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Saturday, July 26, 2014

What is e-Filing ?

What is e-Filing? 

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

e-Filing of Returns/Forms is mandatory for : 

  • Any assessee having total income of Rs 5 Lakhs and above for from AY 2013- 14 and subsequent Assessment Years. 
  • Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years. 
  • An assessee required to furnish a report of audit specified under sections  10(23C)(iv), 10(23C)(v),10(23C)(vi) ,10(23C)(via) , 10A, 12A(1)(b), 44AB,  80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB of the Act, shall furnish the said report of audit and the return of Income electronically from AY 2013-14 and subsequent Assessment Years. 
  • An assessee required to give a notice under Section 11(2)(a) to the  Assessing Officer from AY 2014-15 and subsequent Assessment Years. 
  • All companies. 
  • Firm (to whom provisions of section 44AB is not applicable), AOP, BOI, Artificial Juridical Person , Co-operative Society and Local Authority required to file ITR 5 from AY 2014-15 and subsequent Assessment Years. 
  •  An assessee required to furnish return u/s 139 (4B) in ITR 7. 
  • A resident who has signing authority in any account located outside India. 
  • A person who claims relief under sections 90 or 90A or deduction under section 91. 

Compulsory / Mandatory E filing of Return with digital signature and without digital signature

Compulsory e filing of Income Tax return with or without digital signature

compulsory e filing of Income Tax return without digital signature Ay 14-15
Sr No
Person
ITR FORM
Description
1
All persons (except company and where return is filed on ITR-7)
ITR-1, ITR-2 ,ITR-3, ITR-4, ITR-4S,
If income exceeding 5 Lakh
2
All persons (except where return is filed on ITR-7)
ITR-1, ITR-2 ,ITR-3, ITR-4, ITR-4S,
if deduction under section 90, 90A,91 claimed in return.
3
Individual /HUF  www.simpletaxindia.net
ITR-2,ITR-3,ITR-4  www.simpletaxindia.net
resident and has

(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India
4
Firm
ITR-5
A firm  which is not covered under audit u/s 44AB .If it is covered under 44AB then digital signature is mandatory
5
All persons
As applicable
assessee is required to furnish Electronically a report of audit specified under sub-clause (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A,Section 10AA clause (b) of sub-section (1) of section 12A, section 44AB,Section 44DA,Section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E, section 115JB or section 115VW or to give a notice under clause (a) of sub-section (2) of section 11 of the Act
Compulsory e filing of Income Tax return with digital signature Ay 14-15
1
Individual /HUF
ITR-4
if provisions of section 44AB are applicable
2
Firm
ITR-5
if provisions of section 44AB are applicable
3
Company
ITR-6
in all cases
4
Political Party
ITR-7
In all cases

Click below to continue.
Types of e-Filing

There are three ways to file Income Tax Returns electronically: 

  • Option 1: Use Digital Signature Certificate (DSC) to e-File. There is no further action needed, if filed with a DSC. 
  • Option 2: e-File without Digital Signature Certificate. In this case an ITR-V Form is generated. The Form should be printed, signed and submitted to CPC, Bangalore using Ordinary Post or Speed Post ONLY within 120 days from the date of e-Filing. There is no further action needed, if ITR-V Form is submitted. 
  • Option 3: e-File the Income Tax Return through an e-Return Intermediary (ERI) with or without Digital Signature Certificate (DSC).

e-Filing Process
Note:

·     It is mandatory to file Income Tax Forms using Digital Signature Certificate (DSC) by a
Chartered Accountant.
·       The Digital Signature Certificate (DSC) used in e-Filing the Income Tax Return/Forms should be registered on e-Filing application.

How to e-File?

To upload Income Tax Return:

·     Step 1: On homepage, GO TO 'Downloads' section and select applicable Income Tax Return
Form of the relevant Assessment Year OR Login to e-Filing application and GO TO
'Downloads'-->'Income Tax Return Forms' and select applicable Income Tax Return Form of the relevant AssessmentYear.
·     Step 2: Download the excel utility of the Income Tax Return (ITR).
·       Step 3: Fill the excel utility and Validate. (You can pre-fill the Personal and Tax Information in your Income TaxReturn. To pre-fill, Login to e-Filing application and GO TO --> Downloads --
> Download Pre-filled XML to the desired path/destination in your desktop/system. Open the
Excel utility (ITR) and click the "Pre-fill" button. This will require you to select the path/destination where you havesaved the XML and click OK. The details will be uploaded into your utility. You may edit the tax details, if needed).
·     Step 4: Generate an XML file and save in desired path/destination in your desktop/system.
·     Step 5: LOGIN to e-Filing application and GO TO --> e-File --> Upload Return.
·     Step 6: Select the Income Tax Return Form and the Assessment Year.
·     Step 7: Browse and Select the XML file
·     Step 8: Upload Digital Signature Certificate, if available and applicable.
·     Step 9: Click 'SUBMIT'.
·       Step 10: On successful upload, Acknowledgement details would be displayed. Click on the 
link to view orgenerate a printout of Acknowledgement/ITR-V Form.

