According to Section 139 (1) of the Income Tax Act, 1961 of India, individuals whose total income during the previous year is more than the maximum amount not chargeable to tax, should file their ITR or income tax returns. When such individuals file their income tax returns online, the process is known as e-filing. As a taxpayer, you can seek professional help from AKB & Associates or file your returns yourself by simply registering on the income tax department website or other relevant websites. While every year the due date for filing tax returns is normally July 31st, the government may offer a grace period of such time to file the returns online or physically.

Types of TAN Applications Types of e-filing

Here are the different ways in which you can e-file your income tax returns:

  • • You can use a Digital Signature Certificate or DSC to e-file your tax returns. It has been made mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
  • • In case you want to e-file your tax returns without DSC, an ITR V form is generated which should then be printed, duly signed and submitted to CPC, Bangalore. This document must be sent by ordinary post or speed post within 120 days from the date of e-filing.
  • • As a taxpayer, you can also e-file IT returns through an E-return Intermediary (ERI), with or without DSC.
Persons who file income tax

Filing tax returns online is a simple and process and can be done by most assessees.

  • • Assessee with a cumulative income of Rs. 5 Lakhs and above.
  • • Individual/HUF resident with assets located outside India.
  • • An assessee as to provide returns under section 139 (4B) (ITR 7).
  • • Assessees who has been asked to file I.T. return as per Section 11(2) (a)
  • • An assessee required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.
  • • The persons who fall under the provisions of section 44AB, AOP, BOI, Local Authority (ITR 5), Artificial Juridical Person or Co-operative Society.
  • • A person who claims relief under sections 90 or 90A or deductions under section 91.
  • • A person who is a resident and has the signing authority in any account, which is located outside India.
  • • All companies., Partnership firms etc.
Checklist for e-filing income tax returns
  • • When filing income tax returns online, you might get confused while deciding which form is to submit. Hence, the various categories of Income Tax Return forms and their relevance for parties have been tabulated below.
ITR Form Applicable to Salary House Property Business Income Capital Gains Other Sources Exempt Income Lottery Income Foreign Assets/ Foreign Income Carry Forward Loss
ITR 1 Individual, HUF (Residents) Yes Yes (One House Property No No Yes Yes (Agricultural Income less than Rs 5,000) No No No
ITR 2 Individual, HUF Yes Yes No yes Yes Yes Yes Yes Yes
ITR 3 Individual or HUF, partner in a Firm Yes Yes Yes yes Yes Yes Yes Yes Yes
ITR 4 Individual, HUF, Firm Yes Yes(One House Property Presumptive Business Income No Yes Yes (Agricultural Income less than Rs 5,000) No No No
ITR 5 Partnership Firm/ LLP No Yes Yes Yes Yes Yes Yes Yes Yes
ITR 6 Company No Yes Yes Yes Yes Yes Yes Yes Yes
ITR 6 Trust No Yes Yes Yes Yes Yes Yes Yes Yes
  • • Check your tax credit - Form 26AS vs. Form 16 : It is imperative that you check Form 26AS before you file your returns. This form provides an insight into the amount of tax deducted from your salary and deposited by your employer to the IT department. It is always wise to make sure that the tax deducted from your income as per your Form 16 matches with the amount mentioned in Form 26AS. If you file your returns without rectifying your errors, you are liable to get a notice from the IT department
  • • Claim 80G, savings certificates and other deductions : You can claim your deductions under section 80G on donations made to charitable institutions, relief funds. It is important to note that all donations are not eligible, donations into prescribed funds only become eligible. Another point to note is that contributions made upto Rs. 10,000 in cash are eligible for claiming deductions. If one wants to make a higher donation, it has to be made through cheque or demand draft.
  • • Interest statement - Interest on savings accounts and fixed deposits : On interest earned on savings accounts, a deduction for up to Rs. 10,000 is allowed. Nonetheless, the interest earned on bank deposits becomes a part of your taxable income and is taxable at applicable slab rates.
In addition to the aforementioned statement, you must have the following documents in hand:
  • • Last year's tax returns
  • • TDS (Tax Deducted at Source) certificates
  • • Bank statements
  • • Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
Documents required to file income tax

When filing your income tax online or physically, it is always a good idea to be prepared. The below mentioned details serve as a checklist to help you get started with the e-filing of tax returns.

