How to file income tax returns (ITR) online in India
This year, Income tax department has indicated that any individual whose income exceeds Rs 5 lakhs and above has to do e-filing of their income tax returns. Though we would think that a professional CA or a Tax professional can do this, if you can understand the process, you can do this yourself. In this article, we would discuss about how a salary individual can file the income tax returns online.
Documents to be kept ready before you start the process?
Please keep the documents like PAN card, your previous IT return copy, Form-16 before you start filling the IT returns online.
Also read: How to check income tax refund online
Step-by-step-process on how to file income tax returns online
Step-1: Visit Income tax department site : https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html
Step-2: If you are already registered, you can proceed for logging into system. Else click on register option and proceed for registration. Once registration is complete, login to website with user ID(PAN number) and password.
Step-3: Check the taxed paid by you. Go to my account -à view tax credit statement (Form 26AS) and provide the assessment year2013-14, date of birth and security code to get these details.
Generally, tax indicated in form-16 and Form 26AS would be same. In such case there are no issues. However in case form-16 shows less tax than what is indicated in Form26AS, it means that you have paid excess tax and to get Income tax refund.
Step-4: Click on downloads option to download the IT return file
- Click on downloads option
- Efiling à Assessment year 2013-14 à Individual/HUF à ITR-1 (Sahaj). If you have more than one house property and want to update income from house property or update interest from house property, select ITR-2 as ITR-1 do not have this option.
Step-5: Extract the excel file from the downloaded zip file
- Click on enable macros active X controls in case they are not enabled in your system.
- The ITR file would work only on MS-Excel and not on any other applications
Step-6: Fill the excel file with relevant income details, tax paid details and bank details etc., Once you fill the info, click on “Generate” tab. A Pre-XML sheet gets created. Verify that all info is correct and click on “Save XML” option.
Also read: Best Tax Free investments in India
Step-7: Submit the IT returns: Ensure you are logged into the income tax department website. Select my account à Submit Return à assessment year 2013-14. Select whether you want to use digitally signed file in case you already have it, else, say No and proceed further. Click on upload button and you would see process completion message. If you have done through digital signature, the process is complete. You would get your ITR-V acknowledgement to your mail ID.
Step-8: If you have not submitted your digital signature, you need to download the ITR-V acknowledgement and sign the copy so that IT department knows that this is submitted by you and send a copy of the signed copy to “Income Tax Department-CPC, Post Bag no # 1, Electronics City Post Office, Bangalore – 560 100, Karnataka”. Send the signed document only through normal post of speed post. Do not send it through courier as they would reject it. The ITR-V acknowledgement signed copy should be sent within 120 days after submitting excel (XML) file. The acknowledgement would be received in two weeks time to your email ID from IT Department, Bangalore after this. Once this is done, the process is complete.
Also Read: Step-by-step process on rectifying income tax return online
Conclusion: Though the process of income tax returns filing online is cumbersome, if we know the step-by-step process, I feel it is easier to do it. In case you have various streams of income like salary, income from business or income from more than one house property, you need to file other ITR’s, hence taking professional help would be a good idea.
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Suresh
How to file income tax returns online in India
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1. Please i would like to know the Taxable limit for “Senior citizen”,
2. Returns Filing for the first time, and
3. Returns Filing for the “Divorced Women” working in a School
4. Also, Is it necessary to file returns for a “House wife” who is
receiving Interest for Fixed Deposit in Nationalized Bank (10 Lakhs)
living with her husband (Retired) who is working Part time in a school.
Hi suresh,
Income exceeds 5 lakhs means taxable income after deductions or total income.
please confirm i m confused.
chandrasekhar.
Dear Mr. Chandrashekar
Income exceeds 2.5 Lakhs 10% Tax should be pay + Educatinal Cess
Income excceds 5 Lakhs 20% Tax should be pay + Educational Cess
Above 10 Lakhs upto 1 Crore 30% + E.C.
BUT…..
Subject to Deduction for L.I.C., House Rent, R.D.. Children Education,
Post Office Savings, etc
further details you can contact Auditor, C.A.Tax Consultant
What about an NRI settled in india? Now the only income is capital gains n intrests…where from n how to file tax for the first time…pls give us ur valuable suggestions…should we meet an auditor or file online…thanks
Due to unavoidable circumstances IT return for AY 2010-11 could not be filed . Can I file ITR-1 online now ?
You can file it, however if there is any tax liability, you need to pay income tax along with interest
Hi Suresh,
Im un employed for the last 20 yrs and not filed tax returns .My wife is a tax payee and our resources are very limited, Is it necessary for me to file nil tax returns or anything like that? We have only 1 bk ac which is joint and declared. We are staying in my wife.s company flat. Pl advice me since we are planning to move to Australia on my wifes work permit. Do I need ant IT certificate?
