If
you earn above Rs 5 lakh, you have to file returns electronically this year.
That means you can file your returns even in the last two days from your home
computer. You can seek the help of a professional or do it yourself by using
the official website of the Income-Tax department or a host of private websites.
Before
we proceed to how to use these portals effectively , let us address a major
source of ambiguity this year regarding the applicability of forms ITR-1 and
ITR-2 to salaried individuals or pensioners with one house property and
interest income. Tax consultants are divided on the interpretation of new
provision on exempt income , introduced this year.
According
to this provision, those with exempt income exceeding Rs 5,000 cannot file
their return using ITR-1 (Sahaj). While some feel that all salaried individuals
who have tax-exempt income like House Rent Allowance (HRA), Leave Travel
Allowance (LTA) and transport allowance have to use ITR-2 this year, others
argue that they can continue to use the much simpler ITR-1 (Sahaj).
"My
view is that the exempt income here refers to sources like dividends and not
tax-free salary components like HRA and conveyance allowance," explains
Divya Baweja, senior director at Deloitte in India. The Income-Tax department is yet to issue a
clarification on the matter.
Using
the official website
Before
you start the process, keep your bank statements, Form 16 issued by your
employer and a copy of last year's return at hand. Next, log on to
www.incometaxindiaefiling .gov.in. Follow these steps:
Step1:
Register yourself on the website. Your Permanent Account Number (PAN) will be
your user ID.
Step2:View
your tax credit statement — Form 26AS — for the financial year 2012-13 . The
statement will reflect the taxes deducted by your employer actually deposited
with the I-T department. 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.
Step
3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY
2013-14 (for financial year 2012-13 ). Download the Income Tax Return (ITR)
form applicable to you. If your exempt income exceeds Rs 5,000, the appropriate
form will be ITR-2 . If the applicable form is ITR-1 or ITR 4S, you can
complete the process on the portal itself, by using the 'Quick e-file ITR'
link.
Step 4: Open the downloaded
Return Preparation Software (excel utility) and complete the form by entering
all the details , using your Form 16.
Step 5: Ascertain the tax
payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter
the challan details in the tax return.
Step 6: Confirm all the
information in the worksheet by clicking the 'Validate' tab.
Step 7: Proceed to generate
an XML file and save it on your computer.
Step 8: Go to 'Upload
Return' on the portal's left panel and upload the saved XML file after
selecting 'AY 2013-2014 ' and the relevant form. You will be asked whether you
wish to digitally sign the file. If you have obtained a DS (digital signature),
select Yes. Or, choose 'No'.
Step 9: Once the website
flashes the message about successful e-filing on your screen, you can consider
the process to be complete. The acknowledgment form — ITR—Verification (ITR-V )
will be generated and you can download it.
Step 10: Take a printout of
the form ITR-V , sign it preferably in blue ink, and send it only by ordinary
or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic
City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing
your return online.
Source:-The Economic Times
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