Skip to main content

Income Tax process and e-filing


http://financeminister.in/income_tax_calculator.php

https://incometaxindiaefiling.gov.in

Below I am listing the step-by-step activities of the Tax Process that a working professional need to do in a given Financial Year. Here FY refers to Financial Year  and  AY refers to Assesment Year.

  1. Each month we will pay the Tax (From APRIL 20xx to MARCH 20xx+1) through our Employer for the FY 20xx – 20xx+1.
  2. In the month April 20xx, we will give the investment details to the employer (in our employer specified portal) for the FY 20xx – 20xx+1.
  3. In the month January 20xx+1, we will give the investment proof details , Rent receipts… to the Employer Finance Department for the FY 20xx – 20xx+1.
  4. In the month MAY/JUNE 20xx+1, employer gives the Form 16 for the FY 20xx – 20xx+1 to us (The proof given by the employer to the employee for the tax paid by the employee).
  5. In the month July 20xx+1 (on or before July 31st of every year), we will fill the ITR forms (earlier it was NayaSaral form) and will file the ITRs (e-filing) for the FY 20xx – 20xx+1 @ the Income Tax url : https://incometaxindiaefiling.gov.in and after we complete the e-filing, we will get ITR-V (a PDF file)  as a proof. We will send a signed copy of this PDF to Income Tax department.
  6. Later Tax department will send us a confirmation mail to our mailId for the tax paid.

How to do the E-Filing :

  1. Download the ITR form from the URL : https://incometaxindiaefiling.gov.in/portal/individual_huf.do
  2. Fill the appropriate ITR form and generate XML from it (please find below for detailed steps).
  3. Go to https://incometaxindiaefiling.gov.in and register and create a user id/password.
  4. Please note that the name to be given while registering should be exactly similar to the name appearing in your PAN card.
  5. Go to “Submit Return” and select the assessment year.
  6. Now select the appropriate type of Return Form and select whether the form is digitally signed.
  7. Browse to select XML file and click on “Upload” button.
  8. On successful upload acknowledgement details would be displayed. Click on “Print” to generate printout of acknowledgement/ITR-V Form.
  9. ITR V is a pdf file and password protected. The password will be your PAN number in small letters plus date of birth in ddmmyyyy format without spaces.
  10. 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.
  11. 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. A duly signed ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka, ”    BY ORDINARY POST OR SPEED POST ONLY   within 120 days of transmitting the data electronically. ITR-V sent by Registered Post or Courier will not be accepted.

Please keep in mind the below points when you fill the ITR form:

  1. When you fill ITR form, enable the macros in the xls. In Excel 2007, it appears in a tab “Security warning” – enable that option.
  2. Enter the values only in the GREEN colored xl cells.
  3. Use TAB to navigate through the data entry cells on the sheet.
  4. Dates must always be entered as dd/mm/yyyy formats  (ex : 14/03/2010).
  5. Click  ”Next/Previous”  to navigate between the sheets.
  6. After you fill a sheet, click the “Validate” button.
  7. Click on ‘Calculate Tax’ button on the ‘Income Details’ sheet.
  8. Save your Excel File once your work is completed.
  9. After above steps completed for all sheets, click on Generate XML from any of the sheets.
  10. The XML file is now saved in the same folder in which the Excel utility is saved, and can be uploaded.
Dos and Dont’s for printing and submitting of ITR-Vs to ITD-CPC Bangalore

  1. Please use Ink Jet /Laser printer to print the ITR-V Form.
  2. The ITR-V Form should be printed only in black ink.
  3. Ensure that print out is clear and not light print/faded copy.
  4. Please do not print any water marks on ITR-V. The only permissible watermark is that of “Income tax Department” which is printed automatically on each ITR-V.
  5. The document that is mailed to CPC should be signed in original in BLUE INK.
  6. Photocopy of signatures will not be accepted.
  7. The signatures or any handwritten text should not be written on Bar code.
  8. Bar code and numbers below barcode should be clearly visible.
  9. Only A4 size white paper should be used.
  10. Avoid typing anything at the back of the paper.
  11. Perforated paper or any other size paper should be avoided.
  12. Do not use stapler on ITR V acknowledgement.
  13. In case you are submitting original and revised returns, do not print them back to back. Use two separate papers for printing ITR-Vs separately.
  14. More than one ITR-V can be sent in the same envelope.
  15. Please do not submit any annexures, covering letter, pre stamped envelopes etc. along with ITR-V.
  16. ITR-Vs that do not conform to the above specifications may get rejected or acknowledgement of receipt may get delayed.

