A quick guide to online tax filing for FY 2017-2018; you can do it online in less than 15 minutes

The Income Tax Return filing season is here and the deadline to file Income Tax Return for the Financial Year 2017-18 is 31^st July 2018. Filing income tax returns sounds like a major task, but not anymore. Here’s how you can file your Income Tax Returns online in less then 15mins and we will tell you how you can file Online ITR.

Before you start Online Filing of Income Tax Returns here are the things that you must keep by your side: -

•          PAN Card
•          Adhaar Card
•          Bank account details
•          Form 16
•          Investments details

Here are steps with which you can file Online Income Tax Returns: -

• In order to file your Income Tax Returns online you will have to go to the Income Tax Department’s official website.
• In case you are doing it for the first time you can click on option of 'New Registration' and you will have to first register yourself by filling all your correct details and by creating a profile and password. While creating your profile, ensure that you have an active e-mail account and you submit your working mobile number.
• Your registration process will complete once you click on the link that is mailed to you.
•  In case you already have an account, you will have to click on 'Registered user'.
• Click on the ‘login’ option and enter the required information, including user ID, PAN, password, date of birth and captcha code.
• Once you sign in, you will see your dashboard. Click on the 'e-file' tab and select the 'Prepare and submit ITR online' option on the window in front of you.
• Then you will have to select the most suitable form and financial year for which you have to file the returns. Choose the pick address either from the PAN database, from previously filed return or fill in new address. The department asks you if you want to digitally sign in, to your return. If you choose 'Yes', you will have to upload your digital signature.
• After filling the form click on 'Submit'. You will be redirected to the page to fill the form selected by you. Before you fill the ITR form make sure you read the 'General Instructions' in the beginning of the form to know about the do’s and don’ts.
• Then you will have to fill in the required information in different tabs. Make sure that the Tax payable shown in the form matches with your calculations.
• After that Click on the 'Preview and Submit' button. After you do this your form will appear allowing you to preview your ITR form before you finally submit it.
• Once you click on 'Submit', your ITR Form will be uploaded and you will be asked to verify your return using the available options.
•  If you have already registered with your digital signature, you will be asked to upload the same while submitting your ITR. Once it is uploaded and submitted, the process of ITR filing is completed.
•  In case you do not have or have not uploaded the digital signature while filing the return, you can verify your return either electronically by using Electronic Verification Code, Aadhaar OTP or by sending a signed print out of the ITR V to CPC, Bangalore within 120 days from the date of e-filing of your Income Tax Returns.

Simple steps to filing income tax returns online

All the salaried individuals are eligible to file Income Tax Returns using ITR Forms from ITR-1 to ITR-4. Here are some simple steps that you can follow in order to file Income Tax Returns online: -

• ·         In order to file your Income Tax Returns online you will have to go to the Income Tax Department’s official website.
• ·         In case you are doing it for the first time you can click on option of 'New Registration' and you will have to first register yourself by filling all your correct details and by creating a profile and password. While creating your profile, ensure that you have an active e-mail account and you submit your working mobile number.
• ·         Your registration process will complete once you click on the link that is mailed to you.
• ·         In case you already have an account, you will have to click on 'Registered user'.
• ·         Click on the ‘login’ option and enter the required information, including user ID, PAN, password, date of birth and captcha code.
• ·         Once you sign in, you will see your dashboard. Click on the 'e-file' tab and select the 'Prepare and submit ITR online' option on the window in front of you.
• ·         Then you will have to select the most suitable form and financial year for which you have to file the returns. Choose the pick address either from the PAN database, from previously filed return or fill in new address. The department asks you if you want to digitally sign in, to your return. If you choose 'Yes', you will have to upload your digital signature.
• ·         After filling the form click on 'Submit'. You will be redirected to the page to fill the form selected by you. Before you fill the ITR form make sure you read the 'General Instructions' in the beginning of the form to know about the do’s and don’ts.
• ·         Then you will have to fill in the required information in different tabs. Make sure that the Tax payable shown in the form matches with your calculations.
• ·         After that Click on the 'Preview and Submit' button. After you do this your form will appear allowing you to preview your ITR form before you finally submit it.
• ·         Once you click on 'Submit', your ITR Form will be uploaded and you will be asked to verify your return using the available options.
• ·         If you have already registered with your digital signature, you will be asked to upload the same while submitting your ITR. Once it is uploaded and submitted, the process of ITR filing is completed.
• ·         In case you do not have or have not uploaded the digital signature while filing the return, you can verify your return either electronically by using Electronic Verification Code, Aadhaar OTP or by sending a signed print out of the ITR V to CPC, Bangalore within 120 days from the date of e-filing of your Income Tax Returns.
•  ·        An Acknowledgement or the ITR V will be e-mailed to you once your return is successfully uploaded.
• ·         The department will process your ITR once you verify it, by sending it to CPC Bangalore. Once your ITR is processed, you will be given information on the same via an e-mail and text message on your registered mobile number.

