E-Preparation of IT Return is the process of preparing your Income Tax Return using a software.
The E-Preparation software can be of 2 types:
Those that allow you to enter your Income Tax data but do not calculate the Income Tax & Refund etc. The individual user needs to calculate the above himself/herself
Those that take the Income Tax related data that you have entered to automatically calculate the Income Tax and Refund using their inbuilt tax calculation engine that is updated for current rules
Auto Calculation Software is more efficient and less prone to calculation errors.
E-Filing of IT Returns is the process of electronically submitting your Income Tax Return to the Income Tax Department.
This electronic submission can be done in one of the following ways:
Where you take the output of the software in XML or non-XML format , convert to XML in case of the latter and upload it to the Income Tax Website.
Providers that are Authorized E-Return Intermediaries of ITD, are integrated with the Income Tax Department and authorized to E-File your Income Tax Return. Such providers allow you to E-File your return with a click of a button.
XML upload is tedious and user may run into issues for incorrect format or validation error.
An ITR is an important document and the individual to whom it belongs needs to sign it – Manually or Digitally to affirm that (s)he has reviewed it and is the one who is officially submitting the ITR.
An IT Return can be signed in the following ways when it is being E-filed:
Use digital signature, in which case no further action is required. An acknowledgment of filing is provided instantly after submission.
You can E-File without digital signature, in which case ITR-V form is to be physically signed & filed with the department’s Bengaluru office .ITR-V is a single page receipt cum verification form that is sent to the assessee via an e-mail from ITD.
| Attribute | Low End | High End |
| Tax Calculation | You calculate yourself | Automatically Calculated |
| ITR generation | PDF file for manual submission in local ITD Office Only or XML | Direct transmission* to ITD |
| Data Transmission to ITD | You upload XML | Automatically transmitted* |
| Support to end users | No Support provided or minimal support provided | Support Staff can be accessed via email, chat or phone 24*7 |
| Security | Limited | Over 128 Bit SSL to protect your confidential Information |
| Storage of past ITR | Not Provided | Provided so that you may import your previous ITRs data |
* Provided by ITD Authorized E-Return Intermediary Only
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I have received interest statement from bank but it doesn't have any TAN number of Bank. How do I specify the interest earned details for ITR1 online form.
@AnilK
If bank have deducted any TDS, then they will issue Form-16A, which will have TAN number.
But if your interest was less than 10000 in year, bank may not have deducted tax. In this case, you will have to add interest income to your taxable salary, compute tax and pay this extra tax yourself in form of self assessment tax.
In ITR1, interest can be shown in 'income from other sources' section.
Hi Pankaj,
Thanks for your advice on how to specify the interest earned on ITR1.
Anil
Hi Pankaj ,
I have made some investments on march 25 which is not considered for tax exemption.Also I have some medical claims.Now while filing this ITR where and how do I mention that investment/claims? If I able to do that in the excel then do I need to send the proof and docs to the banglore center along the form ?
I have filled in the relevant details in the excel but all the buttons like validate,generate are still disabled.I have enabled the macros and activx controls as per the help given in the download zip.Any idea ?
Thanks,
Amol
@Amol
Investments under 80-C, 80-D etc can be claimed while filing income tax return too, But medical reimbursements is a employer provided benefit and cannot be claimed in ITR.
No proof/document needs to be sent to IT department.
Buttons gets enabled only when macro is enabled, please check it again at your end.
i have entered wrong email id during regestrastion process. how i correct it.......
@Naresh
Call or email IT department call center, Aayakar Sampark Kendra (ASK) on 0124-2438000 or ask@incometaxindia.gov.in
Pl.advise me end use of Form15G and 15H at Income tax department. Is there any check and balance or verification/cross check through on line in Income tax office.
@KK Sharma
For 15G and 15H has to be deposited to bank for avoiding TDS deduction by bank.
If you want to know whether bank has still deducted tax or not, you can check same in Form26AS on https://incometaxindiaefiling.gov.in/portal/form26ASInfo.do
Today is 2nd August,2011. Can we still send e-return as 3 of us were on tour and could no able to file e-return by 31st July,2011.
@Anita
Yes, you can file return now as well. It can be filed before 31st March, without any penalty.
If any tax is pending, interest may be applicable under 234A, B and C.
Can you tell us the procedure of efiling step-by-step and the cost of digital signature per individual. If there are 600 employees in the Office, then it will be very risky for any office to take digial signature for every individuals or the cost to be beared by individual only.
@Anita
You can read detailed procedure about step-by-step efiling on this page: http://www.pankajbatra.com/india/file-income-tax-return-online-yourself/
There is no need to file with digital signature for individuals. It can be done w/o that too, only ITR-V needs to be sent to IT department after filing.
Hi Pankaj,
For the AY09-10, I had two form16. I submitted the first compan's form16 to the second company, hence their form16 had the income I got from first company. But while filing the return, I added income from both form16, and due to that first company's income was shown twice. I noticed the mistake only last week when I filed the return online for AY11-12. Income Tax site shows a Tax demand of 50K for AY09-10 (Actually I had a refund of 5K as per form16, if I had filed correctly).
I searched my mailbox and I could see a mail from IT dept sent on 02/09/10 asking to pay tax ["INCOME TAX INTIMATION U/S. 143(1)"]. I browsed couple of sites which says that the revised return file if any should have been done on or before 31/Mar/2011.
Please help me on this. Can I file a revised return now. If yes which option to choose in the excel for "return filed under section". Any other way like sending a mail to IT dept will help on this.
Thanks,
Amith
@Amith
You should try filing a revised return under section 139(5). I am not sure whether it will be considered or not as one year from assessment year have ended too. And also its been 11 months since intimation has been received.
There are different sections. Please read below for explanation of each:
u/s 139(1) : Voluntarily/original return. Most of the time it will be used as it caters to original return. Return filed within due date (31st July of Assessment year)
u/s 139(4) : Belated return filing. Original return filed after due date (After 31st July of Assessment year) Or return filed after notice from income tax department within time provided in notice under section 142(1).
u/s 139(5) : Revised return. In case some correction needs to be done in original return filed u/s 139(1) or after notice issued by IT department for correction. Time frame is within one year from end of assessment year or before the assessment is completed, whichever is earlier.
u/s 142(1), u/s 148 and u/s 153A/153C : Notice is issued by IT department under this section.
Other solution may be to go and meed your assessing officer and explain your case.
Hi Pankaj,
Which ITR form I should fill to avail the benefit of Home Loan interest exemption?
Regards,
Ravindra
@Ravindra
For home loan interest exemption, You can even file ITR1 if you only have income from salary/bank interest/rental income.
You may also file ITR2.
Hello Pankaj,
Your posts are very informative and help a lot to people.
I have a query. I have e-filled my return for AY 2011-12 on 25th of July and sent ITR V to Bangalore through ordinary post. I waited till 13th Aug and still the status of ITR V is showing as not received. So I sent it again on 16th Aug with speed post but when I checked status again on the same day..it's showing received ITR V now, I want to know, if it would create problem for further processing or not. I got to know status from website but did not receive any mail regarding the same from them yet.
Thanks
Krishna
@Krishna
Duplicate receiving of ITR-V should not create any issue. And sometime emails are not sent due to server issues. If its showing received in IT website login, its should be fine enough.