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E-Filing of Returns

An Overview of the Process


of e-Filing of Returns
Present By:- Prashant Jadhav
Overview
• Basic information about tax
• Taxable heads of Income
• What is income tax Returns?
• What is e-filing?
• Types of e-filing
• Process of e-filing
• How to fill the tax?
Basic information about tax
• Income Tax is all income other than agricultural income levied and
collected by the central government and shared with the states.
• Income tax shall be paid on the total income of the previous year in the
relevant assessment year.
• Income tax is levied on the 'total income' of the assessee. Income of the
'previous year' is taxed in the 'assessment year’
• Taxes in India are of two types, Direct Tax and Indirect Tax.
• Direct Tax- are those whose burden falls directly on the taxpayer. Like-
income tax, wealth tax, toll charges etc.
• Indirect taxes- The burden of tax can be passed on to a third party.
like service tax, VAT, etc.
Taxable head of income

• Salary Income:-
All income received as salary under Employer-Employee relationship is taxed
under this head.
• House property Income :-
Any type of income received on the house property like- Rent received,
Municipal Valuation, Fair Rent etc.
• Income from capital gain:-
Transfer of capital assets results in capital gains. Archaeological collection,
Drawings, Painting, Real estate, equity shares, bonds, jewellery. Thus, now any
surplus received from sale of these articles would be liable to tax under the head
capital gain.
• Business or profession income :-
Any type of income received from business or professions
• Income from other sources:-
Dividend, Commission, lotteries, crossword puzzles, races including horse races,
card games, any sort or from gambling or betting
What is income tax Returns?
• "Income Tax Return" is a term which is often used when we talk
about income tax. It is a way by which we pay this tax. When total
annual income of a person, including all sources, is more than
maximum unchangeable limitation ( At present it is Rs.1,60,000/-)
then that person is liable to pay income tax.
• According to Income Tax Act 1961, every person, who is an
assesse and whose total income exceeds the maximum exemption
limit, shall be chargeable to the income tax at the rate or rates
prescribed in the finance
Taxable act.(Rs.) Assessment year 2009-10
income slab Rate (%)

Up to 1,60,000 NIL
Up to 1,90,000 (for women)
Up to 2,40,000 (for resident individual of 65 years or above)
1,60,001 – 3,00,000 10
3,00,001 – 5,00,000 20
5,00,001 upwards 30*
TDS (Tax deducted at source)
This tax is deducted at the source of income, by the employer or the
payer and paid to the government. It includes salary, interest,
commission and contract fees, rent, professional fees, etc. This type
of deduction is popularly known as TDS.
For example if the earning up on fixed deposit is Rs. 5,000 in a
bank, TDS at 10%
i.e. a total of 10.2% will be deducted at the time of credit or at the
time of payment, whichever is earlier.
What is e-Filing

• The process of electronically filing Income tax returns through the


internet is known as e-Filing.
• It is mandatory for Companies and Firms requiring statutory audit
u/s 44AB to submit the Income tax returns electronically for AY
2009-10.
– Any Company/Firm requiring statutory audit u/s 44AB return submitted
without a e-Filing receipt will not be accepted.
• e-filing is possible with or without digital signature.
Types of e-Filing … AY 2009-10
• There are three ways to file returns
electronically
• Option 1: File through an e-return
intermediary who would do e-Filing
and also assist the Assessee file the
ITR V Form. eg.taxsmile.com,
taxshax.com ,paisawaisa.com
• Option 2: File without digital
signature in which case ITR-V form
is to filed with the department. This is
a single page receipt cum verification
form.
• Option 3: Use digital signature in
which case no paper return is
required to be submitted
Documents required for e-filing
• Form No. 16 (for Tax deducted by employers)
• Form No. 16A
• Account statements of bank accounts
• Property details
• Sale and purchase of investments / assets
• Details of tax payments made
• PAN card photo copy
• Birth date
• TAN number
• Bank A/c no
• Bank details – MICR code, Type of A/c.
e-Filing Process

Go to the income tax e-filing web site - www.incometaxindiaefiling.gov.in


Select appropriate type of Return Form
From ITR 1 to ITR 8
For Individuals, HUF (Hindu Undivided Families)
Select appropriate Income Tax Return ITR-1 ITR-2 ITR-3 ITR-4
(ITR) Preparation Software
Individual Individual Individual Individual
& HUF & HUF & HUF
1 Income from Salary/Pension ▪ ▪ ▪ ▪
2 Income from Other Sources (only ▪ ▪ ▪ ▪
Interest income or Family Pension)

3 Income/Loss from Other Sources ▪ ▪ ▪

4 Income/Loss from House Property ▪ ▪ ▪

5 Capital Gains/Loss on sale of ▪ ▪ ▪


investments/property
6 Partner in a partnership Firm ▪ ▪
7 Income from Proprietary ▪
Business/Profession
New IT Returns – Annexure-less Forms
For Association of Persons (AoP), Body of Individuals (BoI), Local Authority, Companies, Trusts,
Fringe Benefit Tax (FBT) Return
Select appropriate Income Tax Return ITR-5 ITR-6 ITR-7 ITR-8
(ITR) Preparation Software
Firms, AoP, Companies Trusts Only FBT
BoI, LA

1 Income/Loss from Other Sources ▪ ▪ ▪


2 Income/Loss from House Property ▪ ▪ ▪

3 Capital Gains/Loss on sale of ▪ ▪ ▪


investments/property
4 Income/Loss from Business ▪ ▪ ▪

5 Fringe Benefit Tax ▪ ▪ ▪ ▪

ITR-7 will not be available for e-Filing


Fill your return offline and generate a XML file.

Generate

X
XML
Register and create a user id/password

Select the
Submit return assessment
year
Browse to select XML file and click on "Upload/ Continue
" button
• After successfully file the Xml file with in second they give the PDF Acknowledgement file final copy .and
they give the link to download this copy.
• On successful upload PDF file is lock on password. And this password is common for every on this is
PAN card number and birth date in small caps.
• Unlock the file acknowledgement details would be displayed.
• Click on "Print" to generate printout of acknowledgement/ITR-V Form.
Acknowledgement
After receive the Acknowledgement

• Incase the return is digitally signed, on generation of


"Acknowledgement" the Return Filing process gets completed. You
may take a printout of the Acknowledgement for your record.

• Incase the return is not digitally signed, on successful uploading


of e-Return, the ITR-V Form would be generated which needs to be
printed by the tax payers. This is an acknowledgement cum
verification form. The tax payer has to fill-up the verification part and
verify the same. A duly verified ITR-V form should be submitted with
the local Income Tax Office within 25 days of filing electronically.
This completes the Return filing process for non-digitally signed
Returns.
Final Acknowledgement Receipt
Change in Procedure of e-Filing
Type Change
For Digitally signed No change
Returns
Paper Returns – Two step After uploading data – Instead of filing paper
Procedure return Assessee to file verification Form
Called ITR-V (Combination of
Paper Returns – through
Acknowledgement of e-return & Verification)
e
-intermediaries
Thank You