E filing of Income tax


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  • deatails are vividly described..really helpful in understanding the terms and filing e- income tax return..good work i must say..!!
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E filing of Income tax

  1. 1. By :- ROCKY KUMAR 1
  2. 2. Disclaimer  The speaker does not claim that he is an income tax practitioner and this talk is purely for educational purposes.  People are advised to study relevant laws or consult a tax practitioner in case of doubt. 2
  3. 3. Contents What is e-filing ? Benefits of e-filing. e-filing Limitation. Types of e-filing. New IT returns form. e-filing Process 3
  4. 4. What is E-Filing ? Filing of income tax returns is a legal obligation of every person whose total income for the previous year has exceeded the maximum amounts that is not chargeable for the income tax under the provisions of the Income Tax Act 1961. Income tax departments has introduced a convenient way to file these returns online using the internet.  The process of electronically filing income tax returns through the internet is known as e-filing.  It is mandatory for the companies and firms requiring statutory audit u/s 44AB to submit the income tax returns electronically.  E-Filing is Possible with or without digital signature. 4
  5. 5. Benefits of E-Filing. Electronically submitting tax returns to the IRS is faster, more convenient, & more secure than paper filing. One of the foremost benefits of electronic filing is the facility of anytime/anywhere filing. These are the benefits of e-filing:  Convenience. One can electronically file return 24 hours a day, 7 days a week.  Security. Tax return information is encrypted and transmitted over secure lines to ensure confidentiality.  Accuracy. Electronic filed returns have 13% fewer errors than paper returns.  Direct Deposit. One can have refund direct deposited into his/her bank account.  Proof of Filing. An acknowledgment is issued when returns is received and accepted. 5
  6. 6. E-Filing Limitations E-Filing is having many limitations and its not for everyone. The tax returns must be filed on paper is some one is Married, but filing a separate return, and live in a community property state,  Claiming a dependents who has already been claimed by someone else,  Submitting a tax form that cannot be electronically filed (such as multiple support agreement),  Filing before e-file begins (January 15) or after e-file ends (October 15). 6
  7. 7. Types of E-Filing  Type I: In case you are using digital signature, no further action is required.  Type II: In case you are filing the return without digital signature, ITR-V form is to be filed with the department. This is a single page receipt-cumverification form.  Type III: You can also file your return through an e-return intermediary who would do e-filing and also assist you file the ITR -V Form 7
  8. 8. IT Return forms S.NO For Source of Income Individual ITR-1 Individual, HUF ITR-2 ITR-3 ITR-4 ITR-4S 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   8
  9. 9. IT Return forms S.NO Firms, AOP, BOI, Local Authority Sources Of Income Companies Trusts Only FBT ITR-5 ITR-6 ITR-7 ITR-8 (SEE #NOTE) 1 Income/Loss From Other Sources    2 Income/Loss From House Property    3 Capital gain/loss on sale of investments/Property    4 Income/Loss From Business    5 Fringe Benefit Tax     #Note: - ITR-8 is discontinued for e-Filing from AY2010-11 onwards, still continued for AY2007-08,200809,2009-10. 9
  10. 10. IT Return Form 10
  11. 11. IT Return Form 11
  12. 12. IT Return Form 12
  13. 13. IT Return Form 13
  14. 14. IT Return Form 14
  15. 15. E-Filing Process 15
  16. 16. E-Filing Site Home Page Click here for Registration 16
  17. 17. Registration Form Select User Type & click Continue 17
  18. 18. Registration form - individual Fill Basic Details & click Continue 18
  19. 19. Login Enter Your PAN no. and Password & click LOGIN 19
  20. 20. To Download ITR Utility To Download The Income Tax Return Utility 20
  21. 21. Select and Download ITR Form Click Here To Download ITR-1 21
  22. 22. Generate XML File Fill the Details & Click here to Generate XML file 22
  23. 23. Upload Return. 23
  24. 24. Upload Return Click here to attach the XML file Fill other details & click Submit 24
  25. 25. After Return is Uploaded  In Case the return is digitally signed. On generation of “acknowledgment” the return filling process gets completed. Assessee may take a printout of the acknowledgment for his record.  In Case 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 acknowledgment-cum-verification form. The tax payer has to fill up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local income tax office within 15days of filling electronically. This completes the returns filling process for non-digitally signed returns. 25
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