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    Filing of Income Tax Returns: Presented By, Rosanto Anto Assistant Professor School of Law Presidency University

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    Presidency University
    Filing income tax returns provides several benefits such as claiming tax deductions, refunds, adjusting capital gains and losses, and qualifying for loans and home loans more easily. There are multiple ways to e-file income tax returns including using a digital signature certificate or generating an ITR-V form to sign and submit manually. The general process to e-file returns online involves registering on the income tax website, preparing returns using the applicable ITR form, validating, digitally signing and uploading the XML file, then printing and mailing the signed ITR-V form.

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    Filing of Income Tax Returns: Presented By, Rosanto Anto Assistant Professor School of Law Presidency University

    Uploaded by

    Presidency University
    26 views11 pages
    Filing income tax returns provides several benefits such as claiming tax deductions, refunds, adjusting capital gains and losses, and qualifying for loans and home loans more easily. There are multiple ways to e-file income tax returns including using a digital signature certificate or generating an ITR-V form to sign and submit manually. The general process to e-file returns online involves registering on the income tax website, preparing returns using the applicable ITR form, validating, digitally signing and uploading the XML file, then printing and mailing the signed ITR-V form.

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    Filing income tax returns provides several benefits such as claiming tax deductions, refunds, adjusting capital gains and losses, and qualifying for loans and home loans more easily. There are multiple ways to e-file income tax returns including using a digital signature certificate or generating an ITR-V form to sign and submit manually. The general process to e-file returns online involves registering on the income tax website, preparing returns using the applicable ITR form, validating, digitally signing and uploading the XML file, then printing and mailing the signed ITR-V form.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    26 views11 pages

    Filing of Income Tax Returns: Presented By, Rosanto Anto Assistant Professor School of Law Presidency University

    Uploaded by

    Presidency University
    Filing income tax returns provides several benefits such as claiming tax deductions, refunds, adjusting capital gains and losses, and qualifying for loans and home loans more easily. There are multiple ways to e-file income tax returns including using a digital signature certificate or generating an ITR-V form to sign and submit manually. The general process to e-file returns online involves registering on the income tax website, preparing returns using the applicable ITR form, validating, digitally signing and uploading the XML file, then printing and mailing the signed ITR-V form.

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    FILING OF

    INCOME TAX
    RETURNS

    PRESENTED BY,

    ROSANTO ANTO

    ASSISTANT PROFESSOR

    SCHOOL OF LAW

    PRESIDENCY UNIVERSITY.
    • Apart from making you a responsible citizen, filing
    tax returns allows you to-

    WHAT ARE • Claim tax deductions under several sections of the Income Tax Act
    to reduce your tax outgo.
    THE • Claim refunds on excess tax payments, particularly when TDS is
    BENEFITS OF subtracted from your income, and the total taxes you are eligible to

    FILING AN pay are less than the tax amount deducted.


    • Adjust your capital gains and losses. The Income Tax laws allow
    INCOME TAX you to adjust capital losses against capital gains, and also to carry
    RETURN? forward capital loss for the next 8 consecutive financial years.
    • Avail a loan or opt for a credit card easily.
    • Smoothen your visa process while travelling overseas as many
    countries need proof of your regular income.
    • Home loan
    • Individuals file their income tax returns online; the process is
    known as e-filing.

    E-FILING OF • As a taxpayer, you can seek professional help or file your returns

    INCOME TAX yourself by simply registering on the income tax department


    website or other relevant websites.
    RETURNS
    • While every year the due date for filing tax returns is July 31st,
    the government may offer a grace period of 15-30 days to file the
    returns online or physically.
    TYPES OF E- • You can use a Digital Signature Certificate or DSC to e-

    FILING file your tax returns. It has been made mandatory to file
    IT forms using Digital Signature Certificate (DSC) by a
    chartered accountant.
    • In case you want to e-file your tax returns without DSC,
    an ITR V form is generated which should then be printed,
    duly signed and submitted to CPC, Bangalore. This
    document must be sent by ordinary post or speed post
    within 120 days from the date of e-filing.
    • As a taxpayer, you can also e-file IT returns through an E-
    return Intermediary (ERI), with or without DSC.
    PARTIES WHO FILE INCOME TAX
    1. Assessee with a cumulative income of Rs. 5 Lakhs and above.

    2. Individual/HUF residents with assets located outside India.

    3. An assessee is to provide returns under section 139 (4B) (ITR 7).

    4. Assessee needs to provide a notice under Section 11(2) (a) to the assessing officer

    5. An assessee is required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via),

    10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.

    6. A firm that does not fall under the provisions of section 44AB), AOP, BOI, Local Authority (ITR 5), Artificial Juridical Person or

    Cooperative Society.

    7. A person who claims relief under sections 90 or 90A or deductions under section 91.

    8. A person who is a resident and has the signing authority in any account, which is located outside India.

    9. All companies.
    ITR 1 Individuals with income from salary and interest

    ITR 2 Individuals with Hindu Undivided Families not having income from business or profession

    Individuals/HUFs being partners in firms and not carrying out business or profession under
    ITR 3
    any proprietorship

    ITR 4 Individuals and HUFs having income from a proprietary business or profession

    ITR 4S Individuals/HUF having income from presumptive business

    ITR 5 Firms, AOPs, BOIs and LLP

    ITR 6 Companies other than companies claiming exemption under section 11

    Individuals including companies required to furnish return under section 139(4A) or section
    ITR 7
    139(4B) or section 139(4C) or section 139(4D)
    HOW TO • Fill your income tax returns offline and upload XML
    FILE E- on the official website which is
    IncomeTaxIndiaeFiling.gov.in
    RETURNS
    • Make necessary preparation and submit ITR 1 online.
    • log on to IncomeTaxIndiaeFiling.gov.in and register yourself on the website.
    Your Permanent Account Number (PAN) becomes your user ID.
    • Now, you can view your tax credit statement or Form 26AS. The TDS in your

    STEPS/ Form 16 must tally with the figures in Form 26AS. If not, you must correct
    the discrepancy.
    PROCESS TO • Click on the income tax return forms and choose the financial year you want

    FOLLOW TO to file your returns for.


    • Then, you need to download the ITR form which is applies to you. If your
    FILE IT exempt income exceeds Rs. 5,000, then the appropriate form will be ITR-2.
    However, you can complete the process on the portal itself, by using the
    RETURNS 'Quick e-file ITR' link, if the applicable form is ITR-1 or ITR 4S.

    ONLINE • Next step is to open excel utility, which is the downloaded return preparation
    software and enter all the details in the form using your Form 16.
    • Calculate and get an estimate of the tax payable amount by clicking the
    'calculate tax' tab.
    •Now, if applicable, pay tax and fill in the challan details.
    •Confirm all the information provided in the worksheet by clicking on the
    'validate' tab.
    •Download this in an XML file and save it on your desktop.
    •Then, go to 'upload return' on the portal's panel and upload the saved XML
    file.
    •A pop-up will appear, requesting to digitally sign the file. In case you have
    your digital signature, then, select ‘Yes'. In case you have not got a digital
    signature, select 'No'.
    •ITR Verification (ITR-V), which is the acknowledgement form will be
    generated in a downloadable format.
    •Generate a printout of the form ITR-V and sign it only in blue ink.
    •Send this form to the Income-Tax Department-CPC, Post Bag No. 1,
    Electronic City Post Office, Bangalore, 560 100, Karnataka, by ordinary or
    speed post, within 120 days of filing your returns online.
    THANK YOU

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