Quote ARN -99994 for all Equity/Debt and ELLS mutual funds
EUIN - E120123
File Your Return online
This is in continuation from my last year article Filing IT return for AY 2012-1013 Visit here... Most of the things are still the same. ITR -1 Users this time can file IT return on the IT site also without filling excel sheets. However I have still explained the whole process again.
The whole objective of writing this article is to make people aware about filing online IT return and the steps to file IT return online. This will help you to avoid using agent(s) and save at least some part of your hard earned money.
Before you read further, you should first always cross check on your Form -16 that the total tax paid is equal to what your last salary slip is showing. You can also check your total tax paid by looking at form 26AS on income tax website. This link is also available with almost every bank website.
Below I am explaining you a step by step process to file your IT return online. This process is only for the people who have only salary as their income OR for people having housing loans. This is currently for the Assessment year 2013-2014.
- Go to Income Tax E-Filing site
- If you do not have login id create with your unique PAN no.
- Download Excel utility to file your return .(visit here to Download ITR-1/ITR-2/ITR-3....). Now you need not to fill excel sheets for ITR-1. Straight away go to Income tax sites and fill the data in various sections/tabs. I will guide you in the following steps how to do so... For filling Excel sheet you can also see my last year's article. Nothing has been changed, you can also look in the info given to fill the various tabs , I have explained it side by side for excel sheet users also
- Choose the right form
- People who have only Salary income/Housing loan from only 1 house and interest income from PPF/Dividends less than 5000. - ITR1
- People who has salary income and house loan for more than 1 home/Stocks investment or /and interest income from PPF/Dividends more than Rs 5000.- ITR2
- People who have business income( like trading in F&O , commodities ) have to use ITR-4 or 4S.
When you open excel it may ask for the enable security, you have to do that.
Very simple to fill (do not copy past anything, else your sheet will become invalid)
Steps to fill ITR-1 form
( Imp Note: For ITR-1 you can fill return directly online. No need to fill excel sheet. However if you still want to fill excel sheet and find easy then you can do it but fill either online or excel )
( Imp Note: For ITR-1 you can fill return directly online. No need to fill excel sheet. However if you still want to fill excel sheet and find easy then you can do it but fill either online or excel )
When you log in to the IT site, on the left hand side in the Quick links section
Select Quick e-File ITR.
Here Select the form ITR-1.Assessment year - 2013-14. Select the address option. No in digitally signed buttons. Click Submit. You are all set to file your return and You will see ITR-1 form with 6 tabs.
Read the instructions carefully.
In Personal information Tab
- Fill Your personal details.
- Employment status as applicable, Private sector employees can choose "Others"
- Residential status as applicable
- Return under section 11-139(1) if you are filing before the due date and it is original (First time for the financial year) one.
- Tax Status - Choose which ever is applicable, or once you finish the other tabs choose as applicable.
Keep saving the draft to avoid hassles in case of internet failure or any other reason.
B1- Open your Form-16, Check your income charged under salaries (normally the sixth point) (Form -16 Pt 6.Income chargeable under the head 'Salaries'(3-5)). This is your salary after all HRA, Medical and Conveyance allowances. After that there are other exemptions like TAX exemption on Home loan interest etc.
The Gross total income(6-7) is your "NET TAXABLE INCOME" that will go under this text box.
( for multiple organization add this income). This Income includes income after Home Loan deductions.
B2 - If you are earning any rental income.
B3 - If there is any interest income from savings/fixed deposits (Tax exemption on bank/ other interest for income upto 10K). Above 10k mention here. Also add if there are other sources if you have any and want to declare.
Deductions under Chapter VI A (Section/tab) OR Row 45 (Item 5th in the excel sheet)
a) Fill your 80C/80CCC/80CCD contributions ( includes your PF, Life insurance,ULIP, PPF, FD>5 years) - upto 100K (1 Lakh) INR. Note: Investiment in debt funds is not part of 80c.
b) 80 CCE is for employees who are fortunate to have NPS account and their employer is providing them facility to save tax. Please fill your contribution to NPS here. Max limit 50K on for employee and 50k for employer or 10% of the basic +DA.
c) 80D your medical insurance upto 15k , 25k additional if parents are also insured and are senior citizens .
g) 80 G row is for any donations that you have made and are eligible under 80G. This is non editable as it will take the data automatically from 80G tab/Sheet.
[After filling validate the sheet using validate button ( for excel sheet users only)]
Keep saving the draft to avoid hassles in case of internet failure or any other reason.