Hello Suresh,
Currently I am not living in India. I was working in India till lasst year (oct 2013). And now I will not going to work in India as I setteled in U.S.
So do I need to file the Income tax returns for last year (i.e., from April to Oct 2013 for the finincial year 2012 – 2013)?
Thanks
if you have taxable income in india, you need to file income tax returns
I am a salaried person , can I file Online return by myself
Yes Akash, Pls follow this process and fill ITR1
Dear Suresh
I am Amit & a salaried person.For the year 2012-13 I have have paid all taxes but didnot file the ITR. Now I need ITR for 2012-2013 for VISA purpose.Pls guide on how to do get this.I have the form 16 with me.
Request your help.
Hi Amit, Please file the ITR now for previous year. You may need to pay penalty for late filing, which you would get intimated later on based on any tax liability
Hi,
I have earned short term gains from debt fund for the FY 2013-14. Which income tax form I need to submit? Kindly help.
Thanks,
John
Short term or long term capital gains, use ITR2
Also, i paid medical insurance premium of 10K for my family. Shall I include this under 80D for excemption and do I need to submit/send any proof for the same.
You need to submit any proof now, just file it. However IT can ask for a proof at later point of time
Thanks Sureshji. Need clarification on below points:
1. Information available in Form26As is after considering Investment under section 80C or its whole earning in that fianncial year. or example if I see 3.5 lacs in Form26AS so Is it after considering 1lac deduction or Is it a actual earning in thi sear?
2. Shall we consider Income under salary head from Form16 only. If Form26AS contains more income that Form 16 issued by employer so which one should we consider? Please suggest
3. Can we file ITR by reducing HRA for 6 months that Company has not considered while issuing Form 16?
Thanks.
Hi,
I have downloaded my form 26 AS and accordingly filled form ITR 1 assesment year 2014-15rom employer and TDS in TDS1 as per form 16 received from employer. When I add Interest earned on FD and TDS in TDS2 & calculate; the form shows tax to be payable as extra amount then what is already paid. My guess is after adding both the incomes of salary and Interest earned I am jumping a slab to Rs 5 Lac. Please confirm if I have to pay such tax or is it an error? How can I pay is there e-payment option?
I have a LIC policy which is not shown in Form 16 of company.Already in Form 16 under section 80 c 1 lakh has been deducted as contribution to EPF,CSF is above 1 lakh.Now where to show premium amout of LIC in ITR2.Can i show it in exempt income or it will be ok if not showing?
Vikas, If 80C is already exhausted, you cannot consider
Hope you are well now, god bless you and get well soon. Pls provide your suggestion.
Hi Suresh
I forgot to claim rebate for my LIC premium and I have already uploaded the ITR-1 form. Is there anyway for me to correct it.
Subhash, You can file rectification of ITR. Pls see this article. https://myinvestmentideas.com/2013/06/how-to-file-income-tax-rectification-online-for-any-errors-in-itr/
I switched jobs once in the last financial year. My second employer did not deduct any tax from salary. Now i need to pay apprx Rs. 65,000 as tax on income from second employer.
1. Do i need to pay tax before efiling ? where do i pay the tax ?
2. Do i have an option of paying tax while e-filing in the income tax website ? or do i need to pay tax well before i e-file the return.
John, once you compute your tax liability by considering incomes from both employers and tax already paid, you would get an amount of what you need to pay as tax. Pay this tax first and then file the ITR. No, you would not have any option to pay tax at website while filing.
Please find below site, it is very easy and fast:
cleartax.in
Hi Suresh,
Thanks for the nice post. I had a question regarding the bank interest. Two banks have deducted TDS and the amount is showing up on TRACES. I have received TDS certificate from one bank. Is it necessary to send Form 16A (TDS) along with signed return ? I have an FD with a third bank where the interest is less than 10000 (~9000). Should I include the income of 9000 to my total income ? If yes, should I attach any proof (such as statement) along with return ? Kindly comment.
Santy, It is immaterial whether your FD is in one bank or more than one. Savings interest is tax free upto Rs 10,000. Otherwise, entire FD interest is taxable if it is less than Rs 10,000. As per my knowledge if you fill online, there is no need to attach any document. I am not sure whether there are any upload facility when you file during online. If there is upload facility, you can scan and attach them.
Dear Sir,
when I paid my self assessment tax for AY 2012-13, there was an error in my PAN # on the challan form. This was corrected and after many months it got reflected in Part C of 26AS and that amount is still reflecting in 26AS. Now, I have received a demand note for this amount and when I called the CPC team, they informed me to submit a Rectification request. I have the CPC # and the order date but not sure which option should I select amoung the following three. Please advise.
