HOW TO file Income tax return online?

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HOW TO file Income tax return online

How to file Income tax return online?

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Step 7: Open the I-T Return utility downloaded in the previous step. The examples illustrated below use the PDF version of the utility. Get your Form 16 ready, as most details are to be copied over from the same. This section is fairly straightforward. Enter your name, address, birth date, PAN number, and fill up the numbers in Fields 1 and 2 from the Form 16 (details below). Field 3 (yellow box) is the sum of the interest earned from your bank accounts, FDs, etc.

Unless you are employed by the Indian government or in a Public Sector Undertaking (PSU), select the Others check box in the Employer Category (highlighted in purple). Keep the default value for the Return Filed Under field (denoted by a brown box).
How To File Your Income Tax Returns Online



The Income Tax Ward \ Circle value (marked in black) requires a bit more effort. Head back to the website and click onKnow Jurisdiction under the Services drop-down menu at the top. Copy your Jurisdiction code as shown below. You only need to copy the numbers and not the letters. Paste the same in the Income Tax Ward \ Circle box.

How To File Your Income Tax Returns Online

How To File Your Income Tax Returns Online


Remember, Field 1 in the ITR-1 has to be filled with the amount mentioned in the Gross Total Income field in your Form 16, as illustrated below:

How To File Your Income Tax Returns Online



Step 8: Fields 16, 17, 18, and 19 are calculated based on the values you will enter in Field 23. Details below.


Field 20 lets you specify the bank account where you want the tax refunds, if any, to be credited. The next two fields allow you to choose between a direct wire transfer or cheque-based refund. If you choose the former, you have to specify your MICR code (printed in your cheque book). Set the bank account type to Savings.

Field 23 deals with TDS details. You have to fill the name and TAN number of your employer(s), and the associated numbers - all of which can be found in the Form 26AS. If you have drawn money from more than one employer, you can add an additional row by pressing the [+] button at the left margin, whereas the [x] button kills unwanted rows.

How To File Your Income Tax Returns Online



Field 24 is meant to fill in TDS details on your income from investments such as fixed deposits, while Field 25 deals with Advance Tax and Self Assessment Tax. The latter is best illustrated with this example: suppose you have a large sum in the bank account earning you a tidy interest that is already taxed at the default rate of 10%. However, your income actually puts you in the 20% slab. This is where you honestly inform the government of the same, by paying the tax through any nationalised bank and receiving a Challan Number. While it's easy to get away without doing so, you'll be in a big doo-doo in the rare case that the authorities decide to audit you. You know how the saying goes: Honesty is the best policy.

How To File Your Income Tax Returns Online



Fill in your verification details and then click the Calculate Tax button at the bottom. Then click on the Check Formbutton to weed out any mistakes or omissions. Once you do that, the Export to XML button (in the bottom right corner) will become active. Click on it and save the XML report to your hard drive.

How To File Your Income Tax Returns Online



Step 9: Now, we need to submit the XML report. To do so, head back to the website (make sure you're still logged in) and select AY 11-12 from the Select Assessment Year menu under the Submit Return section in the left hand side bar.

How To File Your Income Tax Returns Online


In the subsequent form, select ITR-1 from the drop-down box and hit Next. You may choose to digitally sign the form, but that entails some more effort on your part to submit your digital signature for verification. I have chosen to skip that step. However, if you use a digital signature, you have to upload that along with the XML file, then head over to Step 11.

How To File Your Income Tax Returns Online


Step 10: You will now be given a printout of your return, which you need to print, sign, and submit to the address mentioned in the form itself. Please note that the submissions have to be sent through regular post only, within 120 days. In due course of time, you will receive an acknowledgement email from the I-T department.

Step 11: Congratulations, you have successfully filed your I-T returns online. You may now perform the victory dance.

Source: Techtree.com

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