generated XML with XSD using any xml tool like Stylus Studio.
hi pankaj
what is the new income tax schudule for the indiduals and the company, is that any change in the new budget, if the changed was announced for this year then please tell me what is the change, i am waiting of your responce
thanks & regards
op
@Om Prakash,
Please see this post for changes in this budget: http://www.pankajbatra.com/2009/04/06/income-tax-calculator-india-2008-2009-2010/
Thanks a lot pankaj.....u are really doing a g8 work...thanks again
For filing incom tax return for 2009-2010, which tax slab we have to use? is it the new one which was realased by congress in this month??
@Sheena,
Currently you will be filing return for assessment year 2009-2010 (financial year is 2008-2009).
The tax slab released by congress this month will be applicable in financial year 2009-2010 (AY 2010-2011)