1.Tax Payer is correcting data for tax credit mismatch only
a) TDS on Salary details
b) TDS on other than salary details
c) IT details
– options to provide details of advance tax and self assessment tax payments.
2.Tax Payer is correcting the data in rectification
– option to select a Recitifcation reason
3.No further data correction required. Reprocess the case.
a) Tax credit mismatch
b) Gender mismatch
c) Tax/Interest computation
Thanks.
Arnav, I do not want to give incorrect info. I do not have much info on how to rectify the issues highlighted by you. Please consult tax auditor who may be specialist in this area.
Dear sir, we are required to give certain options for perks at the start of FY. I had opted for LFA/holiday home instead of LFA advance for availment, which was another option available to me.
Can I still claim exemption u/s 10(5) for amount actually incurred on travel on leave. I notice that in ITR-1 there is no space to provide such detail and if i deduct the amount from my income from salary there is mismatch in income and TDS schedules. I have income from salary, let out house and interest on investments only. Kindly advise.
Sorry Vishal, I do not have info regd that.
Dear Sir,
I have received Rs. 1000000 this year as gift from my daughter who is working at US. How do I declare the same in the tax return form, ITR2. I believe gifts received from close relatives are exempt from tax. But still I would like to declare the same.
Regards
S.Vaidyanathan
Hi Vaidyanathan, It is in ITR-4. I re-confiring this after verifying with CA Club team. http://www.caclubindia.com/experts/gift-itr-4-741235.asp
Dear Sir,
I worked for Mar- aug,2012 in one firm & with another from Sept 2012 to Jan 2013.
Now I have received form 16 from both the companies.
However, Form 16 from second firm shows Gross Salary More than what I received from them. After enquiring, concerned person said, income from earlier firm also shown in the form 16. (they had collected details of salary recd from March to Aug-2012 from me already). Now if I add Gross salary of both form 16, it comes considerably more than what I actually received inthe year. How should i proceed while filing return? pl reply.
Sandeep. Your second Form-16 would contain the salary paid to you and necessary Tax. Your first company income would only be considered to club and see which tax bracket you would fall. Please check Form-16 propertly where this would get differentiated. You need to consider actual income from 2nd form-16 and actual income from first form-16 and incorporate the TDS deducted by both the companies and finalise.
Dear Suresh,
My form 26AS for AY 2013-14 shows an entry as "Details of Paid refund" for the AY 2010-11 paid to me in Oct'2012. This shows ECS as well as TDS entry. How do I account for it in my e-return for the AY 2013-14?
Subhash, If you got the refund of last year, you need not indicate this in current year IT Return. Have I understood your message correctly ?
Hi,
I had a doubt. If I have FD's, SB interest as well as short term gains. Which ITR should I fill? Since I understand that ITR 2 is used for capital gains and ITR 1 for FD interest and normal salary.
Ash, It is not that they are meanth for specific incomes. ITR-2 would allow you to include capital gains too. Hence you should fill ITR-2. Please let me know in case you are still facing any challenges, so that I can go thru the ITR-2 form.
Dear friends
I am unemployed and 56 years of age.
I have decided to surrender 5 of my 7 LIC policies and get the amount to supplement my meagre income.
These policies were in vogue for more than 9-12 years old.
Santhanam, Very sad to note about this. If you surrender LIC policies though you may get some returns, I feel it is not the end of the story. You can still earn money through various ways. Read some of my articles on how to make money when you are leisure. I am providing several articles on allbusinessideas.com where one can spend few hours and earn money to make their livelihood.
Is dividend income exempted from tax ? should I show the dividend income under "exempt Income" in ITR 2 ? May please advise.
Paul, Dividend received through investment in stocks/shares or dividend from mutual funds, both are exempted from tax. Yes you can indicate
Hey Suresh, thank you for this information. But, i have couple of questions on top of this.
I have both salaried and freelancing income coming through my acccounts. How do i assess it during my e-filing? I am also paying 50% of my freelacing income to my friend each month as we are working together, can i show this as expense?
Sandy, I think you need to use ITR-4. Any income coming through “profession” like the one which you are doing, you can show income and expenses and balance you can show as income from profession. I recently contacted CA as I differnet sources of income and he suggested this. If you want, you can have a quick chat with one of your known CA so that he can guide you about freelancing income
While filing returns for AY 2012-13 , i realised my co. had not deducted TDS on my salary for april 2012(month of joining the org). While preparing the returns, the tax payable showed amount of rs.3000/-. I uploaded the same file (showing tax payable of Rs.3000) and paid rs.3000 by net banking.Now am i supposed to file a revised return for AY 2012-13 showing tax payable as NIL. However, i had recd intimation saying assesement complete and no refund no demand.
