You have time till Saturday to file your tax returns, here's what you need to do?

How to prepare and file ITR completely online ?

You have time till Saturday to get all your tax papers in order. People with salary income who are eligible to use ITR 1 or ITR 4 form can file their tax return completely online via the income tax e-filing website without having to download any form/software.

Using this method, a person can fill the form online by entering the relevant information and finally submit it online as well.
This step by step guide will help you do the same.

1. Visit the e-filing website: https://incometaxindiaefiling.gov.in/

2. If you are a first time user or filing your returns for the first time then click on the 'New Registration' tab and register yourself by providing relevant details and creating your profile and password. While creating your user ID, you must ensure that you have an active e-mail id and mobile number and it is mentioned correctly.
It is important as communication by the department will be sent on this. Registration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. For any assistance, one can click on 'Customer care tab' to get the helpline number and call the customer care centre.

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3. Next click on login tab and enter the required details: your user ID i.e. your PAN, password, date of birth (mentioned on the PAN card) and captcha code. Click on log-in button at the bottom to sign in.

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4. After signing in, your account dashboard will open up as shown in the picture below. Click on the 'e-file' tab and select the 'Prepare and submit ITR online' option.

Online Tax Registration

5. Next, select the relevant form and assessment year for which the return has to be filed. Here taxpayer can pick his address either from the PAN database, from previously filed return or fill in new address. The department here asks you whether you want to digitally sign your return. If selected 'Yes', you are required to upload your signature which needs to be pre-registered at the income tax website.

ITR

6. Click on the 'Submit' button and the website will redirect you to the page for filling the form selected by you. Before starting to fill the ITR form, one should read the 'General Instructions' given at the start of the form to know do's and don'ts.

7. After that you will be asked to fill in required information in different tabs i.e. General information, Income details, Tax details and taxes paid in the ITR form. One should ensure that the Tax payable shown in the online form matches your calculations.

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8. Before making a final submission, it is advisable to save the data entered and recheck it to avoid any mistakes. Once 'Preview and Submit' button is clicked, your form will appear allowing you a preview of your ITR form before final submission is made.

9. Once the 'Submit' button is clicked, your ITR will be uploaded and you will be asked to verify your return using any of the options available.

10. If you have already registered your digital signature, you will be asked to upload the same while submitting your ITR at the final step. Once it is uploaded and submission has been made, process of ITR filing is completed and no further verification is needed. You will not be required to send acknowledgement/ITR V in physical to CPC, Bengaluru.

11. However, if you do not have/haven't uploaded the digital signature while filing the return, then you can verify your return either electronically using Aadhaar OTP or Electronic Verification Code method or by sending a signed print out of the ITR V to CPC, Bengaluru within 120 days from the date of e-filing.

12. An Acknowledgement/ ITR V will be simultaneously sent to you on your registered email ID once your return is successfully uploaded. This acknowledgement will also show up in your account on the e-filing website from where you can download it if required.

13. The department will process your ITR once you verify it. After your ITR is processed, you will be intimated about the same via mail and sms on your registered mobile number.
Original Source: http://bit.ly/2w92bX8

You may consult with the Tax Consultant in India/ Tax Advisor in India for any kind of help.

NRIs need not give account details if seeking no refund: CBDT

Non-resident Indians (NRIs) won’t be required to disclose their overseas bank accounts in the income tax return form, the Central Board of Direct Taxes (CBDT) has said. “It is not a mandatory field in the return. It is there only for those who wish to seek refunds,” CBDT chairman Sushil Chandra told reporters on the sidelines of an Income Tax Department event on Monday.

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Chandra was responding to queries on the new return form seeking details of bank accounts held outside India by non-residents, excluding dormant accounts. ET earlier reported that some NRIs were confused by a column in the return form seeking details of bank accounts.
The CBDT received representations last year from NRIs in which they asked for an option to provide foreign account numbers as there was no provision to mention them. “A number of representations were received from non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose,” a CBDT statement later said.
In view of this, space has been provided in the return for reporting of details of overseas bank accounts by NRIs who don’t have accounts in India and are claiming income-tax refunds, it said. “Therefore, the non-residents who are not claiming refund or non-residents who are claiming refund but having a bank account in India are not required to furnish details of their foreign bank account in the return of income.
However, the non-residents, who are claiming income-tax refund and not having bank account in India may, at their option, furnish the details of one foreign bank account in the return of income for issuance of refund,” the statement said.
Source: http://bit.ly/2uUBZSj

Documents needed for filing Income Tax Returns in India

 

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Income Tax Return (ITR) is a kind of self-assessment of income tax. You should complete this formality to get the tax refund, if any. Although income tax return filing has become easier, it will help if you keep your documents ready.

ITR is also required if you are trying to apply for a bank loan. If you plan to emigrate to another country, the visa officers would ask to see your ITRs. It is also necessary if you plan to move out of a salaried job and want to start up a new company.

Documents for E-filing ITR or Income Tax Return :

Here is a list of some important documents which are needed at the time of ITR:


1. Pan Card
2. Bank account information
3. TDS certificates (if applicable)
4. Tax payment challans (Self-assessment, advance tax)
5. In case of revised return/return in response to a notice received from Department of Income-tax - You need the details of Original return/details of notice 
 
Details are here:
 
1. PAN card :
The first thing you need while filing your Income tax return is your PAN Card.Having a valid PAN is a prerequisite for filing your Income tax return. PAN is your identity proof and quoting PAN is mandatory in various documents including your Income tax return.

2. Form 16 received from your Employer :
For salaried individuals, tax is deducted from your salary before it is credited to your account. The employer, at the end of the fiscal year, will provide you with your Form-16, which contains your salary details, the tax exemptions under various heads based on the documents you have provided to your employer, and your personal information. This Form 16 – in two documents: Form 16A and Form 16B – is mandatory to file your ITR.

3. Form 16 A received from Banks :
Form 26 AS can be downloaded from the TRACES website. It shows Tax deducted and deposited on your behalf by the deductors. It is provided by Income Tax department.In simple terms, it shows the total tax paid against your PAN during a financial year.You can easily download it by logging your Income Tax E-filing Account.As you login and select Form 26 AS option you shall be redirected towards the TRACES website,from where you can get your Form 26 AS.
 
4. Property Details :
If you have bought or sold any property during the financial year, you need to have details as to ownership,any rental income, purchase or sale date,sale proceeds etc.In case of property sold,you have to give details of any short term or long term capital gains thereon .

5. Business/Professional Income Details :
If you are a sole proprietor, a freelancer, a blogger, an artist or any other professional etc. you should have details of your turnover or receipts, any expenses incurred to generate such revenue like remuneration, travelling expenses, depreciation,telephone and internet bills and other supporting documents.

6. Self assessment Challan/Advance tax Challan :
If you have paid any self assessment tax or any advance tax, you need the respective challan to fill in the respective details in your Income tax return or ITR Form.

So just keep the above mentioned documents while filling the Income Tax Returns. You may consult with the Tax Consultant in India/ Tax Advisor in India for any kind of help.