Tax filing in India can be a nightmare if you do not have the right guidance. So here’s our attempt to provide timely, accurate, and easy to use information regarding income tax filing in India.
Citizens of India having an income over 5 lakhs are mandatorily required to file their tax returns. But before you file your return, we encourage you to familiarize yourself with the whole process so that there are no issues with your filing process for getting the maximum amount of refund you are eligible to receive.
Filing your income tax return application online to receive monies owed to you is called E-Filing and this is a very common type of getting reimbursement of overpaid taxes.
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Here are 3 different options for you to file your income tax return online for your taxed income.
Visit the Tax department website to Login or Register with your PAN
Choose ‘Prepare and Submit Online ITR’ if you wish to prepare and submit from the website. This option is available for Individuals falling under ITR-1 and ITR-4S only. For others, they have to prepare through software provided by the department and then upload the xml file. To find out which income tax bracket you are required to submit under simply read through the description as outlined here Know your applicable ITR form
After you download and have prepared the xml file, you need to upload it using the program provided and submit. You may also submit using the Digital Signature which will avoid you to sign and post the acknowledgement to Income-Tax CPC, Bangalore post filing.
If you proceed through preparing and submitting online, you need to fill in the details including your Contact information, Salary Income, Presumptive Business Income (in case of ITR-4S) Investment details (Deductions under Chapter VIA like Life Insurance, medical policy, donations), Tax Deducted at Source (TDS), Advance tax paid (if any), Self-Assessment tax paid details and Bank Account details.
Once you are done with the data fill-up process, submit the return. You will receive the acknowledgement on the next screen.
One can also fetch acknowledgment (ITR-V) from the ‘E-filed Return’ option given under ‘My Account’ section of the Menu bar.
Once you have received the ITR-V, you need to sign it with blue ink (no other details to be put in) and post it to CPC, Bangalore. The address is mentioned at the bottom of that file. The Tax Department has also introduced an EVC process through which one can be exempted to send the signed copy to CPC. Download the EVC E-verification taxpayer user manual
Download and install the app
Once installed, follow the prompts (it's very user friendly)
As we have outlined all the options for you to file your returns online, you may at this stage want to learn more about submitting income tax returns online. Keep in mind that the due date to for filing your return don’t delay your application.
For filing of your tax reimbursement you will require Form 16 this is a certificate issued by your employer and it contains your salary details as well as other emoluments earned during a financial year, it also details income tax deducted and paid on your behalf to the Government of India.
EVC means “Electronic Verification Code” issued by the Income Tax Department of India; this code is used for electronic verification of identity of the person filing their tax returns. Visit this page to learn how you can digitally verify ITR-V
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