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e-Filing Income Tax Returns Guide

e-Filing allows individuals to file income tax returns electronically through the internet or through an e-return intermediary. There are three options for e-filing: 1) using digital signature where no paper return is needed, 2) without digital signature requiring submission of an ITR-V form, or 3) through an e-return intermediary who assists with filing. New ITR forms 1 through 8 have been introduced for individual tax filers depending on the types of income reported. The e-filing process is complete once an acknowledgment is received for digitally signed returns, while non-digitally signed returns require submitting the verified ITR-V form to the local tax office within 15 days.

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Nitin Rangapur
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10 views9 pages

e-Filing Income Tax Returns Guide

e-Filing allows individuals to file income tax returns electronically through the internet or through an e-return intermediary. There are three options for e-filing: 1) using digital signature where no paper return is needed, 2) without digital signature requiring submission of an ITR-V form, or 3) through an e-return intermediary who assists with filing. New ITR forms 1 through 8 have been introduced for individual tax filers depending on the types of income reported. The e-filing process is complete once an acknowledgment is received for digitally signed returns, while non-digitally signed returns require submitting the verified ITR-V form to the local tax office within 15 days.

Uploaded by

Nitin Rangapur
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

e-Filing of Returns

An Overview of the Process


of e-Filing of Returns
What is e-Filing

• The process of electronically filing Income tax returns through the


internet is known as e-Filing.
• It is mandatory for those who is required to furnish return under
Section 44AB of the Act. Even others can also submit their return
through the process of e-filing
• e-filing is possible with or without digital signature.
Instructions:

• New forms ITR1 to ITR 8 for AY 2010-2011 have been notified.


• 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.
• 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 forms is to
be filed with the department. 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 to file the ITR Forms.
New IT Returns
For Individuals, HUF
Select appropriate Income Tax Return ITR-1 ITR-2 ITR-3 ITR-4
(ITR) Preparation Software
Individual Individual Individual Individual
& HUF & HUF & 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
Change in Procedure of e-Filing
Type Change
For Digitally signed No change
Returns
Paper Returns – Two After uploading data – Instead of filing paper
step Procedure return Assessee has to file
Paper Returns – through Acknowledgement of e-return copy.
e
-intermediaries
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. 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 15 days of filing electronically.
This completes the Return filing process for non-digitally signed
Returns.
Thank you

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