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What you must know about e-filing

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Updated: Tuesday, July 10, 2012, 12:25 [IST]
 
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What you must know about e-filing

1. The last date for filing your income tax returns for the previous year 2011-12 (AY - 2012-13) is July 31, 2012.

2. The Central Board of Direct Taxes (CBDT) has made e-filing of income-tax returns mandatory for all assessees whose annual earnings exceeded Rs 10 lakh during the fiscal 2011-12.

The process of electronically filing income tax returns through the internet is known as e-filing.

3. There are 3 ways to file returns electronically.

  • a. With a digital signature, in which case no further action is required.
  • b. Without digital signature.
  • c. Through an e-return intermediary.

4. To file your returns online, you need to log onto the website of the Income Tax department (www.incometaxindiaefiling.gov.in). If you have not registered, you can do so with the help of your permanent account number (PAN). Download the appropriate form, fill it in and follow the instructions.

5. Once you successfully file your returns online, your ITR-Verification form will be sent to your registered e-mail ID (if you do not have a digital signature). Get a print out of the ITR-V, sign it and send it by ordinary/ speed post to the Income Tax Department-CPC, Post Bag No 1, Electronic City Post Office, Bengaluru, Karnataka 560100. You should do this within 120 days of filing your returns on-line.

On the home page of the e-filing website mentioned earlier, do read the link on the "Dos and Don'ts for printing and submitting of ITR-Vs  https://incometaxindiaefiling.gov.in/portal/Dos_Dnot_ITRV_printing.html".

6. Websites like Taxspanner.com, Taxyogi.com, Taxsmile.com, taxshax.com, myITreturn.com, EasyITfiling and Etaxmentor offer e-filing of tax returns. The rates differ on whether you take a basic package or a more advanced one where services such as a professional going through the returns and other facilities are provided.

You can buy your mutual funds online at www.fundsupermart.com

Author: iFAST Content Team

This document is for information purpose only. This document and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securities/schemes or any other financial products /investment products mentioned in this article or an attempt to influence the opinion or behavior of the investors /recipients. Any use of the information /any investment and investment related decisions of the investors/recipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice.

Topics: tax
Story first published:  Tuesday, July 10, 2012, 12:00 [IST]
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