E filing of income tax

Dr. C. PARAMASIVAN,Dr. C. PARAMASIVAN,
Assistant Professor of Commerce
PERIYAR E.V.R.COLLEGE (Autonomous)
Tiruchirappalli
Dr. C. PARAMASIVAN,Dr. C. PARAMASIVAN, Ph.D., D.LittPh.D., D.Litt
Assistant Professor of Commerce
PERIYAR E.V.R.COLLEGE (Autonomous)
Tiruchirappalli - 23

TAX SYSTEMTAX SYSTEM
Direct tax
Indirect tax
TAX SYSTEMTAX SYSTEM

ee--Filing of Income Tax ReturnFiling of Income Tax Return
(ITR) Online(ITR) Online
 As per section 139(1) of the Income
individuals whose total income during
maximum amount not chargeable
tax returns (ITR).
 The process of electronically
known as e-filing. You can either
your returns yourself from the comfort
on the income tax department website
date for filing tax returns (physical
Filing of Income Tax ReturnFiling of Income Tax Return
Income Tax Act, 1961 in the country
during the previous year exceeds the
chargeable to tax, should file their income
electronically filing income tax returns is
either seek professional help or file
comfort of your home by registering
website or other websites. The due
(physical or online), is July 31st.

Who should eWho should e--file income taxfile income tax
returns?returns?
Online filing of tax returns is easy and can
Assessee with a total income of Rs. 5 Lakhs
Individual/HUF resident with assets located
Assessee required to give a notice under
A firm (which does not come under the
Artificial Juridical Person, Cooperative
An assessee required to furnish returns
A resident who has signing authority in
A person who claims relief under sections
91.
All companies.
file income taxfile income tax
can be done by most assessees.
Lakhs and above.
located outside India.
under Section 11(2) (a) to the assessing office
the provisions of section 44AB), AOP, BO
Society and Local Authority (ITR 5).
returns U/S 139 (4B) (ITR 7).
in any account located outside India.
sections 90 or 90A or deductions under sectio

Types of eTypes of e--FilingFiling
 Use Digital Signature Certificate
mandatory to file IT forms using
(DSC) by a chartered accountant
 If you e-file without DSC, ITR
should then be printed, signed
Bangalore by ordinary post or
from the date of e-filing.
 You can file e-file IT returns
Intermediary (ERI) with or without
FilingFiling
Certificate (DSC) to e-file. It is
using Digital Signature Certificate
accountant.
ITR V form is generated, which
signed and submitted to CPC,
or speed post within 120 days
returns through an E-return
without DSC.

Checklist for eChecklist for e--
ReturnsReturns
 How to choose the right form to file your taxes
electronically
 It can be confusing deciding which form to submi
when filing your tax returns online.
 The different categories of Income Tax Return
(ITR) forms and who they are meant for are
tabulated below.
--Filing ITFiling IT
How to choose the right form to file your taxes
It can be confusing deciding which form to submi
when filing your tax returns online.
The different categories of Income Tax Return
(ITR) forms and who they are meant for are

ITR 1 (SAHAJ)ITR 1 (SAHAJ) Individuals with income from salary and interest
ITR 2ITR 2
Individuals and Hindu Undivided Families (
from business or profession
ITR 3ITR 3
Individuals/HUFs being partners in firms and not carrying out busin
or profession under any proprietorship
ITR 4ITR 4
Individuals and HUFs having income from a proprietary business or
profession
TR 4S (SUGAM)TR 4S (SUGAM) Individuals/HUF having income from presumptive business
ITR 5ITR 5 Firms, AOPs, BOIs and LLP
ITR 6ITR 6 Companies other than companies claiming exemption under section
ITR 7ITR 7
Persons including companies required to furnish return under sectio
139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
Individuals with income from salary and interest
Individuals and Hindu Undivided Families (HUF) not having incom
from business or profession
Individuals/HUFs being partners in firms and not carrying out busin
or profession under any proprietorship
Individuals and HUFs having income from a proprietary business or
Individuals/HUF having income from presumptive business
Firms, AOPs, BOIs and LLP
Companies other than companies claiming exemption under section
Persons including companies required to furnish return under sectio
139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

heckheck youryour taxtax creditcredit -- FormForm 2626ASAS vsvs
You should check Form 26AS before filing
of tax deducted from your salary and
your employer. You should ensure that
per your Form 16 matches with the figures
returns without clarity on errors, you will
aimaim 8080G,G, savingssavings certificatescertificates andand
You can claim extra deductions if you forgot
also claim deductions under section
institutions.
nterestnterest statementstatement -- InterestInterest onon savingssavings
A deduction for up to Rs.10,000 is allowed
accounts. However, interest earned on
your taxable income and is taxable at applicable
vsvs.. FormForm 1616
filing your returns. It shows the amoun
and deposited with the IT department b
that the tax deducted from your income a
figures in Form 26AS. If you file you
will get a notice from the IT department
andand otherother deductionsdeductions
forgot to claim them. Similarly, you ca
80G on donations made to charitab
savingssavings accountsaccounts andand fixedfixed depositsdeposits
allowed on interest earned on saving
on bank deposits, if any, forms a part o
applicable slab rates.

DEDUCTIONS U/S 80
Section 80C/ Section 80CCC/ Section 80CCD
Rs.1,50,000+50,000
Section 80D
Rs 25,000. For Senior Citizens it is Rs 30,000.
Section 80DD
Rs 75,000
Section 80DDB
Rs 40,000 for Senior Citizens is Rs 60,000 and for very Senior Citizens Rs 80,000.
Section 24 (B)
Rs 2,00,000
Section 80EE
Rs 50,000 on home loan interest payments u/s 80EE.
Section 80U
Fully allowed
Section 80GG
Rs 60,000
Section 80G
Fully allowed/Partly allowed
Section 80E
Fully allowed
Section 87A Rebate
Rs 5,000
Section 80 TTA
Rs. 10,000/-,
DEDUCTIONS U/S 80
Rs 40,000 for Senior Citizens is Rs 60,000 and for very Senior Citizens Rs 80,000.