Source:- http://allindiaitrblog.blogspot.in/2018/05/how-to-secure-income-tax-returns-e.html

How to secure income tax returns e-filing account?

The Income Tax Department’s e-filing websites not only helps you file Income Tax Returns, but it also provides you, your verification status and other income tax related inform. This entire process makes the website a sensitive one. Due to this reason, Income Tax Department provides the taxpayers various options which he/she can incorporate in his/her income tax e-filing account to make it more safe and secure.

Here are the steps, by following which you can secure your Income Tax E-filing account: -

• ·       Firstly, you will have to go to the Income Tax e-filing website’s Higher Security web page. You will find this page under the Profile Settings tab in the e-Filing Vault, go to the Higher Security option.
• ·         Now you will come across two headings and they are you must choose the Login with Higher Security Options, which will allow you to add an extra layer of security while logging in and the second option being Lock Reset Password Options which will prevent your account from changing the password without an extra layer of authentication.
• ·         Under Login with Higher Security Options, select the option you want to enable. You can choose Login through Net-Banking for this tutorial. You may also choose from Login using Aadhaar OTP, Login using DSC (digital signature certificate), Login using Bank Account EVC (electronic verification code), and Login using Demat EVC.
• ·         Once you check that option, you will have to click on Proceed option.
• ·         After this you will see a pop-up describing the security method. Click Ok and then go ahead with the process.
• ·         You will be back to the page in step 3. You will have to Click Proceed again.
• ·         The next page will ask you to confirm your authentication method. You need to Click Confirm.

Here’s how you can lock your password and reset it: -

• ·         You will have to go to the Income Tax e-filing website’s Higher Security webpage.
• ·         Scroll down to Lock Reset Password Option.
• ·         Resetting your password via net banking is always enabled. You can prevent resets via other methods such as Using Aadhaar OTP, Upload DSC, Using Bank Account EVC, and Using Demat EVC.
• ·         After this step you will get a confirmation pop-up. On that you will have to press click Generate Aadhaar OTP.
• ·         Then the website will ask you to enter the OTP. Enter it and click Validate.
• ·         In the next step click on Confirm.

So, those were a few steps using which you can make your Income Tax E-filing account secure, this ITR season.

Source:- https://uberant.com/article/409525-how-to-fill-details-in-new-itr-1/

Changes that 1st April will bring

As per Union Budget 2018, there are several changes that will come into being from the new financial year which will commence on 1st April. Here is a list of Changes that taxpayers will witness from 1st April 2018: -

• Change in Cess

There was no significant change in Tax Slab for the individuals and HUFs, as per Union Budget 2018, but it abolished Education, Secondary and Higher Education Cess that summed up to 3%. This cess was replaced by Health and Education Cess that is supposed to be levied at 4% including surcharge.

• Standard Deduction

According to Budget 2018, standard deduction of up to Rs 40,000 can be claimed by an Individual who are salaried employees from 1st April. This deduction will replace conveyance allowance that is Rs. 19,200 and medical reimbursements that comes up to Rs. 15,000. The maximum benefit, which an individual will get from this change, is Rs. 5,800.

• Deduction for Senior Citizens

Currently, a deduction of Rs. 10,000 can be claimed under section 80TTA for the individuals with respect to the interest income from the deposit accounts held in any co-operative bank or Post Office. For Financial Year 2018-19, the interest of up to Rs. 50,000 will be income tax free for senior citizens.

• Deduction for Medical Expenditure

Earlier, the deductions that a taxpayer could claim was Rs. 60,000 and Rs. 80,000 for critical illness of Senior citizens and Super Senior Citizens respectively. As per Budget 2018, from 1ST April, the taxpayers who fall under the category of Senior and Super Senior Citizens can claim a deduction of Rs. 1lakh for their medical expenditure.

