How to do E-filing of returns
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E-filing is the process of electronically filing income tax returns through the internet. It is mandatory for companies and firms requiring statutory audits to e-file for Assessment Year 2007-08. There are three options for e-filing - using a digital signature so no paper return is needed, filing without a digital signature and submitting an ITR-V verification form, or filing through an e-return intermediary who assists with the process and ITR-V form. For non-digitally signed returns, taxpayers must generate and print an ITR-V form to verify and submit within 15 days to complete the return filing process.
How to do E-filing of returns
- 1. How To e-file your Returns
- 2. What is e-Filing? The process of electronically filing Income tax returns through the internet is known as e- Filing. It is mandatory for Companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2007-08. – Any Company/Firm requiring statutory audit u/s 44AB return submitted without a e-Filing receipt will not be accepted. e-filing is possible with or without digital signature.
- 3. Types of e-Filing There are three ways to file returns electronically Option 1: Use digital signature in which case no paper return is required to be submitted Option 2: File without digital signature in which case ITR-V form is to filed with the department. This is a single page receipt cum verification form. Option 3: File through an e-return intermediary who would do e-Filing and also assist the Assessee file the ITR V Form .
- 6. Change in Procedure of e-Filing Type Change For Digitally signed Returns No change Paper Returns – Two step Procedure After uploading data – Instead of filing paper return Assessee to file verification Form Called ITR-V (Combination of Acknowledgement of e-return & Verification) Paper Returns – through e - intermediaries
- 7. e-Filing Process – At a glance Select appropriate type of Return Form Download Return Preparation Software for selected Return Form. Fill your return offline and generate a XML file. Register and create a user id/password Login and click on relevant form on left panel and select "Submit Return" Browse to select XML file and click on "Upload" button On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
- 8. 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. 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. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.
- 9. A financially aware and empowered India.