Swati, Apr-2002 falls under financial year FY 2012-13 and assessment year A.Y.2013-14. The month which is in question is Apr-2002 and you are referring A.Y 2012-13 which shows NIL tax. You should refer A.Y 2013-14
Hi Suresh
If I have only one property but I am not staying there. Instead I am staying with my parents.
i have taken a home loan on this property. Will there be a deemed rent applicable in this case?
Sanjay, One property is tax free. Hence there is no deemed rent and tax on that. Your other comment is MF Dividends. They are tax free.
Dear Sures,
Let me know please, I have salary income as well as some professional consulting income (though for the same i already paid applicable TDS to the deductor). In my case which form i choose to submit IT return say ITR-I or ITR-II.
Regards,
Uday
Uday, Apart from salary income if you have income from profession, you should consider ITR-4
Hi,
I have salary income and also a ppf account in which i invested 20000 and got interest of Rs.308. Now when i filed my return from a paid site it auto generated my form as ITR-2. Is it ok, or i need to revise my return filing to ITR-1?
Paul, Don’t worry, if it is auto generated, you can go ahead and fill. However interest on PPT amount is tax free, i hope you are aware.
Hi,
My Form 16 and form26As shows same TDS deducted=33537 and total amount paid/credited=512800.
So shall I claim for 33537 as my refund amount, I dont have any other loans etc
Thanks
Shreyas, You are supposed to pay tax and it was deducted by your company and appearing in Form-16 and Form-26AS. Where is the question of refund. Am i missing something.
Hi Suresh,
I am filling ITR-1. I bought some NSC last year and interst earned from these comes under Other source in my Form 16. So I alos filled it in ITR form as other source. But I am confused for the TDS colmun where I have to fill the detail of other source. I am not sure how to fill that. Please help me in this
Ajay, I could not understand TDS on “Other source” income. Post office would not deduct TDS on NSC
Hi,
I have income from my salary and also a ppf account. The interest i got in ppf account is just Rs. 308. But when i uploaded my IT return from taxsmile, my ITR became ITR-2. Is it ok or should i revise my return to ITR-1?? Please help.
Paul, Interest from PPF is tax free. Don’t worry. If taxmile website has updated it in ITR-2 there would have been some basis for that.
While filing ITR 4S in quick e-file, observed that Tab TDS had no rows in any of the Tables on that page. Not able to fill any data on that page. Clicking on add button gives message to fill in existing rows, however none are visible. Registered bug for resolution with Income Tax web site, they emailed me that problem is resolved, but bug still exists.
Request for resolution if known.
Hi Rex, If IT team said it is resolved, pls take 1-2 days time and try.
Dear Suresh
I have got some cum and non cum NCD’s, which I have purchased from market/BSE.
How to show interest income from cum and non cum NCD’s.
How to declare income on maturity or when I sell in market.
Thanks®ards
Harish, It is immaterial from where you purchased. For cumulative or non cumulative you would have coupon rate on NCD, hence you can show the same thing and apply necessary tax as per your income tax slab. If company has deducted any TDS, you can show the same and only balance you can pay. However if there is no coupon rate and they are paying only lumpsum amount at maturity, it can be treated as capital gains at maturity.
Hi Suresh
Apart from the details mentioned in Form 16, do we need to add the income (as interest )
a> from all our saving banks , FD (even if it is less than 10K) to other income sheet, OR
b> only the details which are shown in Form 26AS.
Interest less than Rs 10K, is exempted from tax, you need not show, else you need to show complete interest and pay necessary tax on your tax slab.
Hi,
I am employed in a private company. Tax on salary is deducted by company as TDS. I also have Fixed deposits in bank. I fall in the 20% bracket so TDS on salary is done @20% but Bank interest TDS is done @10%
When I calculate tax ussing the tax calculator on incometaxindia.gov site it shows ~14K tax payable but when I fill the details online efiling, it shows tax payable = ~16K
Data Below
Taxable Income From Salary – 748480
Tax Deducted – TDS – 82087
Income from other sources – 145676
Tax Deducted – TDS – 14570
Tax Payable (as per tax calculator)- 15440
Tax Payable (as per efiling online)- 16620
What should I do in this case?
Jay, Looks edu cess is playing a role on both bank TDS and balanced TDS. Please proceed with efiling online
Hi Experts,
Here are my queries pertaining to filing returns for this FY:
1) My interest income from S/B account is less than 10000/- Do I need to show it anywhere in ITR 1? Or is there no need to show it anywhere? Or Do I need to fill ITR 2?
2) I also have tax free interest from PPF, Amount received as maturity of LIC policy, Gift received from my father and Gratuity payments received from my previous employer (not in Form 16). Do I need to specify the resp. amounts anywhere in ITR 1? Or is there no need to show it anywhere? Or do I need to file ITR 2?
