e-Filing of Income Tax Returns

e-Filing of IT return by H.S.S.Prasad

Common e-filing Process27/7/2012*Obtaining e-format fileFillingInformationIn e-format fileValidatinge-format fileUploading ofe-format file

27/7/2012*Click here

27/7/2012*Click here

27/7/2012*

27/7/2012*Definitions"assessment year" means the period of twelve months commencing on the 1st day of April every year [S.2(9)]Previous Year: "previous year" means the financial year immediately preceding the assessment year [S.3] Income: defined in section 2(24) of IT Act.PAN permanent account no. (S.139A)

27/7/2012*Computation of total incomeFor any Assessment Year the taxable income comprises the following types of incomeSalariesIncome from house propertyCapital gainsBusiness or ProfessionIncome from other sources

27/7/2012*Excluded income

27/7/2012*Excluded income examples (S.10)Agricultural incomeIncome of a partner in a partnership firm, separately assessed as suchLTC paid by employerany allowances or perquisites paid or allowed as such outside India by the Government to a citizen of India for rendering service outside India ;

27/7/2012*Excluded income examples (S.10)in the case of a consultant any remuneration or fee received by him or it, directly or indirectly, out of the funds made available to an international organisation ...any gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972), to the extent any payment in commutation of pension

27/7/2012*Who should file an IT returnS.139 - Filing of IT return is obligatory if income, before any deduction under section chapter VI exceedsFor men below 60 years of age Rs.250,000For women below 60 years of age Rs.250,000Age between 60 and 80 at any time during financial year 2014-15 Rs.250,000Age above 80 years at any time during financial year 2014-15 Rs.500,000

27/7/2012*IT Return forms

Form ITR-1234Salary & PensionXXXXOther Sources (only Interest Income or Family Pension) XXXXIncome/Loss from Other Sources XXXIncome/Loss from House Property XXXCapital Gains/Loss on sale of investments/ property XXXPartner in a Partnership Firm XXIncome from Proprietary Business/Profession X

27/7/2012*DOWNLOAD RETURN FORMCLICK HERE

27/7/2012*Income tax returnPart A: GeneralPart B: TIVerificationSchedulesSalariesHP, house propertyOS, other sources, etc.

27/7/2012*SalarySections of IT Act: S.15 to 17Schedule S of returnForm 16 issued by employer shows TDSHouse PropertySections of IT Act: S.22 to 27Schedule HP of ITR2

27/7/2012*Business or ProfessionSections of IT Act: S.28 to 44DSchedule BPCapital GainsShort term capital gainsLong term capital gainsSections of IT Act S 45 to 55 ASchedule CG

27/7/2012*Other SourcesSections of IT Act: S.56 to 59Schedule OS (includes interest on deposits)Aggregation of Income & LossesCurrent year losses may be set off or carried forward, S.66 to 80Schedules BFLA, CYLA, CFL

27/7/2012*Deductions from taxable incomeChapter VIA, section 80A to 80 VVS.80C: Insurance, provident fund

27/7/2012*Deductions from IT

27/7/2012e-Filing of IT return by H.S.S.Prasad*Deductions from IT

e-Filing of IT return by H.S.S.Prasad

27/7/2012*Advance TaxAs per S. 209 and S.211 b of the IT Act30% by 15th September60% by 15th December100% by 15th March

27/7/2012*Self Assessment TaxSection 140A: the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest.

27/7/2012*Interest payableFor delay in filing IT return: 1% per month (S.234A)Interest for delayed payment of advance tax: 1% per month. (S.234B, 234C)

27/7/2012*Challans for payment of taxesITNS 280 for payment of Income tax and Corporation tax;ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes.ITNS 283 for payment of Banking Cash Transaction Tax and Fringe Benefits Tax.

27/7/2012*Tax Deduction at Source (TDS)S.192 on salaries by employer form 16S.194 on dividendsS.194a interest other than interest on securitiesS.194i rentS.194j fees for professional or technical services

27/7/2012*I.T. Return FormsClick here

27/7/2012*Download form/instructions

27/7/2012*Procedure for e-filingOpen the web site http://incometaxindia.gov.inClick login and register as new userDownload return preparation software based on ExcelFill the formVerifyGenerate XML fileUpload XML fileReturn receipt received by email duly verified.

27/7/2012*Registration

27/7/2012*Registration - Enter PAN

27/7/2012*Registration - Fill in the form

27/7/2012*Login

27/7/2012*Login Enter PAN and password

27/7/2012*Return preparation software - 1

27/7/2012*Download software for return preparation-2

27/7/2012*Select form and download

27/7/2012*Viewing TDS-form 26 ASView Tax Credit Statement (Form 26AS) through e-filing web site After login go to menu option MyAccount->View Tax credit statement (Form 26AS) The new screen provides facility to enter A.Y., DOB and capcha code to view the statement.

27/7/2012*Viewing TDS-26AS -1

27/7/2012*Viewing TDS-26AS - 2Click here

27/7/2012*Viewing TDS 26AS - 3

27/7/2012*TDS-form 26AS-4

27/7/2012*e-Filing 2012-13Click here

27/7/2012*Submission select A.Y.Click here

27/7/2012*Select form to be uploaded

27/7/2012*Enter XML file to be uploaded & Upload

27/7/2012*After return is uploadedAcknowledgment will be generated by computer / and will arrive by email.Please sign and dispatch it within 120 days to the Central Processing Centre duly verified by post

27/7/2012*Benefits of e-filingDownloading form may be done from homeFiling Excel form is simpler than manual filing as computations are done by computer. Accuracy is ensured.Returns may be submitted 24/7 and queuing in IT office will be avoidedProcessing of return can be monitored

27/7/2012*Who may e-file a returnCompulsory for assessees with more than 10 lakhs income per annumOptional, for others.