While it
has become mandatory for certain individuals to file their tax electronically,
if you are not in that category already, you better get set to go online with
your returns because that is the way forward. Lets get started on how to file income tax online
Who needs to E-FILE?
It’s compulsory for companies to file their returns online. For FY2011-12, the
income tax department has made it compulsory for individuals with total income
above Rs 10 lakhs to e-file their return.also if you have saving account abroad,
you’ll have to take online route.
Which portal to choose?
Your choice
matrix spans the I-T department’s own
portal and stand alone tax filling portals such as www.taxspanner.com , www.taxsmile.com,
www.myitreturn.com and www.taxyogi.com, to name a few. Many larger banks and
financial planning websites such as www.perfios.com also offer this service. Some
portals also offer value added services such as refund tracking.
Online filling
While the
form is standardized across the portals, different portals have a slightly
different approach. Check their website for details. Once you have decided the
portal done registration,the documents you would have already assembled would
come in handy.
One of the most important steps in e-filing is
previewing the form. There is a good possibility that you’ve made typing
mistakes and this will allow you to make necessary changes.
Submitting the form
Before you submit the form, you will have to pay the
portal fee for their services. Once your payment goes through, you will get ITR
form in digital format from the portal. You have to upload this on the I-T
department website (www.incometaxindia.gov.in).
Take a printout of the acknowledgement receipt. Then sign
ITRV and post it to I-T department in
Bangalore within 120 days of e-filing
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