I am asking these questions since column 25 of ITR 1 allows only 5000/- to be filled in!
Your prompt response would be appreciated.
Regards,
Maneesh
Maneesh, 1) Interest on SB account is exempted upto Rs 10,000. You need not show this in ITR 2) Interest on PPF and LIC Maturity proceeds are exempted from tax, you need not show it in ITR. 3) Gift received from father falls under “gift from relative”, hence not taxable. However any returns on such gift would be clubbed under the person who gave gift 4) Regd Gratuity exemption limit it is Rs 10 Lakhs upon certain conditions. Please read this article and check your limit. http://www.caclubindia.com/experts/tax-on-gratuity-received-on-retirement-990180.asp
Thanks Suresh!
So can I safely assume that I need not show my S/B A/c interest (Less than 10,000/-), Interest on PPF, LIC Maturity proceeds, Monetary gift from Father & Gratuity received from past employer (Less than 10 Lakhs) in Income tax returns and I need to fill only ITR 1! Kindly confirm and the I would proceed ahead and file my ITR online!
Thanks again 🙂
Regards,
Maneesh
Maneesh, Others are ok, Gratuity, there is small computation to be done for the exemption limit. I have written an article which would get posted tomorrow. Please refer that.
Thanks Suresh,
i have successfully submited the ITR form online for the FIRST TIME.
Hi Suresh,
I am working in an IT organization, where usually organization itself take the resposibility of income tax filing, we just need to furnish the details to them. Due to organization change i could not pay the income tax, in current organization I am working since Dec`13 and in previous organization i was working frrom Jan`13 to Dec`13. I want to pay income tax. Can you guide me with a process to do the same, Please elaborate in details like what document needed etc. It will be good if you can give some online solution to it.
Priyank, Looks the dates are of 2012 and not 2013. No problem. To start, you need form-16 of previous employer and current employer. It would contain the income you have been paid and income tax which was deducted by your company. Based on this you need to fill the IT Excel format and compute the income tax return. Please let me know once you fill the info and provide what is the outcome in excel file. Don’t upload unless you verify with us or with any other tax consultant.
Suresh,
A novice question. I have been doing SIP for the past year. I haven't redeemed any. Thus I don't have any capital gains though my investments might show a net gain or loss, isn't? And I should not be worried in choosing ITR-1 for e-filing for the tax paid for my professional income.
Only when I redeem my investments and make any gain/loss, tax needs to be paid and filed. And that requires not the ITR-1 but some other. Am I correct?
Thanks,
Prabhu
Prabhu, What you said is correct. Stocks or mutual funds if you redeem you would make profit or loss. Any such thing should be included in that year ITR. Please refer our latest article on which ITR form to be used for assesses
Thanks Suresh.
Now, I shall try using the qucick e-filing method in IT portal. Hopefully, things go fine!
Hi Suresh,
The tax liability computed by using the Quick ITR and the Excel ITR Form are slightly different. Any particular reason for this?
The total computed taxable income is the same in both cases.
Aniket.
Aniket, There should not be any slight difference too. Please check the income tax paid column whether there is anything to be checked ? Not able to advice as I do not have these two data sources.
My total income is more than Rs. 5 lakh. However, after deducting amount under section 10 (Transportation) and section 80C (1 lakh) my income falls below Rs. 5 lakh. My savings bank interest is less than Rs. 10,000/-. I have not changed the service during Fy 2012-13. Should I require to file income e-returns or not and if yes, on which form?
Rajesh, If your taxable income is < Rs 5 Lakhs and you have paid necessary tax, you need not file ITR. However, if you go for loans, generally they ask for these documenations, hence it is better to file it. If we pay Rs 200 to any tax consultant, he would submit on our behalf. You should file ITR-1
I have filed the ITR and i have paid the tax of 9k this year 2013-2014.
and the refund amount also shows the same 9k . Is there anything wrong or i will get the full amount refund ? My income is 5L
Sonu, if your income is Rs 5L, income tax cannot be 9K. Assuming that you have tax exemption of RS 2L and 80C you are claiming is Rs 1L, balance Rs 2 lakhs should have been taxable minimum. Means your tax liability would have been Rs 20K + edu cess. Something wrong, please check
my son is an adult pursuing engineering. he wants to open some fixed deposits from the monthly savings he makes. is he required to submit form 15G ? will he be required to file IT return ? how to know the assessing ward / area for filing return for the first time ?
