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/

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.

How to calculate Income Tax on Salary

When learning to calculate the tax on earnings, one should always start with the basics such as different tax-brackets, permitted relaxation, e filing process, getting refund, etc.

The investments you make actually make a significant difference when computing the final amount. So, one should also learn about the common types of deductions in taxation.

Do check our income tax calculator which will automatically compute the final figure after reducing the applicable deductions when you submit the necessary data in the form shown to you.

You can find more information on such interesting topics here.

It is a popular myth that different rates are applied directly to the total amount. This is not the case though.

For example, if you are less than 60 years old and earning Rs 14 lakh annually, then you won’t be charged 30%, i.e. Rs 420000, directly on your total salary.

However, this will be calculated as below:

First, if you are eligible for any deductions, your taxable earnings will be evaluated.

Let’s say, your taxable amount comes out to be Rs 13,00,000.

Now, total value will arrive in stages.

For the amount between Rs 250000 and Rs 500000, i.e. Rs 250000, you will be charged at 5%. This comes out to be Rs 12500.

For the amount between Rs 500000 and Rs 1000000, i.e. Rs 500000, you will be charged at 20%. This comes out to be Rs 100000.

For the amount between Rs 1000000 and Rs 1300000, i.e. Rs 300000, you will be charged at 30%. And, this comes out to be Rs 90000.

So, the total value charged     = Rs 12500 + 100000 + 90000

                                    = Rs 2,02,500

In the same way, you can work with the other slabs as well.

You don’t have to be a math genius to do your taxes! You can easily hire an expert. We, at AllIndiaITR, guarantee you the best rates in the market for highly professional financial services like income tax efiling, income tax return, NRI plan, income tax refund, etc.

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