 In addition to the above, have the following at
hand.
Last year's tax returns
Bank statements
TDS (Tax Deducted at Source) certificates
Profit and Loss (P&L) Account Statement,
Balance Sheet and Audit Reports, if applicable
 Ensure your system is equipped with
 Java Runtime Environment Version 7 Update 6 or
above
In addition to the above, have the following at
Last year's tax returns
TDS (Tax Deducted at Source) certificates
Profit and Loss (P&L) Account Statement,
Balance Sheet and Audit Reports, if applicable
Ensure your system is equipped with
Java Runtime Environment Version 7 Update 6 or

List of Documents for eList of Documents for e
Tax ReturnsTax Returns
General details
 Bank account details
 PAN Number
Reporting Salary Income
 Rent receipts for claiming HRA
 Form 16
 Pay slips
List of Documents for eList of Documents for e--filing offiling of
Reporting Salary Income
Rent receipts for claiming HRA

portingporting HouseHouse PropertyProperty IncomeIncome
Address of the house property
Details of the co-owners including their share in
Certificate for home loan interest
Date when the construction was completed, in
Name of the tenant and the rental income, in case
portingporting CapitalCapital GainsGains
Stock trading statement is required along with
elling the shares
n case a house or property is sold, you must
egistration and capital gain details
Details of mutual fund statement, sale and purchase
portingporting OtherOther IncomeIncome
The income from interest is reported. In case of
account statements are required
nterest income from tax saving bonds and corporate
The income details earned from post office deposit
in the mentioned property and PAN details
case under construction property was purchas
case the property is rented
with purchase details if there are capital gains fr
must sought sale price, purchase price, details
purchase of equity funds, debt funds, ELSS and S
of interest accumulated in savings account, ba
corporate bonds must be reported
deposit must be reported

Income Tax Slab Rates for YearIncome Tax Slab Rates for Year
20162016 –– 20172017 For Individuals (<For Individuals (<
Income Tax SlabIncome Tax Slab
Up to Rs.2,50,000
Above Rs.2,50,000 and up to Rs.5,00,000
Above Rs.10,00,000
For Individuals (<For Individuals (< 60 years)60 years)
Income Tax SlabIncome Tax Slab Tax RateTax Rate
NIL
Above Rs.2,50,000 and up to Rs.5,00,000 10%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
30%

20162016 –– 20172017 For Senior CitizensFor Senior Citizens
Up to Rs.3,00,000
Above Rs.10,00,000
For Senior CitizensFor Senior Citizens (60(60--80 years80 years))
NIL
and up to Rs.5,00,000 10%
Rs.10,00,000 20%
30%

20162016 –– 20172017 For Senior CitizensFor Senior Citizens
Up to Rs.5,00,000
Above Rs.10,00,000
For Senior CitizensFor Senior Citizens (> 80 years(> 80 years))
NIL
Rs.10,00,000 20%
30%

Income Tax Return Due DateIncome Tax Return Due Date
Generally, the due date
Return (ITR) for Hindu
(HUF)/ Individuals/
Persons)/ BOI (Body
July of the next Financial
- The ITR due date for
17 would be 31st July,
Income Tax Return Due DateIncome Tax Return Due Date
date for filing Income Tax
Hindu Undivided Family
AOP (Association of
of Individuals) is 31st
Financial Year. For example
for Financial Year 2016-
2017.

How do I file eHow do I file e
Fill income tax returns
XML on the official website
incometaxindiaefiling.gov.in
Prepare and submit ITR
How do I file eHow do I file e--Returns?Returns?
returns offline and upload
website
incometaxindiaefiling.gov.in
ITR 1 online

Steps to follow to file Income TaxSteps to follow to file Income Tax
ReturnsReturns
 Your Permanent Account Number
 View your tax credit statement
your Form 16 must tally with the figures
 Click on the income tax return forms
year.
 Download the ITR form applicable
income exceeds Rs.5,000, the appropriate
applicable form is ITR-1 or ITR
on the portal itself, by using the
been explained below).
Steps to follow to file Income TaxSteps to follow to file Income Tax
Number (PAN) is your user ID.
statement or Form 26AS. The TDS as per
figures in Form 26AS.
forms and choose the financial
applicable to you. If you're exempt
appropriate form will be ITR-2 (If the
ITR 4S, you can complete the process
'Quick e-file ITR' link - this has

Open excel utility (the downloaded
software) and fill out the form
your Form 16.
Check the tax payable amount
tax' tab.
Pay tax (if applicable) and fill
Confirm all the data provided
the 'validate' tab.
Generate an XML file and save
Go to 'upload return' on the
saved XML file.
downloaded return preparation
form by entering all details usin
amount by clicking the 'calculate
fill in the challan details.
provided in the worksheet by clickin
save it on your desktop.
the portal's panel and upload th

A pop-up will be displayed asking
file. In case you have obtained
If you have not got digital signature,
The acknowledgment form, ITR
be generated which can be downloaded
Take a printout of the form ITR
Send the form by ordinary or
Tax Department-CPC , Post
Post Office, Bangalore, 560 100
filing your returns online.
asking you to digitally sign th
obtained a digital signature, select ‘Yes
signature, choose ‘No’.
ITR Verification (ITR-V) wi
downloaded by you.
ITR-V and sign it in blue ink
or speed post to the Income
Post Bag No. 1 , Electronic Cit
100, Karnataka within 120 days o

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E filing of income tax

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