TDS tab/sheet : is very much self explanatory. In the electronic filing on site
It should come automatically if your employer has deducted your taxes, otherwise fill in yourself. If you have more than 1 employers and it is not showing then add another row.
( I have noticed wrong data being calculated automatically in some cases, so please verify with your Form-16 that it is showing correct values)
OR
For excel sheet users
Under item 23
Fill the details of all of your employers and the total tax deducted by them. This is given on Form -16.
Under item 24.
Fill the details of the tax deducted by any other source of income say on your FD's by banks. You need to take a TDS certificate from the deductor.
Under item 25.
- Fill the details of any advanced tax you have paid. You can see these details on the ‘chalan’ certificate or on the 26AS certificate on https://www.tdscpc.gov.in/ site.
Taxes paid and verification Sheet (Verification one) - You need not worry much about this. Just fill your bank details, MICR /IFSCcode sp that in case you have refund in will come directly in your account.
80G Tab/Sheet
- Fill your 80G contributions. You need to mention the PAN of the institution also. There are 2 sections A- for Institutes eligible for 100% deduction (your 100% of the donated amount will be eligible for tax rebate) and others with 50 %( your 50% of the donated amount will be eligible for tax rebate). This amount will automatically add in the Income Tax details sheet.
After filling all the sheets ( for both ITR-1 and ITR-2 as applicable):
- Double check the details,
- If you find some tax liability towards you then first pay the tax using your online bank account through CHALAN and when Chalan receipt come in a day or 2 then revisit ( item 25) under TDS Tab/ sheet to fill the details.
- On line users can submit the sheet and download ITR-V immediately , that will also be sent to your mail id. Print this and sign it.
- Validate all of the sheets.
- Finally press calculate tax on the first sheet.
- Generate XML by clicking generate xml and Save it.
- Login to https://incometaxindiaefiling.gov.in/portal/login.do
Select assessment year AY 13-14under Submit return on Left side menu.
When return is uploaded successfully you will get a mail back from IT dept to get your ITR-V or you can get it from site itself.
Print this and sign it.
Final Step
You need to send ITR-V to Bangalore Postal address given on the form itself by simple post. You will get the receipt on your email id in 2-3 weeks.
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How to fill ITR-2
ITR-2 is not as simple as ITR-1. Only people who show their income from equity/bonds/debt funds investments and having housing loans need to fill that. People who do future and forward trading need to fill ITR-4. I will not cover that as my aim is here is to educate mainly salaried people. ITR-4 is more business oriented and need lot of exploration.
Enable all the Macros before starting the sheet.
This Excel contains 12 sheets. Go to home Sheet it will look as shown below
| Click on the sheets below | Schedules for filing Income Tax Retur |
Select applicable sheets below by choosing Y/N and Click on Apply
|
Select sheets to print and click apply
| |
1
| PART A - GENERAL | Personal Info., Filing Status |
Y
|
Y
|
2
| PARTB - TI - TTI | PartB-TI,PartB-TTI,Verification,Schedule S |
Y
|
Y
|
3
| HOUSE_PROPERTY | Schedule HP |
N
|
N
|
4
| CG-OS | Schedule CG, Schedule OS |
Y
|
Y
|
5
| CYLA-BFLA | Schedule CYLA, Schedule BFLA |
Y
|
Y
|
6
| CFL | ScheduleCFL |
Y
|
Y
|
7
| VIA | Schedule VIA |
Y
|
Y
|
8
| SPI - SI | Schedule SPI, Schedule SI |
N
|
N
|
9
| EI | Schedule EI |
Y
|
Y
|
10
| IT | Schedule AIR, Schedule IT |
Y
|
Y
|
11
| TR_FA | Schedule TR, Schedule FA |
N
|
N
|
12
| TDS | Schedule TDS1,Schedule TDS2 |
Y
|
Y
|
Choose the sheets applicable to you select Y for them and which are not select N. It will help you and avoid confusion.
- No. 1, 2 are applicable for all.
- House Prop is applicable only who has house loan or given their homes on rent.
- Sheet 4 is to disclose your short term capital gain/loss from stocks etc.
- Sheet 5 is non editable and you cannot disable it.
- Sheet 6. – CFL is if you are disclosing your Short term CG/CL. It is calculated here. Do not disable it if you are not much aware.
- Sheet VIA, 80 G are for declarations. You can disable 80bG if you have not made any donations.
- 8: SP1- SI is to disclose income for any associated member (say your wife) whose income you want to club with yours.
