Do not be a defaulter in filing IT return!

If you fail to file the IT annual return by the stipulated date i.e. 31st July 12, then it may affect you in the following ways:

1. Individuals who have losses (expect loss from house property) and wish to carry forward for subsequent years, cannot do so.

2. Certain exemptions under Section 80 are not available who file tax returns after the due date.

3. The individuals cannot file revised return for that assessment year.

4. The refund claim will be processed late, so the actual receipt of the refund amount may take considerable time.

In fact filing online return is very convenient and filing in time is the best way to pre-empt complications afterwards.

 

Procedure of online tax return

A. Login to https://incometaxindiaefiling.gov.in/

B. Select appropriate type of income tax return form for type of income and download income tax return preparation software (Excel file).

C. After downloading the excel sheet in the computer, fill up the details. (You may refer form 16).

D. After filling it up, you should verify it once again and then export it to XML (the export button is there in the software itself)

E. Once you have the XML file with you, you need to login to the above site with your used ID and password (Prior registration must).

F. After login, visit the "Upload Return" button on left side.

G. There will be two options "Digital Signature" and "No Digital Signature".

H. With digital signature: If you have digital signature, the return filing process gets completed after uploading return.

I. Without digital signatures: The CBDT has recently allowed filing of returns without the need of digital signatures. In this case, the following procedure needs to be followed:

a. Take a printout of the acknowledgment generated in ITR-V.

b. Sign it in blue ink in the space provided.

c. Send the signed acknowledgment within 120 days to the Income Tax Department– CPC, Post Box No.1, Electronic City Post Office, Bangalore – 560100, Karnataka

d. Remember, the acknowledgment should be via speed post or ordinary post only (no courier allowed).

J. When Digital signature is compulsory? Digital signature certificate is compulsory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44 AB of the income tax Act in the following cases:

a. Any business person whose annual total sales, turnover or total receipts exceeds 40 lakhs rupees in any previous year.

b. In case of profession, if his/her gross receipts exceeds 10 lakhs rupees.

Recent changes

1. It is mandatory for individuals with taxable income above Rs 10 lakhs/-to file tax returns electronically.

2. Ordinarily resident individual and Hindu undivided family (HUF) will have to report details of foreign assets held by them.

 

Tax planning is very important aspect of Personal Financial Planning process. A SEBI registered Investment adviser can guide you properly in adhering Tax rules and getting maximum benefits of relevant exemptions. 

Last modified on Friday, 16 August 2013 13:19

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial PlannerCM from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

2 comments

  • Otis

    posted by Otis

    Wednesday, 04 May 2016 21:11

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    Report
  • Rana

    posted by Rana

    Monday, 13 January 2014 09:26

    Valuable information

    Report

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