Paul, Your son is saving money from the amounts gifted by you. Hence income tax dept would club his income with your income and you need to pay tax on it. If you can prove that the money invested by him is coming thru some earning for your son, he can seperately file ITR and proceed like normal individual. You can find in Incometax website about assessing ward and area
HI,
Is it true if i have
1. Non taxable income (Saving interest + PPF Account interest + Interest received from infra bonds) >5000
2. Income from regular employedment, and
3. Income from professional service then i cannot file ITR 1 ?
if yes then which itr i have to file ?
Kinldy suggest….
Many Thanks in Advance.
Regards,
Girish Jamba.
Girish, I am publishing some key points by Tuesday which answers your queries. It would be in ITR form artilce of Tuesday. Please wait
Great…
i would appreciate if you could mail me also on girishjamba@gmail.com ….
Thanks & Regards,
Girish Jamba.
If you subscribe for email, it would automatically gets posted to your email ID as and when it is published.
Which is better option….
1. Quick File ITR or
2. Download ITR file and then upload XML
You can do anything which is convenient and easy for you.
hi i am getting tax payable as 10rs.Should i pay the amount or can it be ignored or adjusted?
Interesting problem. But suggst pls go ahead and pay tax.
Dear Sir,
I have Savings through an LIC policy. I paid the premium near March End. Hence, My employer did not account for that Savings and deducted Tax. The Form-16 issues also does not have any mention of it.
I have filed the IT Returns electronically (including my savings).
How can I show proof of my Savings?
Should I attach the Proof and Form 16 along with ITR-V?
Arun, no proofs are required. You need to update the ITR by including the LIC u/s 80C and claik for refund. In future if there is any IT scrutiny, you should be able to show the proofs.
Dear Suresh,
1st time i am filing my IT returns. But i want to file last 2 years IT returnes also i.e.for 10-11 & 11-12. Can I file it online or i have to submit physical? And that have to submit before this year IT return? Please help me. Thanks.
Anant
Anant, If you don’t have taxable income or if you have taxbale income of less than Rs 5L, but income tax is already deducted, you are exempted from filing income tax. Please inform whether you had any tax liability for those years. If yes, then you need to pay 1% penalty per month from the due date. e.g. For FY 10-11, you are supposed to file ITR by Jul-2011. From Aug-11 onwards to till date you need to pay 1% per month penalty on your tax liability. My suggestion, please consult tax auditor to know whether you really have tax liability and how to proceed further.
Thanks for your reply Mr.Suresh. I dont have any tax liability. But for loan purpose i want to file the same. Thanks
Hi,
When we used to file return on printed forms we use to get the acknowledge sticker and stam from IT office which will authorize the acknowledge as actual return filled.
Is there any such procedure for e-filling? Can we get the acknowledgement recievd via email stamped from local IT office?
Amit, when you login to income tax website or any efiling website, once you fill the data and submit, you would get acknowledgement mail to your email ID. If you have digitally signed, you would get ref no also from CPC, IT Dept, Bangalore. If you have not digitally signed, you need to send signed copy to CPC, Bangalore. Within 15 days to 1 month you would get email acknowlegement with refe no. These ack are sufficient.
Wow, I filed my returns online for the first time with success 🙂 Great information Suresh. Thanks a lot.
Good to hear Aravinth. BTW what do you do and how are you planning your investments. Can you share couple of articles on your facebook which you feel are good. It may be useful for your friends who may be searching for this info.
Hi Suresh
You seem to give amazing help for all those seekers.
My Query: I am not working due to health reasons and have fd's(7 lac appx) placed in some banks for which I have received a tds certificate.
Do I need to file returns still.
last year i could not file them as my health was really bad and missed it.
Please advice me the best.
Rajesh, If you have income less than Rs 5 lakhs and TDS is deducted correctly you need not file IT Return. This would be optional in such case. But it would be always good to apply for ITR so that it would be useful in future in case you take any loan.
Hi Suresh,
I filed IT returns for last year (2012-2013) where I need to receive Rs.5000/- as refund. I did not get back my refund yet. Do I need to file the returns again this year.
Please help.
Hi Jaya, The return what you filed last year could be 2011-12. Currently year is 2012-13 which you need to file. Your last year return may be filed for tax refund which it would take 12 to 18 months time to get the cheque. Please file the return for 2012-13 also.
Hi Suresh,
Thanks for sharing this valuable information. I have income on house property and I am not sure how to take deduction for the property taxes paid and also is there any standard deduction before arriving taxable income, please?
Please let me know.
Thanks in advance
Murali
Murali, Income from house property is computed as below
Rent received (a)
(-) municipal tax (b)
Net annual value (NAV) = (a) minus (b)
(-) 30% standard deduction in NAV (d)
(-) interest paid on house loan (e)
Net income from house property = NAV minus (d) minus (e)
Thank you very much for your detailed reply, Suresh.
