Income Tax Department issued newly Notified Forms for Filing Income tax return this year.
Last date for Filing for the Individual Salaried and Self employed person i.e is 31st Aug. 2015 instead of 31st July 2015 only this year. Here is a quick 10 steps guide to file your tax return for the year 2015
Step 1: Create your e-filing account
In order to create an e-filing account, you should visit the Income Tax website https://incometaxindiaefiling.gov.in and click on 'Register Yourself' which will prompt you to fill your personal details. Once your e-filing account is created, login to your account with your user ID (ie PAN) and password.
Step 2: Download Form 26AS
Click on the 'View Form 26AS (Tax Credit)' link displayed under the Quick Link menu on the left hand side of the screen to generate Form 26AS. Form 26AS is a consolidated tax statement issued to a tax payer which summarizes the amount paid against each PAN number. It summarizes the TDS, Advance tax, Self assessment tax paid in your name. The password to open your Form 26AS is your date of birth in ddmmyyyy format.
Step 3: Download the income tax return form
Click on the 'Download ITR' link which is also displayed under the Quick Link menu on the left hand side of the screen. Thereafter download the income tax return form. Checkout Below in Note for Forms Details. After downloading the income tax return form, a zip file will be saved on your computer.
Note on Newly Income Tax Forms :
For Individuals having Income from Salary / Pension, Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)]This form CANNOT BE USED by an individual if income for the year includes :
ITR - 2A-
For Individuals and HUFs who does not have capital gains, income from business/profession or foreign asset/foreign income.
ITR - 2-
For Individuals and HUFs having Income from
ITR - 3-
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
This return form is to be used by an Individual/HUF having income from
This form CANNOT BE USED by an individual if income for FY 2012-13 includes
ITR - 4-
For Individuals and HUFs having income from a proprietory business or profession
ITR - 5-
For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons.
ITR - 6-
For Companies other than companies claiming exemption under section 11
ITR - 7-
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
Step 4: Fill the details in the Tax return form-
Extract the excel form utility from the downloaded zip file and enable the macros in the Excel form. Carefully follow the instructions and fill the following details:
•Mention the basic details which include your name, PAN, complete address, date of birth, e-mail ID, mobile number, whether the return is original or revised, and residential status.
•Fill the details of income earned and deductions claimed under Chapter VI-A. You can refer to your Form 16 and Form 26AS. However, you will also be required to report any other income or investment eligible for deduction which was not reported to your employer.
•Enter the details of tax deducted by the employer and other deductors and self-assessment / advance tax paid, if any.
•Enter your bank details, which include your bank account number, preferred mode of receiving any refund amount (ie by cheque or direct deposit), type of bank account and IFSC code.
Step 5: Validate the details
Click on the 'Validate' button provided on all the sheets. This ensures that all the details have been captured in the return. In the case you omit anything; the sheet will automatically prompt you to fill in the missing details.
Step 6: Calculate your tax liability
Click on 'Calculate Tax' after you have filled all the details. In case the return form shows any tax payable, then you should deposit the amount and enter the challan details in the return form.
Step 7: Generate the XML file
Once all taxes have been paid, click on the 'Generate XML' tab and save the xml generated file on your computer.
Step 8: Submit the income tax return
You should go to your e-filing account on the income tax website and click on 'Upload Return'. Fill the ITR Form, Name, Assessment Year. Thereafter upload the XML file and click on 'Submit'. After this an ITR-V will be generated and sent to your e-mail ID mentioned in the tax return. ITR-V is an acknowledgement-cum-verification form.
Step 9: Send the signed ITR-V to the Income Tax Department
You should take a print of ITR-V and sign it in blue ink. Therafter you should send it by ordinary post or speed post to 'Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100. The signed ITR-V should be sent within 120 days of uploading the return.
Step 10: Check the ITR-V receipt status
On receipt of the signed ITR-V, the Income Tax Department will send an e-mail acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax return. You will also receive an SMS on your mobile number acknowledging the receipt of tax return.