Take Electronic Route to Hassle-free Filing of I-T Returns
Simplification of tax administration has always been on the government’s agenda. E-filing is one major steps in that direction as it increases the tax base. E-filing is almost paperless, where taxpayers need not submit any supporting documents.
E-filing is mandatory for those qualifying as resident and ordinary resident and having assets located outside India, signing authority in any account located outside India, having income from sources outside India, claiming relief under Double Taxation Avoidance Agreement, or claiming Foreign Tax Credit under the Income-Tax Act, 1961, those individuals using ITR-1 or ITR-2 and having income above Rs 5 lakh or claiming tax refund (except for 80 years or above), and others with income from business or a profession.
Only this year, the category of individuals claiming tax refund has been included.
Follow these simple steps to e-filing:
- Register and create an account at www.incometaxindiafiling.gov.in
- Download tax return form (commonly known as utility)
- Download the excel/ java utilities of the Income Tax Return (ITRs) and fill information
- Once done, validate the utility and compute the taxes
- Post validation, generate an XML to e-file your return
- Select the relevant assessment year and upload the XML
After uploading, an acknowledgement (Form ITR-V) will be generated. Taxpayers have to send the duly signed hard copy of ITR-V to Income-Tax Department – Centralised Processing Centre (CPC), Bengaluru, by ordinary or speed post within 120 days from the date of e-filing. Or, the XML may be uploaded using a digital signature, instead of submitting a hard copy. Or use the one-time password called Electronic verification code (a 10 digit alpha-numeric number) instead of a digital signature to upload XML. Individuals who opt for EVC are not required to send ITR-V to the CPC.
(Alok works with Deloitte Haskins & Sells and Shailly & Naveen work with Deloitte Haskins & Sells LLP)
