How to file the Income tax return?
Filing of returns can be done in two ways;
Returns are prepared manually using traditional paper form. There are two ways in offline:
- We can submit the filled ITR form at the nearest income tax office where we want to submit our return or
- We can use the services of Chartered Accountant or any tax return preparer (TRP) who are certified ones by IT dept. We may have to shell out some money for their services which range from Rs.200 to 2000. We should not attach any documents or any proofs. These are needed when you are called for assessment by ITO by lottery as most of the cases are settled by summary assessment. Refunds if any will be credited automatically for the most of the cases on summary assessments.
- Electronically we can file the return using internet. This is called e-filing. Nowadays many employers are using digitally signed Form no.16 and issues to employees. If this is available, then the filing agencies will do the rest for employees by way of filling and filing without presence of employee and their signature.
- Filing of returns by companies is compulsory but it is optional for salaried class.
There are several of websites are available for input for online filing. Simply we have to enter the details of form no.16 in the software of the website. It will automatically generate an electronic return in XML format. This can be saved in desktop and then it needs to be uploaded on www.incometaxindiafiling.gov.in which is a Govt site for income tax filing. The major web sites which offer this facility are www.taxspanner com, www.taxsmile.com etc. Even Govt own site is there called www.incometaxindiaefiling.gov.in/portal/index.jsp. In this, we have to use our PAN as the user name for registering in the site. This site is offering free service. Many of the web-sites take some fee for uploading the files in income tax site. For complicated returns like business income etc, taxspanner.com site is generally preferred. The person who upload the file will get acknowledgement ITR-V from IT dept by email. Keeping a photocopy of this acknowledgement, the original need to be submitted or couriered to a specific IT office in Bangalore within 30 days. The address of the IT office in Bangalore is as follows:
Income tax dept CPC,
Post Box no.1,
Electronic City post office,
Then this e-filing of return will be treated as E-filing with signature. Suppose if any one is having Digital signature (DS), then there is no need to send the above to Bangalore.
What is DS
Digital Signature is nothing but authenticated signature of any particular person. This is similar to handwritten signature on any documents. Websites are charging some amount for DS and it is valid normally for 2 years. Govt has authorized many websites /agencies to do this job. To get DS from a tax site, we have to download the relevant form, then fill it up and attach the required documents like address and identity proof. This packet needs to be sent to the specified address in the website by post or courier mode. Within 15 days to one month, we can get our authorized DS. This DS will be useful for big business houses etc. for many deals including income tax matters.
C. R. Venkataramani