Income Tax return is to be filed on or before 31st July, 2012. Exemption from filing income tax return is given to salaried employees for the Assessment year 2012-13 provided all the conditions below mentioned are fulfilled:
- He has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs.10,000/-;
- His total income does not exceed Rs.5 lakhs after deducting the eligible deduction under Chapter VI-A;
- He has reported his Permanent Account Number (PAN) and interest on savings bank account to his employer;
- He has received Form 16 from his employer and his tax deducted has been deposited with the Central Government;
- He has received salary only from one employer and has no refund claim;
- He has not received any notice from Income Tax Department for filing income tax return.
Now-a-days manual filing return is replaced by e-filing method. e-filing of income tax returns is mandatory for some groups and for others it is optional. Even though it is option it is desirable to file returns electronically because it reduces time in going to the Income Tax Department, standing in the queue and filing the same with the authorities.
e-filing is mandatory for the following:
- An individual or a Hindu Undivided Family (HUF) whose total income under the Income Tax Act for the Assessment Year 2012-13 exceeds Rs.10 lakhs;
- An individual or a Hindu Undivided Family, being a resident, having assets (including financial interest in any entity), or signing authority in any account, located outside India;
- All companies and other tax payers whose accounts are to be audited under the Income Tax Act.
The following are the procedure for e-filing
- Visit website: http://incometaxindiaefiling.gov.in;
- If already not registered, registration is to be done;
- Then login;
- Before filing return electronically view your tax credit statement in Form 26AS which contains details of-
- Tax deducted or collected from income of the taxpayer;
- Advance tax/self assessment tax/regular assessment tax., etc., deposited by the taxpayer;
- Refund paid during the financial year;
- High value transactions in respect of shares, mutual funds etc.,
- In case tax deduction is not reflected in Form 26AS, the deductor may be asked to file the TDS statement/correction statement in any TIN facilitation Centre to avoid tax demand notice from the Income tax Department;
- Select the required ITR form and download return preparation software for the selected form;
- Prepare your return offline at your convenience and follow simple steps to upload the return;
- If there is any error or difficulty see the review instructions, FAQs or call Department’s call center;
- If it is OK, then generate XML file;
- Click ‘submit’ button;
- Attach and upload XML file;
- If the return is digitally signed, take printout of acknowledgement indicating successful transmission;
- If the return is not digitally signed, take the print out ITR V form which is a provisional acknowledgement receipt and submit to CPC, Bangaluru.
e-filing can be done with or without digital signature. If the return is filed with digital signature no further action is required. E-filing with digital signature is made mandatory with effect from 1st July 2011 for firms and individuals whose accounts are required to be audited under Section 44AB of the Income Tax Act, 1961. If e-filing is without digital signature, the assessee is required to submit ITR-V form and mail the same to ‘ Income Tax Department, CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru-560 100, Karnataka’ by ordinary post of by speed post within 120 days from the date of filing the return to complete the process. Returns e-filed without digital signature are not valid without ITR-V. In the web site of the Department the following conditions are specified in taking out the ITR-V form:
- Use Ink jet/laser printer to print the ITR-V form;
- Avoid printing on Dot Matrix Printer;
- The ITR form should be printed only in black ink;
- Do not use any other ink option to print ITR V;
- Ensure that printout is clear and not light print/faded copy;
- Do not print any water marks on ITR-V. The only permissible watermark is that of ‘Income tax Department’ which is printed automatically on each ITR-V;
- The document that is mailed to CPC should be signed in original in Blue Ink;
- Photocopy of signatures will not accepted;
- The signatures or any handwritten text should not be written on bar code;
- Bar Code and numbers below barcode should be clearly visible;
- Only A4 size while paper should be used;
- Avoid typing anything at the back of the paper;
- Perforated paper or any other size paper should be avoided;
- Do not use stapler on ITR-V acknowledgment;
- In case of submission of original and revised returns, do not print ITR-V for them back to back. Use two separate papers for printing ITR-V separately;
- More than one ITR-V form can be sent in the same envelope;
- Do not submit any annexures, covering letter, pre stamped envelopes etc., along with ITR-V;
The Department further indicates that the ITR-Vs that do not conform to the above specifications may get rejected or acknowledgment of receipt may get delayed.
After 10 days from the date of posting of ITR-V form the assessee may check the receipt status of ITR-V by clicking ‘ITR V receipt status’ on e-filing website. If receipt at CPC now shown, then it is recommended to login e-filing website, go to ‘My Account’ – ‘My Returns’ and download ITRV, print it, sign it and post it to CPC, Bangaluru by speed post.
The e-filing may be done by the assessee itself or through Tax Return Preparer certified by the Income Tax Department. Income Tax Department has received 1.64 crores e-returns in the Financial year 2011-12. Many web sites are helping the assessess to file their returns electronically. Even State Bank of India launches SBI e-file for online filing of IT returns. (www.onlinesbi.com).