ITR 1&2 does not show any columns to enter municipal tax deduction and also 30% standard deduction. I am not sure should I be using a different form. Please advise how to show municipal tax and standard decution on ITR 1 or 2, please.
Appreciate your help and thanks again
Murali
Murali, Just wait for 2 more days, I am publishing an article which indicates which ITR form to be used by assesses.
Thank you Suresh,
I was looking into income tax website and actually I see House property schedule in ITR-2, probably this is the correct form to be used. Anyway I will wait for your new article.
1. Also is there any limitation on maximum refund amount that can be direct deposited? I heard more than Rs 50,000 income tax dept only sends cheque. is that correct?
2. Does it makes any difference givining overseas address vs local address and if overseas address is given, will the income tax dept mail refund checks (incase they don't do direct deposit) to overseas address?
Please let me know.
Thank you so much for your time and answering everybody's questions.
Murali
Murali, As per my knowlege there is no such limitation of Rs 50,000. I don’t think there would be any issue if you specify your current address as overseas address.
Dear Murali
In ITR 1 there is no option to put in municipal taxes paid for the let out house,but in ITR 2 Schedule House_Property in row 1g there is the option "taxes paid to local authorities" there u have to write the taxes paid to municipal authority and if you put in the rented value and taxes automatically in row 1f 30% deduction is calculated.
Thank you Suresh and Arnab for your inputs. Yes I see ITR-2 has schedule house property and understand this is the correct form for let out property.
btw, usually approximately how long it takes to get the refund, please?
Thanks again
Murali
Murali, if you are looking for tax refunds, it would take upto 18 months. You can get it any time before this time
Hi Suresh,
I am able to file my tax return online successfully as per your steps. Thank you very much for all your help and thanks to Arnab as well.
Murali
Dear Suresh,
I am serving as a consultant in a pvt industry. My annual salary is 396,000/- is subjected to 10% tds on my monthly salry. My question is can I be eligible for getting refund of my tds amt. what are other deductions allowed by IT in the IT retuRerns. which ITR that is to be used. I have used IT_R -1 and shown this income under other income. Is this correct. Kinldy elaborate for my above issues
Regards,
M Veerabhadrappa
9676990707
Veerahadrappa, There is a wonderful answer in Yahooanswers. I do not want to credit on this. Please check this link. http://in.answers.yahoo.com/question/index?qid=20080616223138AAMb5FS
i have some fixed deposits in a bank, but the bank is not able to provide with FORM 16 A, though tax has been deducted at source. I have the figures of tax deduction. How do i fill up the ITR ?
Paul, You have every right to ask Bank to provide TDS certificate. If you fill ITR online, the tax deducted would be shown in your screen based on your PAN number. You don’t need seperate documentation as govt income tax website itself shows the TDS amount
Suresh, thanks so much for this article, very helpful for first time self filers like me. I have a question regarding where to include details about my equity investments? While I doubt I have any captials gains tax (generally I don't sell my equity within a year), I would still like to delcare for the sake of completeness.
Thanks
-Ankit
Ankit, they would appear under short term capital gains if you sell before 1 year. After one year, they are tax free, hence you nee not declare anywhere.
I have some additional income apart from regular salary income. How to calculate short term capital gains from purchase/sale of share? How do indentify total STCG from profit and loss in complete FY? I believe suppose I have STCG of 6000 and loss of 4000 then my total STCG for the FY is 2000? Now for income tax purpose there should be some exemptions under section 48 like – cost of acquisition? Would that 2000 be considered or I should deduct some brokerage and STT (Security transaction tax) as exemption under section 48?
Vaibhav, Calcuating short term capital gain for sale of share is simple. You should do sales minus purchase price. The difference is profit and shor tewrm capital gain. If you have account with any broker, they would tell you exactly the date, purchase price, brokerage charges, sale prices and profit thereon. If you run the report from 1-Apr-12 to 31-Mar-13, you would get STCG. Yes, you should club all of them and arive STCG. You should add purchase price, brokeage and STT to arrive the total purchase cost.
HI Suresh,
I have two form 16s issued by two companies with whom I was associated last FY. Is such case how should I fill the xls contents ? Pls elaborate.
Thanks !
Rajeev, club both form-16 and update excel.
I DOWNLOADED ITR2 FROM GOVT SITE FILLED IT BUT DONT KNOWS HOW CAN I COVERT THIS FILE TO XML FILE
Once you fill the excel file, there is an option which “Generate”. It would save the file as XML in the path you would be providing. This is already specified in last step.
Dear Sir
I have to fill online income tax return. My question is that I am paying House Rent and the interest on housing loan. My DDO shows only the house rent deduction. Now I want to get the interest paid towards the housing loan.What should I do?
