7 Simple Steps for efiling income tax return (ITR) using the excel utility and FAQ’s
Financial year is complete. Now it’s the time to check our accounts and any balance income tax payable to Government and do efiling of income tax return. While the last date of efiling is 31st July, don’t wait for the last date to file the income tax return. Last minute servers may not work or may be very slow. There are very easy and simple steps for income tax returns efiling using excel utility or through online income tax return. In this article, I would help you to put in simple steps on how to file IT return using the excel utility.
5 simple steps for income tax return efiling using the excel utility
1) Logon to https://incometaxindiaefiling.gov.in and select the form that suits your type of income. Depending on various types of income you need to choose the right income tax return forms. (Path: Click Home –> Downloads –>ITRs AY 2014-15).
2) Update all relevant info in this Excel utility. Most of the details are available from your PAN, Form-16/Form 16A/Form 26AS
3) Click on Generate XML file. An XML file would be generated which you can save this on a desktop or laptop.
4) Login to income tax website using your login details. In case you are a new user, click on register option and follow the instructions and register.
5) Go to left hand panel and click on “Submit Return”. Click on browse button and select XML file at the path saved by you. Click on “Upload” option.
6) Once upload is completed and successful, acknowledgement details (ITR-V) are displayed and a copy of the same is sent to your registered email ID.
7) If you have used digital signature while doing efiling, the process is complete. If you have not used digital signature, you need to take a print of the ITR-V, sign and send it to income tax address indicated below. The signed copy should be sent within 120 days from the date of efiling on speed post or normal post only. With this, the process would be completed.
Address of the CPC, Bangalore: Income Tax Department – CPC, Post Bag no.1, Electronic City Post office, Bengaluru – 560 100, Karnataka
Some of the FAQ’s on e-filing
1) I have multiple sources of income, which form should I use?
Each and every ITR form is prescribed for specific assesses based on their income sources. You should check which form is applicable to you and file ITR. If you have any doubt, refer this article on which IT form to be used for filing incomet tax return.
2) My taxable income has not exceeded Rs 2 Lakhs, do I need to file an income tax return?
If you do not have any taxable income, you need not file an income tax return. However, such income tax return acknowledgement is used for several other purposes for applying loan, etc. In case you have any plan to apply for the same, you can file the ITR.
3) I am an NRI, should I file an income tax return?
It is immaterial whether you are resident Indian or NRI, if you have taxable income, you should file IT return. NRI’s can check when they should file an income tax return in India.
4) I have taxable income, hence I am doing bank FD in my wife's name whose income is not taxable. Do I need to do anything more?
As per income tax act, if your family member does not have any source of income and any such Bank FD interest would be clubbed under your income and necessary tax has to be paid.
5) Financial year is closed, but I need to still pay some tax, how can I do it now?
You can compute the XML file and arrive at balance tax payable and pay income tax on any of the major bank websites and get acknowledgement. Fill the same in XML excel file / online again and re-generate and submit the ITR.
6) I need to get a refund of income tax, how to specify the same in ITR?
Once you generate an XML file, the income tax refund amount is automatically generated. You need not do anything further on this.
7) I have to get income tax refund of previous years, how do I specify here?
You cannot specify any earlier year income or income tax refund of previous years in current year ITR. You would get a refund from income tax based on earlier ITR’s submitted by you. You can check income tax refund status online for previous years.
8) Interest from bank FD is exempted for Rs 10,000, how do I pay income tax on balance amount?
Interest from Savings bank account up to Rs 10,000 is exempted from income tax. Any additional interest on SB or interest from bank FD is fully taxable. You need to declare the same in ITR and pay necessary tax.
9) I missed to claim 80C deduction completely, however I invested before 31st March, how can I do it now?
You can update the 80C deduction in current ITR and claim the refund. However, you cannot send a proof to income tax department, but you need to preserve the same. The income tax department can ask you for such proof in the next 6 years any time.
10) I have invested in tax saving schemes, hence I need not pay income tax on the returns and indicate in efiling of ITR?
Tax saving schemes are those which provide you exemption u/s 80C. Means you can claim up to Rs 1 Lakh from such tax saving schemes. However the returns would depend on the option you have chosen. Except for PPF, all other tax saving scheme returns are taxable. You need to indicate the same and pay necessary income tax on it.
11) I have invested in tax free securities, but do I need to indicate the same while efiling?
Yes. There is a provision to indicate tax free income in the ITR. You need to indicate the same. It means you are legally declaring that you are getting such tax free income to Govt. of India.
12) I am a senior citizen and receive income from bank fixed deposits and pension amount, do I need to file income tax returns?
If you have taxable income, you need to file an income tax return and pay necessary income tax.
13) I have invested in fixed income securities which would mature after 1 year, how do I indicate here?
Interest received from fixed income securities has to be indicated every year in ITR and pay necessary income tax. It is immaterial when you have received such amount in that year or not. E.g. Bank Fixed deposits, Interest from NCD, Interest from company fixed deposits, Interest from NSC, Interest from Post office saving schemes etc.
14) I want to directly do it online instead of excel utility, is the process different?
The process is slightly different, however if you can understand this article, you can file ITR online too.
15) I have query on Income tax return e-filing, to whom I need to contact?
You can contact Income tax department CPC, Bangalore at below contact nos.
- Income tax related queries – 1800 180 1961
- Income tax rectification and refund – 1800 425 2229
- Income tax efiling queries – 1800 4250 0025
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Simple Steps for Income Tax Return (ITR) efiling using the excel utility