If you have earned Rs. 5 lakh or more during the financial year 2014-15, i.e., the year starting from 1 April 2014 and ending on 31 March 2015, you will need to file your returns electronically. The income tax authority i.e. the Central Board of Direct Taxes is responsible for the diktat. Click to read more!

1. IMPORTANCE OF FILING
INCOME TAX RETURNS
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2. • If you have earned Rs. 5 lakh or more during the financial year 2014-
15, i.e., the year starting from 1 April 2014 and ending on 31 March
2015, you will need to file your returns electronically. The income tax
authority i.e. the Central Board of Direct Taxes is responsible for the
diktat.
• And as usual, you need to file your return before 31st of July, 2016.
Well, this task may seem a little daunting at first glance as we are all
so used to the paper mode of filing returns, but don’t worry since the
process is quite simple and easy. Read on to know more.
WHO NEEDS
TO FILE
INCOME TAX
RETURNS
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3. STEPS FOR
e-FILING
RETURNS
• The e-return can basically be filed in two ways as detailed below:
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4. DIRECTLY
ON THE
WEBSITE
• If you have only salary and interest income, you may simply visit
https://incometaxindiaefiling.gov.in/, register yourself if not
already done, and key in the details online in Form- ITR 1,
prepare the return and submit it.
• You would then have to print the acknowledgement, sign it
and send it to the central processing unit.
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5. DIRECTLY
ON THE
WEBSITE
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6. DOWNLOAD
THE EXCEL
UTILITY
• Here, you have to log on to the above site, select the applicable return form.
• You then need to download the excel utility, fill in all the details offline and then
upload this as an XML file.
• On successful submission, an acknowledgment in ITR V would be mailed to your
email address.
• If you have digitally signed your return, then the process is completed. If not, you
would have to sign and send the printed acknowledgement to the central
processing unit.
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7. DOWNLOAD
THE EXCEL
UTILITY
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8. WHICH
FORM IS
APPLICABLE
FOR YOU?
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9. THE PROS
AND CONS
OF E-FILING:
• Advantages:
• Tax calculation is accurate and simplified as it is done automatically by the
software based on your inputs.
• Possibility of quicker refunds since the e-return is processed centrally at the central
processing unit at Bangalore. You would be spared of the hassles of following up
on your refund with your income tax office as is the practice now.
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10. THE PROS
AND CONS
OF E-FILING:
• Disadvantages:
• You may need to seek professional help if you wish to do this process offline, and
this may be expensive.
• Given the rather poor internet connectivity in most parts of India, the process
could be quite time consuming.
• However, the online process if far more efficient than the offline one, and in the long
run, it will only help smoothen the filing and refund process.
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11. THANK YOU
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