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How to File Income Tax Return?

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The due date for filing income tax return by an individual is July 31 of the assessment year. However, if your income is chargeable under the head-Income from business or profession, and your accounts are subject to audit, the due date to file return is September 30 of the assessment year.


Modes of filing the return of income
Income tax return can be filed with the Income-tax Department in any of the following ways:
1. by furnishing the return in a paper form;
2. by furnishing the return electronically under digital signature;
3. by transmitting the data in the return electronically under electronic verification code;
4. by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V


Mandatory e-filing of return
From the assessment year 2015-16 onwards any assessee, other than an individual of the age of 80 years or more at anytime during the previous year, having a refund claim in the return or having total income of more than Rs 5,00,000 is required to furnish the return of income electronically with or without digital signature or by using electronic verification code.


Documents required:
ITR return forms are attachment less forms and the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc. In case the taxpayer is required to furnish a report of audit, he is required to electronically submit the TDS certificates and some other documents on or before the date of filing the return of income.


There are three ways to file Income Tax Returns electronically:
 e-File without Digital Signature Certificate-In this case an ITR-V form is generated. The form should be printed, signed and submitted to CPC, Bengaluru using Ordinary Post or Speed Post ONLY, within 120 days from the date of e-Filing. There is no further action needed. Alternatively, you may also use Aadhar or internet banking to e-verify the return.
 e-File the Income Tax Return through an e-Return Intermediary (ERI) with or without Digital Signature Certificate (DSC).
 Use Digital Signature Certificate (DSC) / EVC to e-File-There is no further action needed, if filed with a DSC / EVC.
In case of a tax audit, it is mandatory to file Income Tax Forms using Digital Signature Certificate (DSC) by a Chartered Accountant. The Digital Signature Certificate (DSC) used in e-Filing the Income Tax Return/Forms should be registered on e-Filing application.


How to choose the right form to file your taxes electronically
The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below.









How to file the return of income electronically?
Income-tax Department has established an independent portal for e-filing of return of income. The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on to http://www.incometaxindiaefiling.gov.in for e-filing the return of income. The due date for filing tax returns (offline or online) is July 31st in case of an salaried individual.


Here is a step by step guide to prepare and submit ITR online.
Step 1 - Go To 'Downloads' section and select the applicable Income Tax Return Form of the relevant Assessment Year.
Step 2 - Download the utility of the Income Tax Return (ITR).
Step 3 - Fill the utility and Validate. View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.
Step 4 - Generate an XML file and save in desired path/destination on your desktop/system.
Step 5- Login to e-Filing application and Go To --> e-File --> Upload Return.
Step 6 - Select the Income Tax Return Form and the Assessment Year.
Step 7 - Browse and Select the XML file
Step 8 - Upload Digital Signature Certificate / EVC (if any).
Step 9 - Click 'SUBMIT'.
Step 10 - On successful upload, Acknowledgement details would be displayed. Click on the link to view or generate a printout of Acknowledgement / ITR-V Form.


Note:
To e-File using Digital Signature Certificate (DSC), the DSC should be registered in the application.
If the Income Tax Return is uploaded with DSC (digitally signed) or EVC, on generation of 'Acknowledgement', the Return Filing process is complete.


If the return is not uploaded with a DSC (digitally signed) / EVC , on successful upload of e-Return, an ITR-V Form will be generated. This is an Acknowledgement / Verification form. Take a printout of the form ITR-V and sign it in blue ink and submit to CPC. The Return filing process shall be complete only on receipt of the ITR-V at CPC, Bengaluru. Send the form by ordinary or speed post to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post Office, Bengaluru, 560 100, Karnataka within 120 days of filing your returns online.


Posting of ITR-V in case of an individual whose accounts are not required to be audited, can be completely avoided by simply e-verifying the return electronically using Electronic Verification Code (EVC). This can be done using internet banking or Aadhaar number.



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This post first appeared on Prajna Capital - An Investment Guide, please read the originial post: here

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