- 9- EI where you declare your dividends and LT capital gains.
- 10- IT sheet applicable if you have made any advanced tax payments.
- TR_FA is for people who have income from 2 countries. They need to check whether the country where they earned the money has double taxation agreement with GOI. For most of the people it should be disabled.
- TDS Is For TDS declaration by your employer or any other institution.
Sheet -1(Part- A general): It is same as Income tax detail sheet explained above.
Sheet – PART B - TI – TTI- SAL:
- In the upper part of the form (PART B-T1) it is auto fill and non editable you need not worry much about this.
- PARTB -TTI just fill your bank details, MICR code in case you have refund in will come directly in your account under the refund section. All the rows above are auto fill and non editable except Tax relief which is applicable in case you have some income from foreign country of other tax relief measures. I do not have much idea about these.
- Schedule S :Fill your salary details and Employer details from your form 16.Row # 87 – Open your Form-16, Check your income charged under salaries (normally the 3rd point) (Form -16 6.Balance 1-2). Row 88# - It is generally Item 2 in your form 16 (2.Less: Allowance to the extent exempt u/s 10) and contains Sum of (Medical Allowance, LTA, Transport Allowance and HRA). In row 92 put any "entertainment allowance" mentioned in your Form 16. All that will add to Income chargeable under the head ‘Salaries’ (3-5). You can add salaries from multiple employers in different section unlike ITR-1 where you add those. There is already provision for 2 employers and you can add more by clicking ‘Add Salaries’.
Sheet – CG- OS (other sources): I don’t have complete idea about this. However I am sharing whatever I know:
- Schedule CG: Section A – People who trades in stocks/equities can show their ST CG/CL here. In Point 2 in other assets
i) 2a- Enter the total value of stocks you sold in ST.
ii) 2b (1) Total purchase value of stocks + STT.
iii) ST CG/CL will be calculated automatically. You can carry forward your ST CL for 8 years. So you can set off your year’s loss (if any) with ST gain if you earn in next year.
- Section B – People who have long term capital gains which are taxable like debt funds (after 1 year), Property etc.
i) 2a- Enter the total value of consideration you sold in ST.
ii) 2b (1) Total purchase value of
consideration + tax if any.
iii) ST CG/CL will be calculated automatically. You can carry forward your ST CL for 8 years. So you can set off your year’s loss (if any) with ST gain if you earn in next year.
- Enter any interest income you have and other incomes here. Interest income only above Rs. 10,000 is applicable for tax so deduct 10K if you have more than Rs. 10,000 interest income.Also add you other interest incomes which are taxable.
- A
Schedule OS
Sheet – CFL: This is where you declare you losses which are carried forwards. Say you had ST capital loss of Rs 10000 last year then you fill it in ‘column H’ and in the same row date of filing your return say ‘30-Jun-2011’ and similar for property loss.
Sheet – 80G and VIA: these needs to be filled in the similar manner I have explained for ITR-1. For VIA refer ( ITR-1) and for 80G (80G tab/Sheet of ITR-1).
Sheet EI: Declare your all dividend incomes, long term non taxable capital gains (gains you have earned from stocks after keeping them for >1 year). The bank interest income up to 10000 plus other non taxable interest income like PPF can be declared here.
Sheet IT: is same as explained (Under item 25) in TDS sheet of ITR-1.
Sheet TDS: Same as explained (Under item 23, 24) in TDS sheet of ITR-1.
After filling all the sheets ( for both ITR-1 and ITR-2 as applicable):
- double check the details
- Validate all of them
- Finally press calculate tax on the first sheet.
- Generate XML by clicking generate xml and Save it.
- If you find some tax liability towards you then first pay the tax using your online bank account through CHALAN and when Chalan receipt come in a day or 2 then revisit item 25 under TDS sheet to fill the details.
- Login to https://incometaxindiaefiling.gov.in/portal/login.do
When return is uploaded successfully you will get a mail back from IT dept to get your ITR-V or you can get it from site itself.
Print this and sign it.
You need to send it to Bangalore Postal address given on the form itself by simple post. You will get the receipt on your email id in 2-3 weeks.
Disclaimer: I am neither a tax or financial expert nor doing it for any financial gains. Sole motive to write is to guide the general public. If there is any error or something wrong in it, I am not responsible for it and also looking for feedback/ suggestions from your side
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Please alsoVisit: Loans vs Investments, know-about-insurance, Investment Planning, IT return for AY 12-13
