This article was originally published in Postnoon on July 27th, 2012
If you haven’t yet filed your income tax returns, you can do it without much hassle at www.incometaxindiaefiling.gov.in. We will take you through the process of filing the income tax returns for a Salaried individual in this article. Once you are on this site, follow the following steps:
Step 1: Left hand corner, first tab says, Download. Click on AY2012-13 which will take you to a table describing the form that you need to use according to your income sources. For example, if you are a salaried person with only interest income apart from your salary, you can download the form ITR-1.
Step 2: Scroll down and download the relevant form on to your computer, that is ITR-1.
Step 3: The downloaded form is in excel format. Fill in the personal details. If you do not know the information about ‘Income Tax Ward / Circle’, it’s okay to leave it blank. Or your Chartered Accountant from previous years may help you.
Step 4: Before going to the section on Income and Deductions, go to the next worksheet called ‘TDS’. Fill in the details about the TDS on Salary and other income from Form 16 and Form 16A’s. At this point, you must cross check the amounts that you have filled in with the Form 26AS. Form 26AS can also be obtained from the website mentioned above. You just need your PAN number to obtain it. Form 26AS is the statement of all taxes deposited to the Government under your PAN Number. If the amounts that you have filled in the form, exactly match with the Form 26AS, your tax return will sail through. But if they don’t, sooner or later, the IT department will come back to you to explain the differences.
Step 5: Go back to the first worksheet and finish the section on Income and Deductions. For Salaried people, most of the items here can be filled in straight from the Form 16 that their employer would have given them. In case you did not give the details about your Life Insurance Policies or other deductible investments to your employer, you can include them here now.
Step 6: If you have made donations to approved institutions, fill in the fourth worksheet.
Step 7: Calculate your tax liability using the ‘Calculate Tax’ Tab on the right hand corner of the first sheet.
Step 8: Fill the third sheet according to the tax status. If you need to get a refund, you will need to give your bank account details. If you need to pay the tax, you can pay it using your online banking facility or by going to the bank. Obtain the BSR code and the challan details and fill it in Sheet 2.
Step 9: Using tabs on the right hand corner, validate all the four worksheets. If you want you may print the sheets for your records.
Step 10: Generate xml using the tab on the right hand corner of the first sheet, save it on to your computer and then upload it on the website under submit return/AY12-13.
You will get an ITR-V as acknowledgement of your returns filed. You will need to sign it and send it to Bangalore. The address is mentioned in the ITR-V itself.
There are instructions at every step. The income tax department has made it really easy for anyone to file their own returns. In fact, they have also started the facility of getting a Tax Return Preparer (TRP) to come to your house and guide you in the process or you can get help from them online or on the phone at 18001801961.