No Income Tax Return needed for individuals having income below 5 Lakh from FY 2010-11

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.

For more details, visit:

http://www.incometaxindia.gov.in/home.asp
http://www.incometaxindia.gov.in/archive/PressRelease_ExemptEfilingSalaryPerson_06232011.pdf

To get an idea about which ITR form to use :




Comments

  1. This comment has been removed by a blog administrator.

    ReplyDelete
  2. View your tax credit statement — Form 26AS — for the financial year 2012-13 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. NJ tax

    ReplyDelete

Post a Comment

Popular posts from this blog

ATG - more about Forms and Form Handlers

An ATG form is defined by the dsp:form tag, which typically encloses DSP tags that specify form elements, such as dsp:input that provide direct access to Nucleus component properties. Find below a sample dsp:form tag.    <dsp:form action="/testPages/showPersonProperties.jsp" method="post" target="_top">      <p>Name: <dsp:input bean="/samples/Person.name" type="text"/>      <p>Age: <dsp:input bean="/samples/Person.age" type="text" value="30"/>      <p><dsp:input type="submit" bean="/samples/Person.submit"/> value="Click to submit"/>    </dsp:form>   When the user submits the form, the /samples/Person.name property is set to the value entered in the input field.Unlike standard HTML, which requires the name attribute for most input tags; the name attribute is optional for DSP form element tags. If an input tag omits the n...

Basic design decisions for a commerce search setup ( with an ATG Search view)

In this blog I would like to explain the basic set of configuration/design decisions needed to setup an ATG search project. Most of these design decisions are common for all Enterprise search applications. 1. Decide the searchable properties :   This means the properties that the business want the user to search in the ecommerce platform. In ATG search these are configured as the text properties in the product-catalog-output-config.xml ( the definitionFile of the \atg\commerce\search\ProductCatalogOutputConfig). Usually the displayName of product/sku, displayName of department/category/sub-category, skuId, brandName are the properties configured as searchable. 2. Decide the search refinement properties or the faceted properties :   After a user search for a keyword, search refinement is the next step done to filter his results. ATG supports the search refinement using the Faceted Search concept. Read more about facted search @...

Display date and time for a DATE field @ SqlDeveloper

For date fields, by default SQL Developer will display only the date without time. To set it to display the time as well, do the following: Go to SQL Developer –> Tools >> Preferences. Select Database >> NLS Parameters from the left panel. From the list of NLS parameters, enter DD-MON-RR HH24:MI:SS into the Date Format field. Save and close

ATG Search troubleshooting tips

In this blog, I have listed some basic ATG Search troubleshooting tips in some general scenarios. 1. If the index did not deploy, consider the following possible causes : Is the DeployShare property configured @ /atg/search/routing/LaunchingService component ?  Is enough space available @ deployment share box for the index ?  Are the RMI ports configured correctly in the RoutingSystemService component ?  If the search engine application is running in a separate box, this application is invoked through a RemoteLauncher running in these boxes. Check whether these RemoteLaunchers are running in these boxes ? 2. If you have trouble in launching one or more search engines, try the following remedies: If the Search engine is standalone, set the /atg/search/routing/LaunchingService component’s engineDir property to the absolute path of the Search engine directory.  3. Search unavailable in the estore page, even when the SearchEngine is in "Running" st...

Lucene, sample JAVA code to Search an indexed file folder

Please find below the Lucene sample JAVA code to search the files inside a folder. This code will search the indexed folder for a search query in an indexed field. This java code is expecting the index path ( where the index files were created ) , field which need to be searched and the query need be searched as program arguments like  "java SearchFiles [-index dir] [-field f] [-query string]" . import java.io.File; import java.util.ArrayList; import org.apache.lucene.analysis.Analyzer; import org.apache.lucene.analysis.standard.StandardAnalyzer; import org.apache.lucene.document.Document; import org.apache.lucene.queryParser.QueryParser; import org.apache.lucene.search.IndexSearcher; import org.apache.lucene.search.Query; import org.apache.lucene.search.ScoreDoc; import org.apache.lucene.search.TopDocs; import org.apache.lucene.store.FSDirectory; import org.apache.lucene.util.Version; public class SearchFiles { public static void main(Stri...