Steps to File Revised Returns

If you made some errors in filing your returns, you can rectify it by filing a revised return. Here we will tell you how you can file a revised return.

If you have filed an incomplete ITR or made some errors while filing Income Tax Returns, then you will have to file your revised returns with the required correction, if you have made any error unintentionally.

You must be thinking how you can file your revised Income Tax Returns, well you can do that in 7 simple steps and they are: -

• Firstly, you will have to go to the official e-filing website of the Income Tax Department.
• Choose the relevant assessment year and Form from the dashboard, in order to file the ITR of the year you wish to file.
• You will have to open the excel sheet, that consist of your original ITR and then you will have to go to the file revised return option. You will have to choose section 139(5) from the drop-down menu.
• Then you will be asked to submit your ITR Acknowledgement number along with your previous date of filing your ITR in the revised form.
• Make all the required changes and file your revised returns with all the necessary corrections.
• Once you are done filing your revised return, you just need to generate the XML of the it and upload the same.
• Last but not the least, you will have to download your revised ITR-V and send it CPC Bangalore, with 120 days of filing returns, either manually or electronically.

Things every Taxpayer must know

As a taxpayer we must be aware of the procedure and the facilities we can avail, while efile Income Tax Return. Paying Income Tax is just not enough, a taxpayer should know the basics of Income Tax, so that they can file their Income Tax without any errors. Here are 5 things which a taxpayer must know before filing ITR: -

What does Financial and Assessment Year mean?

Financial year is the year in which you earn the Income, it starts from 1 April every year and ends on 31st March the following year. Assessment year is the year following the financial year. For e.g. If 2017-18 is the Financial year we are talking about, the relevant Assessment year would be 2018-19.

Income Tax Slabs

There are different income tax rates for different classes of taxpayers. As a taxpayer you must know which tax slab you fall under and what is the rate at which you are supposed to pay your income tax. To know about which Income Tax Slab you belong to, click here

Check Form 26AS to claim TDS

If any tax is deducted you can check it in your Form 16, which your employer provides you. However, for tax deducted on other incomes can be checked in Form 26AS. Other than TDS, Form 26AS also reflects payment of Advance Tax etc.

How to E-Verify your ITR?

E-verifying your ITR is something you cannot afford to ignore. Every year once you file your ITR, you are supposed to E-verify it, as not E-verifying your ITR is as good as not filing your Income Tax Returns. You can E-verify your returns either manually or electronically, by sending the acknowledgement of ITR to CPC Bangalore within 120 days of filing returns.

Income from previous employer

After changing the job taxpayers often forget to give the information of their previous employer to their new employer. In this case tax is deducted on the assumption that income for the remaining months is the only income for the year. However, this poses a problem when such individual files their tax returns after the year-end. As, the incomes from the two employers are added and the deduction and exemption are halved, and tax liability arises on the taxpayer’s part.

Tax Saving Options, Other Than 80C

You must have made appropriate investments to save taxes under Section 80C of Income Tax Act, 1961, but before you make future investments have a look at this piece by All India ITR.

As soon as, the season of filing IT Return arrives, we all get busy in pondering how to save the maximum amount of taxes. Section 80C is certainly a major aid, but there are more ways to save taxes, other than 80C. So, here are a few options you can consider while filing your ITR and filling Form 16 part B and you can use these techniques when you are filing online ITR.

Here’s How you can save taxes, other than 80C

You can claim Tax deductions while filing ITR on your accommodation expenses. If you stay in a rented apartment in one city and have a house property for which you have taken housing loan, you can claim a deduction on the Home Loan interest.

If you have not taken a home loan, then fret not, as you can claim deductions for the premium you pay for your Medical Insurance. If the premium amount goes up to Rs. 25,000 in case of self, spouse or dependent children, then you are eligible for tax deductions and this limit exceeds to Rs. 30,000 in case of Senior Citizen parents.

You can also get deductions if you are paying the interest on Educational Loan for the higher education of the self, spouse or dependent children. Deductions can be claimed till eight years or till the loan is paid, whichever is less.

Other than these situations, if an individual has made any kind of donations to an organization/ fund, then he/she can claim deductions up to 50% to 100%, while filing ITR, depending on the type of organization/ Fund.

An individual can also save taxes up to Rs. 50,000 by making a contribution towards National Pension Scheme. That’s how you can save taxes other than 80C. You can find more information on topics like e filing, refund status, income tax calculator, income tax refund, etc. on our blog.

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