General details that would be required
  • • Bank account details
  • • PAN Number
  • • Aadhaar Number
Reporting salary income required
  • • Rent receipts for claiming HRA
  • • Form 16
  • • Pay slips
Reporting House Property income required
  • • Address of the house property
  • • Details of the co-owners along with their share in the mentioned property and PAN details
  • • Certificate for home loan interest
  • • The date when construction was completed, in case an under-construction property was purchased
  • • Name and the rental income of the tenant, if the property is rented
Reporting capital gains required
  • • There is a requirement of a stock trading statement with purchase details, in case there are capital gains from selling the shares
  • • If a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details
  • • Mutual fund statement details, purchase and sale of equity funds, debt funds, SIPs and ELSS
Reporting other income required
  • • The income from interest is reported. In case of interest accumulated in savings account, bank account statements are required
  • • Interest income from tax saving bonds and corporate bonds must be reported
  • • The income details earned from post office deposit must be reported
How to file e-Returns

Filing income tax returns has never been easier. Simply follow the below mentioned steps and you can seamlessly conduct the process.

  • • Fill your income tax returns offline and upload XML on the official website which is “www.incometax.gov.in”
  • • Make necessary preparation and submit ITR 1 online.
Steps to follow to file IT returns online

Now, filing your income tax has become an extremely easy process. Simply follow the below steps:

  • • To begin with, log on to IncomeTaxIndiaeFiling.gov.in and register yourself on the website. Your Permanent Account Number (PAN) becomes your user ID.
  • • Now, you can view your tax credit statement or Form 26AS. The TDS in your Form 16 must tally with the figures in Form 26AS. If not, you must correct the discrepancy.
  • • Click on the income tax return forms and choose the financial year you want to file your returns for.
  • • Then, you need to download the ITR form which is applies to you. If your exempt income exceeds Rs. 5,000, then the appropriate form will be ITR-2. However, you can complete the process on the portal itself, by using the 'Quick e-file ITR' link, if the applicable form is ITR-1 or ITR 4S.
  • • Next step is to open excel utility, which is the downloaded return preparation software and enter all the details in the form using your Form 16.
  • • Calculate and get an estimate of the tax payable amount by clicking the 'calculate tax' tab.
  • • Now, if applicable, pay tax and fill in the challan details.
  • • Confirm all the information provided in the worksheet by clicking on the 'validate' tab.
  • • Download this in an XML file and save it on your desktop.
  • • Then, go to 'upload return' on the portal's panel and upload the saved XML file.
  • • A pop-up will be appear, requesting to digitally sign the file. In case you have your digital signature, then, select ‘Yes'. In case you have not got digital signature, select 'No'.
  • • ITR Verification (ITR-V), which is the acknowledgment form will be generated in a downloadable format.
  • • Generate a printout of the form ITR-V and sign it only in blue ink.
  • • Send this form to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post Office, Bangalore, 560 100, Karnataka, by ordinary or speed post, within 120 days of filing your returns online.
Steps to file ITR1 and ITR4S online

You can submit your ITR 1 or ITR 4S forms by uploading XML on the official website or by online submission. The below mentioned steps should be able to guide you:

  • • Login to e- Filing application
  • • Go to 'e-File' and click on 'Prepare and Submit ITR Online'
  • • Choose the Income Tax Return Form ITR 1 or ITR 4S and enter the assessment year.
  • • Complete the details and then click on ‘Submit’ and select DSC (Digital Signature Certificate)’, in case it’s available. Now, click on the ‘Submit’ button.
  • • Once the submission is done, your acknowledgement detail is displayed.
  • • Click on the link to view or take a printout of the acknowledgement or ITR V form.
  • • In case you wish to use DSC, you will have to register it in the e-filing application. Simply log into the e-filing website of the IT Department and update the ‘Profile Settings’ section. Under this section, you need to select ‘Register Digital Signature’ Certificate and download the ITD e-Filing DSC Management Utility.

Apart from this you can also contact us to file your income tax returns online with anominal fee.

You can also write to us at akbtax2005@gmail.com or speak to our team at +91 87 3886 3886 who will assist you.