TIPS & QUICK GUIDE FOR e-FILLING INCOME TAX

                      FEW TIPS FOR FILLING INCOME TAX

Tax filing will be done under Assessment Year 2015-16 0r is called as Financial Year 2014-15

CBDT vide order u/s 119 extended the due date for filling e-return for AY 2015-16 to July 31 to August 30 th of 2015 for certain classes of tax payers.

CBDT has notified ITR 1,ITR 2,ITR 2A, ITR 4S for AY 2015-16 and amended Rule 12.These forms will substitute earlier form ITR 1,ITR 2 & ITR 4S.This is as per notification 49/2015 dated 23/06/2015.

Software for e filing through Java and Excel are already available online after logging in through e-filing sites.

Advance tax

If the Income tax liability is more than Rs.10000/=it is liable for paying advance tax. Usually for individual salaried it is paid by the employer itself and hardly any liabilities remain but in any case its earnings increase under heading “Other incomes”;Advance Tax to be paid on regular interval at on or before 15 September(30%),15 th Dec(60%  of Tax liability) and 15th March(100%)

26AS form It is also popularly known as Tax credit. You can find all your tax deducted at source through various accounts/deposits/funds (if one get interest on regular basis)

A quick guide that will help you e-file your tax returns. Do keep in mind that the last date for filing your returns is August 30, 2015.

LIST OF THINGS YOU NEED WHILE e-filing your tax

A PC or a Laptop

Internet connection

PAN Card

Aadhar Card

Bank Statement

Copy of last year income tax return

Form 16 issued by your employer

e-File YOUR INCOME TAX RETURN:-

·    Log on to the Income tax website-www.incometaxindiaefiling.gov.in. Register yourself by clicking the icon on the right side of the page. If you need assistance call 1800-425-000-25.One must have a PAN CARD,Aadhar Card,email address and a Mobile Number to register with the Income tax site.

·    Download the Income Tax Return (ITR) form applicable to you. Enter your details by referring your documents i.e FORM 16 by employer.

    Form 16 is a certificate your employer gives you when the TDS deducted on your salary is certified. Form 16 has most of the information like PAN and TAN details of your employer, name and address of your employer and similar details for you are mentioned which have to be filled in the return. You will see a number which is your 'total taxable salary' and that is the number you will have to pick to submit under the head salary in your return.

Most of us earn a savings bank account interest or have some fixed deposits put away. This interest earned has to be added to your return under income from other sources.

    If you have any other bonds you subscribed to, where interest is accumulated, add this interest to your return. As a rule, interest income on deposits and bonds when it is accrued each year, rather than when it is paid on maturity.

If you have taken a home loan to own a house and you live in that house, you get a deduction for the interest for the financial year. The interest amount is your loss, which will get adjusted against your salary and other income.

    If you have rented out your house, the rental income is offered for tax. You can deduct property taxes paid by you and a standard 30 per cent from the net amount (rental income less property taxes) is also allowed. For a rented property the entire interest on home loan is deductible. You'll also need to provide details of the property, address, date of construction, information about co-owners etc.

Also ensure that you have included all your Deductions 80C to 80U and Medical insurance (80D to 80G).This will be deducted from your gross Income and you are liable to pay low taxes.

     Once you have filled in the details, you need to validate the data, without which you will not be able to move ahead.

·       After validation of the information in the Excel sheet save the file in XML format. Please ensure you save the file in the correct format. Upload the XML file on the website. Do remember to select the appropriate assessment year (2015-2016) and the applicable form.

Download your TDS i.e form 26AS from Income tax site against your PAN NO.All the interest earned during the financial year 2014-15 against your bank account is available here, and/or

Add up your interest earned from Bank’s saving account wef April 2014 to March 31,2015 in the column as “Other Interest”.

This can be got it from Banks Interest certificate.

For Self assessment tax which was not deducted before 31^st March 2015, an excess tax as calculated by the site on XML sheet is to be filed through e-pay Tax and will be automatically directed through the form itself. This will be only paid by card Debit card.

·       Next you will be directed the digital signature option. If you have a digital signature,you can add it here. Otherwise, you can proceed further where you will get an alert that the process is complete. You will receive the ITR verification Form (ITR-V) in your mailbox.

·       Take a print out of your ITR-V. If you don't have a digital signature sign the ITR-V with a blue ink pen and send it by post to the Income-Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore - 560 100, Karnataka.

·         This has to be done within 120 days of filing your e-return.