The due date for filing your ITR is 31st July, 2016. It is now time, to work on your income tax returns. It always helps to start it at an early stage so to avoid any rush at the last moment. But before we proceed we have to resolve the major ambiguity regarding the ITR Forms. Users often a face a lot of technical difficulties while filing their returns. More often than not, they also miss the due date when these happen at the last moment. In this article, we have provided you with a step by step guide to file your Income Tax Return.

Define E-filing

The procedure of electronically filing of Income Tax Returns through the internet, this process is known as E-filing.

Type of E-Filing

There are mainly three ways to file Income Tax return electronically:-

1. Option 1: The Income Tax return can be filed by using the Digital Signature Certificate (DSC) to file the return electronically. Further, an acknowledgment is generated. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
2. Option 2: The e-return which is filed without the Digital Signature Certificate (DSC), in such cases ITR V Form is generated. The Form ITR V should be printed, signed and submitted to Income Tax Department and the mode used is Ordinary Post or Speed Post only within 120 days from the date of e-filling.
3. Option 3: E-filing as per Income Tax Return through an E- Return Intermediary (ERI) with or without Digital Signature Certificate (DSC).

 Checklist for E-filing IT Returns

There are few prerequisites to filing your tax returns smoothly and effectively. Important points are enlisted here below-

• ITR 1(SAHAJ) – Individual with income from salary and interest.
• ITR 2 – Individuals and HUF (Hindu Undivided Family) and having income from business or profession.
• ITR 3– Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.
• ITR 4– Individuals and HUFs having income from a proprietary business or profession.
• ITR 5– Firms, AOPs,BOIs and LLP.
• ITR 6– Companies other than companies claiming exemption under section 11.
• ITR 7– Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

Steps to followed for filing Income Tax Return

The Income Tax Return filing is not a very complicated process as it seems. It is a rather easy process by following the steps which are enumerated here below for your reference:-

1. Log on to the website- http://incometaxindiaefiling.gov.in/.
2. Register on the portal. The UserId in the portal will be the PAN (Permanent Account Number) and Date of Birth of every individual.
3. Review the Tax Credit Statement or Form 26AS for the financial year 2015-16. This credit statement reflects the tax deducted by the employers and actually deposited with the IT Department. The TDS figure as per Form 26AS should tally with the figure of Form 16.
4. Click on theIncome Tax return form and also choose the assessment year 16-17 (for financial year 15-16)
5. Open the excel utility and fill up the form by entering all the details in respect to the Heads of Income.
6. Verify the tax payable amount by clicking the ‘calculate tax’ tab.
7. Pay the tax (if applicable) and fill in the challan details.
8. Confirm all the data or information provided in the worksheet by clicking the ‘validate’ tab.
9. Generate the XML file and save it in your computer as per your wish.
10. Go to ‘upload return’ of the portal and upload the saved XML file.
11. A pop-up will be displayed asking you to digitally sign the file. In case you have obtained a digital signature, select ‘Yes’ then do attach the DSC and if ‘No’, then proceed further.
12. The acknowledgment form, ITR verification (ITR V) will be generated which can be downloaded.
13. Sign the ITR V with a blue ink
14. Courier the form by ordinary or speed post to Income tax Department-CPC- Bangalore, within 120 days from the date of e-filing.

Things to remember while filing

There are few points that should be kept in mind while IT returns are filed.

1. If a non-resident Indian intends to file income tax returns, he/she will need both an Indian number and a foreign number.
2. It is a commonly noted, that the names of the individuals mentioned in the official documents is even slightly different from the one given in the PAN Card, then the portal will consider the individual as two different individual.
3. If the same mobile number or email address is used by the taxpayer for more than 4 returns, then the succeeding return cannot be filed on the website.

So, what are you waiting for? File your returns before due date and stay hassle free.

Visit us at Taxmantra.com – ITR filing for filing your returns or for any feedback.