Krishna, You need to show interest paid on housing loan under “Loss from House property” section. If income tax is alreayd deducted and you want to claim once you fill the excel template, it shows the amount to be refunded to you. You can submit it online and you would get refund from IT dept.
Mr. Suresh, Thaks a lot for guiding.
I am unable to find the space in Form ITR-1(2013_ITR1_PR6.xls) to key-in the details related to
1. Housing loan interest (u/s 24)
2. House rent paid (u/s 10)
3. Transport Allowance (u/s 10)
4. Higher education loan (u/s 80 E)
5. Tax on Employment
Until and unless I enter the amount for above said things, I wont be able to calculate the Payable Tax in the "2013_ITR1_PR6.xls". All the points were there in my Form-16 but have no provision in the "2013_ITR1_PR6.xls".
Please help to complete the form ITR-1.
Regards
Venu
Venu, If the relevant claims are not available in ITR-1, check ITR-2. e.g. House loan interest is not specifically available in ITR-1, you should use ITR-2 for it. I have updated the same in my artilce now. Tks for indicating this.
the link https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html shows security error
Paul, I am able to click this link and it takes me to login page.
Hi Suresh, do you assist people to file IT returns?
No Sushil.
Dear Suresh
I have claimed LTA this year which is more than 5000 Rs .Do i need to fill ITR-2 this year?Last year also i had filled ITR-1.
Arnab, LTA claim would form part of your form 16, hence you need to file normal ITR.
dear suresh
as per your view if someone has 1 house property he should file ITR 1,but even if he files ITR 2 he will get additional 30% off on income from house property ..so he should go for ITR 2.am i correct?
Arnab, There is no such 30% discount on house property. In case ITR-1 does not have option to submit “Loss from house property”, or in case any one has more than one property, I indicated to use ITR-2. Can you please check your query.
Dear Suresh
There is 30% deduction in case of house property if you fill ITR 2 .Please look into row marked "e" in House property tab.
Regards
I already responded, pls check
Dear Suresh
Please check row e of house property tab in ITR. There it is showing 30% discount.I am replying for the 3rd time .Dont know why it is not being posted
Arnab, I am getting more than 50 messages per day, what to do yaar. I am not able to reply even during 48 hours timeframe. FYI, your query was already answered and you would gave the mail in your mailbox. Please re-check, I am pasting the comment no. https://myinvestmentideas.com/2013/05/how-to-file-income-tax-returns-itr-online-in-india/#comment-11471
Dear suresh
I am posting a link where income tax is specifying that one can claim deduction upto 30% of his rented property.http://www.incometaxindia.gov.in/archive/house_property.pdf .For let out properties, the entire interest paid is deductible under section 24 of the Income Tax act. However, the rent is to be shown as income from such properties. 30% of rent received and municipal taxes paid are available for deduction of tax.
Regards
Dear Suresh
You have finally agreed that there is 30% reduction from income through house rent received which you will not get in ITR 1 .so if someone needs deduction he has to file ITR 2 and not ITR 1 even if he has only one house property.
Arnab, Thanks for pointing our. Yes my earlier message was not clear. I lost my login details and unable to check ITR-1 excel file now. But even Income tax website says that for one house property, you need to file ITR-1 only. I need to check why this is not appearing in ITR-1
This is very helpful article on how to file income tax return. Appricaite your efforts. Do you know Bloggers also need to submit your income tax.
Pawan, Yes, if you earn income from blogging, you need to show this income and file IT Returns. However, you can claim the expenses relating to the blogging and you can pay tax only on net income.
I am filling online returns from last 2 years. but my question is how to provide proofs of additional investment done which is not included in form 16. I have investment done under 80C which is not included in form 16 provided by company. I know I can include it while filling return but how to do it(My Income is more than 5lks so need to fill online). Should I send them with ITR-V acknowledgement ?
Hi Rahul, You just need to delcare in your IT Return. You need not attach the proofs with the ITR. However in case of any hearing from IT Dept, you should be able to show the proofs. Keep them in safe place. To just re-confirm my comment, I re-verified this with CA club forum too. http://www.caclubindia.com/forum/itr-v-attachments-154379.asp
Hi Suresh,
I will be filing ITR for the first time. Can you please tell me whether this requires any additional process or the same as you have described above?
Vikram, What I indicated is complete process. Since you are doing for first time, you should know all the terms used in ITR before you start the process. Download the excel XML file and do let me know in case you have any questions regd this.
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Thank you very much Suresh for this information. Every time I'm paying 200 to 300 for thrid party to file returns. This time I'll do it myself and when I googled regarding this I read like from this AY some other ITR form also needs to be filled. Please clarify.
If you have more than one house property, you need to select ITR-2 form.