Tuesday , 21 November 2017

www.incometaxindiaefiling.gov.in – efiling Income tax return Online [ITR Filing]

Best guide on efiling Income Tax Return Online for AY 2017-2018 or FY 2016-17 on the official website of Income Tax – www.incometaxefiling.gov.in, How to file income tax return online with and without tax audit, Due date of filing Income tax returns, Applicability of Tax Audit, ITR for Salaried individuals and Assesses other than Salaried people,income tax efiling india, income tax india efiling, income tax india efiling.gov.in, last date, demo, status, incometaxindiaefiling, income tax return E-filing, it return status online, income tax department, clear your tax, online payment…..

So friends, after looking at applicable Income tax slab rates for the financial year 2016-17 and assessment year 2017-18. Now let’s see how to file an income tax return or efiling Income Tax Return within due date in order to avoid any fine/penalty.

Due Date of efiling income tax return for the financial year 2015-16:

The due date for efiling of income tax return for individuals is 31st of July, 2017.

For business individuals to whom tax audit is applicable, the due date of filing return is 30th September 2017. 

 

Read – Updated Income Tax Filing Due Date

Applicability of Tax Audit:

1 of the most severe problem that most of you might be facing will be related to Applicability of Tax Audit. Here is the guide for you which will make your points clear that whether you are applicable for tax audit or Not….

Any business with a turnover of more than 1 crore, needs to get their books audited to tax purpose by qualified Chartered Accountant. This threshold limit is applicable for the financial year 2015-16. From next year, i.e; the financial year 2016-17, the threshold limit for applicability of tax audit has been revised to 2 crores in Finance Budget.

Any Professional with a revenue of more than 25 lakhs, needs to get their books audited to tax purpose by qualified Chartered Accountant. This threshold limit is applicable for the financial year 2016-17. From next year, i.e; the financial year 2017-18, the threshold limit for applicability of tax audit has been revised to 50 lakhs in Finance Budget.

efiling Income Tax Return Online for AY 2017-2018

There are two ways via which you can file your ITR, Which includes –

  • ITR filing with the help of Java Utility OR ITR Excel  Utility
  • Without downloading the Java Utility and Providing all the Information in Online Mode

In most of the Cases, ITR filing with the help of Java utility is done…The main advantage of using is that You can easily Rectify your Mistakes before the final submission of the Tax Returns…..

efiling Income Tax Return by using Java Utility

In case of Salaried Individuals

Efiling of Income Tax Return Online

Efiling of Income Tax Return Online

  1. 1st of all log on to the official website of income tax – which is incometaxefiling.gov.in
  2. Choose the applicable ITR from which you belong [Namely between ITR-1; 2 & 3].
  3. Download Java utility of the applicable form from E-filling site. Your PC/laptop needs to have JAVA application installed.
  4. The first page of ITR is basic information about Assesse (you), like name, address, and other basic details.
  5. Form 16, which is provided by the employer for the financial year is the most important document required for filling income tax return. All the details of the income earned during the financial year are mentioned in that form. Same needs to be filled in the return.
  6. After filling the income details, you need to fill house property income (if any) in the respective page of the utility. After house property, capital gains like the sale of any property or land, if any needs to be entered on the respective pages of the return.
  7. After that, it comes to the Income from Other sources, where you need to enter income by way of interest from fixed deposits or saving bank account, dividend income from any securities and any other income earned during the financial year not covered in any of the heads of income as per Income tax.
  8. One of the most important part of the return is claiming of deduction available from various sections of income tax act like section 80.
  9. After filling all the necessary details in the ITR, save that file and you can directly upload the return through JAVA utility by using your login of Income tax India.
  10. After successful uploading of return, acknowledgment details will be displayed. Also, a copy of ITR is sent to your registered email.
  11. If you have used Digital Signature while uploading the return, the process of filling completes when the acknowledgment is generated.
  12. In case Digital signature is not used while filing the return, then the copy of acknowledgment send to the registered mail id is to be signed by the taxpayer (Assesse)
  13. After signing, it is to be sent by registered post to following address: Income Tax Department- CPC, Post bag no- 1, Electronic city post office, Bengaluru – 560100, Karnataka. The document should be posted within 120 days of getting the ITR copy on mail.

In case of Assesses other than Salaried Individuals

  1. From the official website choose the applicable ITR form.
  1. Download Java utility of the applicable form from E-filling site. Your PC/laptop needs to have JAVA application installed.
  1. The first page of ITR is basic information about Assesse (you), like name, address, and other basic details. You also need to select the business or profession type as mentioned in the utility.
  1. After the initial part, you need to enter the details of Balance sheet and Profit and Loss account during the year.
  1. After Balance, sheet and Profit and Loss account, detail explanation and bifurcation of the same need to be entered in subsequent parts of the Income tax return.
  1. Calculation of depreciation forms of the most crucial part of the return. The rates of depreciation are mentioned in Section 32 of Income-tax Act, 1961.

If you want to avoid all these complications, an option of presumptive income is available. As per this concept, tax at a rate of 8% is to be paid on Gross Income. But assesses with gross turnover less than 1 crores. For transport business, different provisions are mentioned.

After that just follow the Point number 5 to 11 from the section –  ITR for salaried Assessee as mentioned above and save the ITR.

At the end go to the official website of the income tax and simply upload your ITR file by logging in with your username and Password.

efiling Income Tax Return without using Java Utility

For filing your Income tax without the help of any Software i.e. Java/Excel utility, All you will have to do is to log in to your Account on the ITR Website [ www.incometaxefiling.gov.in ]and then go to —    e-file → Income tax return ⇒ Prepare and submit Online……

This was all about efiling Income Tax Return for the financial year 2015-16.

If you still have any Question or suggestion related to Income Tax Return efiling, Feel free to ask your queries in the comment box provided below.

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2 comments

  1. Forgot my User ID and Password. I have to take copy of ITR V and have to sent singed copy of the same to CPC., Bangalore. What shold I do to recover the same,. Please help me.

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