Note:

·     You can upload the returns after you have registered in e-Filing.
·       To e-File using Digital Signature Certificate (DSC), the DSC should be registered in the application. (To registerDSC, you should LOGIN and GO TO --> Profile Settings --> Register
Digital Signature Certificate)
·       If the Income Tax Return is uploaded with DSC (digitally signed), on generation of "Acknowledgement", theReturn Filing process is complete. The return will be further processed and the Assessee will be notified accordingly.Please check your emails on these notifications
·       If the return is not uploaded with a DSC (digitally signed), on successful upload of e-Return, an ITR-V Form willbe generated. This is an Acknowledgement cum Verification form. A duly verified ITR-V form should be signed andsubmitted to CPC, Post Bag No. 1, Electronic City Post Office, Bangalore - 560100 by Ordinary Post or Speed Post(without Acknowledgment) ONLY, within 120 days from the date of e-Filing.
·       On receipt of the ITR-V at CPC, the return will be further processed and the Assessee will be notified accordingly.Please check your emails on these notifications

Prepare and Submit ITR1/ITR 4S Online:

The taxpayer has the option of submitting ITR 1/ITR 4S by way of Uploading XML OR by Online submission

·     Step 1: Login to e-Filing application
·     Step 2: GO TO 'e-File' --> 'Prepare and Submit ITR Online'
·     Step 3: Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
·     Step 4: Fill in the details and click the SUBMIT button
·       Step 5: On successful submission, Acknowledgement detail is displayed. Click on the link to view or generate aprintout of Acknowledgement/ITR-V Form.

Note:


·     The Income Tax Return, ITR 1/ITR 4S Online, can be submitted using a Digital Signature
Certificate.
·     To e-File using DSC, it should be registered in the e-Filing application.
·       If the Income Tax Return is digitally signed, on generation of "Acknowledgement" the Return Filing process iscomplete. The return will be further processed and the Assessee will be notified accordingly. Please check your emailson these notifications
·       If the return is not e-Filed with a DSC (digitally signed), an ITR-V Form will be generated. This is anAcknowledgement cum Verification form. A duly verified ITR-V form should be signed and submitted to CPC, Post BagNo. 1, Electronic City Post Office, Bangalore - 560100 by Ordinary Post or Speed Post (without Acknowledgment) ONLY,within 120 days from the date
of e-Filing.
·       On receipt of the ITR-V at CPC, the return will be further processed and the Assessee will be notified accordingly.Please check your emails on these notifications

To upload Income Tax Form by Tax Professional:

·       Step 1: GO TO 'Downloads' section and select applicable Income Tax Form of the relevant Assessment Year ORLogin to e-Filing application and GO TO 'Downloads'-->'Download Forms' and select applicable Income Tax Form of therelevant Assessment Year.
·     Step 2: Download the excel utility of the Income Tax Form.
·     Step 3: Fill the excel utility and Validate.
·     Step 4: Generate an XML file and save in desired path/destination in your desktop/system.
·     Step 5: LOGIN to e-Filing application and GO TO --> e-File --> Upload Form.
·     Step 6: Select the Income Tax Form and the Assessment Year.
·     Step 7: Browse and Select the XML file
·     Step 8: Upload Digital Signature Certificate.
·     Step 9: Click 'SUBMIT'.
·       Step 10: On successful upload, the Income Tax Form is sent to Assessee's workflow for acceptance.
·       Step 11: The Assessee should LOGIN to e-Filing application, GO TO Worklist and accept/reject the Income TaxForm.
·       Step 12: On Approval, the Form is successfully submitted with e-Filing application. No further action is required.
·       Step 13: If Rejected, the Tax Professional can prepare and e-File the Income Tax Form again by following theabove mentioned steps.

Note:

·     You can upload the Forms after you have registered in e-Filing.
·     Assessee can "Add CA", using My Account menu, after login.
·       To e-File using Digital Signature Certificate (DSC), the DSC should be registered in the application. (To registerDSC, you should LOGIN and GO TO --> Profile Settings --> Register Digital Signature Certificate)
·       The Form will be further processed and the Assessee will be intimated accordingly. Please check your emails onthese intimations.
- See more at: http://www.simpletaxindia.net/2014/07/how-to-e-file-income-tax-return-step-by.html#sthash.UaUbMpsH.dpuf
with regards,
rksahni
278 Sector 5,
Urban Estate,
Kurukshetra
Haryana   PIN 136118
Mobile: 09416137078
LL: 01744_230406
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