Deadline for filing IT return is fast approaching and still many salaried people didn't filed their return's yet. Since e-filing is mandatory if your total taxable is more than 5 lacks. There are some third party sites available for filing return online but majority of them charges fee.
Majority of salaried person opts for this saying that fee is very small but if you know the whole procedure of e-filing than you will come to know even this small fee is unnecessary and you can file your return by own self easily.
Let's start :-
STEP 1: Collect all your form 16 and form 16a for the financial year ( From all the Tax deductors).
STEP 2: Verify TDS details with form 26AS. You can get your form 26AS using this link. Provide your login credentials and view the form 26AS.
Caution: Step 2 is very important. Make sure that TDS in form 16 and TDS credited in form 26AS matches. If you found some mismatch contact your form 16 provider.
STEP 3: Download ITR1 (If you have income from one housing property) or ITR2 (If you have income from multiple housing properties, income from race course etc). You can download ITR1 or ITR2 from here.
STEP 4: Fill all the mandatory details in downloaded excel, verify the details and compute tax using buttons provided in excel, and generate the xml file.
STEP 5: Login to IT site.
STEP 6: Select e-File->Upload Return
STEP 7: Select appropriate ITR Form Name, Assessment Year and attach the generated xml file (from step 4) and submit.
STEP 8: After submitting you will get ITR-V in your mail or you can also download from My Account menu.
STEP 9: Print ITR-V and send it to CPC within 120 days of submitting ITR.
As you see its very easy to e-file return. So File your return now if not filed.
Will cover how to fill ITR1 and ITR2 in later blogs. Happy E-Filing :)
Please provide you feedback.
Do we need to collect Form 16A Also? should this be added?
ReplyDeleteYes, its batter to collect form 16a also.
ReplyDeleteHi Mohit,
ReplyDeleteHow to correct/ Modify ITR form, if it filled wrongly?
Hi Baijnath, Nice to see you.
DeleteYou can correct/modify ITR using below steps:-
1. Change Return filed under section from "11-On Or BeforeDueDt 139(1)" to "17-Revised 139(5)".
2. Enter acknowledgement no against "If u/s 139(9)-defective return , enter Original Ack No".
3. If your are correcting because you got notice, then enter notice number against "If u/s 139(9)-defective return , enter Notice No" and date against "If u/s 139(9)-defective return , enter Notice Date".
4. Correct the ITR and generate the xml.
5. Upload the xml.
6. Signed the ITR-V and send it to CPC.
The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later. NJ cpa
ReplyDelete