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About efiling of Income Tax Returns in India.

About efiling of Income Tax Returns in India.

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  • 1. e-Filing of Returns An Overview of the Process of e-Filing of Returns
  • 2. What is e-Filing
    • The process of electronically filing Income tax returns through the internet is known as e-Filing.
    • It is mandatory for Companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically from AY 2007-08 onwards.
      • Any Company/ Firm requiring statutory audit u/s 44AB return submitted without a e-Filing receipt will not be accepted.
    • e-filing is possible with or without digital signature.
    • Digital signature is mandatory for Companies from AY2010-11 onwards.
  • 3. Relevant Notifications, Circulars & Instructions 2006-07 & 2007-08
    • New forms ITR1 to ITR 8 for AY 2007-2008 notified on 14th May’07.
    • Circular no. 3/2007 issued on 25th May’07 regarding acceptance of paper returns for companies and firms covered by 44AB under certain circumstances.
    • Circular no 9/2006 - Exhaustive explanation of the entire scheme of e-Filing for Public.
    • Circular No 12/ 2006 – E-filing not mandatory for Representative Assessee.
    • Instruction no. 7 dt 10/10/2006 - Exhaustive explanation & other guidelines for department of the entire scheme of e-Filing for Public.
    • Vide Notification No. 128/2006, dated 1-6-2006 S.O. 848 (E), Form 2F was notified &Vide NOTIFICATION NO. 189/2006, dated 24-7-2006 Forms 1, 2, 3, 3B were notified.
  • 4. Relevant Notifications, Circulars & Instructions Historical Perspective
    • Vide Notification No. 253 of 2004, dated 30th Sep., 2004 S.O.1073(E), Electronic Furnishing of Return of Income Scheme, 2004 was notified for e-Filing of returns:
    • An eligible person may, at his option, furnish his return of income which he is required to furnish under sub-section (1) of section 139 of the Act for the assessment year 2004-05 and any subsequent assessment year, to an e-Return intermediary.
    • Digital signature, e-return, e-return intermediary were defined in this scheme
  • 5. Types of e-Filing
    • There are three ways to file returns electronically
    • Option 1: Use digital signature in which case no paper return is required to be submitted
    • Option 2: File without digital signature in which case ITR-V form is to submitted to CPC Bengaluru within 120 days of efiling. This is a single page receipt cum verification form.
    • Option 3: File through an e-return intermediary who would do e-Filing and also assist the Assessee file the ITR V Form .
  • 6.  
  • 7.  
  • 8. New IT Returns – Annexure-less Forms For Individuals, HUF Select appropriate Income Tax Return (ITR) Preparation Software ITR-1 ITR-2 ITR-3 ITR-4 ITR-4S Individual Individual & HUF 1 Income from Salary/Pension ▪ ▪ ▪ ▪ ▪ 2 Income from Other Sources (only Interest income or Family Pension) ▪ ▪ ▪ ▪ ▪ 3 Income/Loss from Other Sources ▪ ▪ ▪ ▪ 4 Income/Loss from House Property ▪ ▪ ▪ ▪ 5 Capital Gains/Loss on sale of investments/property ▪ ▪ ▪ 6 Partner in a partnership Firm ▪ ▪ 7 Income from Proprietary Business/Profession ▪ ▪ 8 Income from presumptive Business ▪
  • 9. New IT Returns – Annexure-less Forms For Association of Persons (AoP), Body of Individuals (BoI), Local Authority, Companies, Trusts, Fringe Benefit Tax (FBT) Return Select appropriate Income Tax Return (ITR) Preparation Software ITR-5 ITR-6 ITR-7 ITR-8 Firms, AoP, BoI, LA,LLP Companies Trusts Only FBT 1 Income/Loss from Other Sources ▪ ▪ ▪ 2 Income/Loss from House Property ▪ ▪ ▪ 3 Capital Gains/Loss on sale of investments/property ▪ ▪ ▪ 4 Income/Loss from Business ▪ ▪ ▪ 5 Fringe Benefit Tax ▪ ▪ ▪ ▪ Please note ITR-7 will not be available for e-Filing. ITR-8 is discontinued for e-Filing from AY2010-11 onwards, still continued for AY2007-08,2008-09,2009-10.
  • 10. Change in Procedure of e-Filing Type Change For Digitally signed Returns No change Paper Returns – Two step Procedure After uploading data – Assessee need to submit verification Form Called ITR-V to CPC Bengaluru. Paper Returns – through e -intermediaries
  • 11. e-Filing Process – At a glance
    • Select appropriate type of Return Form
    • Download Return Preparation Software for selected Return Form.
    • Fill your return offline and generate a XML file.
    • Register and create a user id/password
    • Login and click on relevant form on left panel and select "Submit Return"
    • Browse to select XML file and click on "Upload" button
    • On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
  • 12. e-Filing Process – At a glance
    • Incase the return is digitally signed , on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.
    • Incase the return is not digitally signed , on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form (ITR-V). A duly signed ITR-V form should be submitted to CPC using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed Returns.
  • 13. Thank you