e filing tax returns
The process of electronically filing Income tax returns through the internet is known as e-filing. It is mandatory for Companies and Firms requiring Section 44AB audit to submit the Income tax returns electronically for AY 2007-08 as well as AY 2008-09. Any Company and Firm requiring Section 44AB audit return without an e-filing receipt will not be accepted. The Income Tax Department is keen to encourage efiling of IT returns by all taxpayers in view of the following benefits to taxpayers.
- Anywhere-Anytime Filing
- No long queues
- No Personnel Interface
- Quick Processing
- Accurate data in return
The new Income Tax (IT) return forms for AY 2008-09 were notified by the Government on 28th march 2008. The Income Tax Department is presently preparing their internal software to enable e-return preparation and to accept the efiled return. You can download IT return forms and instructions here.
The efiling process for AY 2008-09 (current year) is briefly described below:
- Use Online ITR Filing program or download STO – ITR Software
- Fill up Income and tax details. Based on tool tips and in-built validations ensure that the information filled is accurate.
- You can save the form at any stage and complete the form as per your convenience.
- Click on ‘Generate XML file’ button to generate the xml file of your IT return and save it on your computer.
- Open the Income tax Department efiling website and create userid and password to log in.
- After logging in, click on ‘Submit the IT return’ button on the website.
- Browse and select the xml file corresponding to your IT return that is saved on your computer. You must be connected to the Internet during this entire process. You can efile your IT return with or without digital signature.
- After successful upload of details and validations at the website, the Income Tax Department would generate an electronic receipt of the IT return. In case you have signed your return with a digital signature, the receipt of e-return may be kept for your records and this receipt need not be submitted to the IT Department.
- In case you have filed without a digital signature the electronic receipt generated will be the ITR-V form. Please note that the ITR-V form can be generated only by the IT Department.
- Take a printout of the ITR-V form. Please sign on the ITR-V at the appropriate place to verify and acknowledge the electronic submission of your IT return.
- Submit two copies to the Income Tax Department receipt counter. After placing an Acknowledgement stamp on the 2 copies, the counter clerk would return one ITR-V form to you for your records and retain the other copy.
- You can also file your IT return electronically through e-return intermediaries who would assist you with efiling and submission of ITR-V after obtaining your signature to the IT department.
Information for Taxpayers
Income Tax return forms for 2008-09 are annexure-less forms (ie there is no need to attach TDS certificates, LIC receipts, other documents etc with the return). Therefore, taxpayers are advised to ensure that the details filled in the IT return are accurate.
The IT Department has introduced a facility through M/s NSDL for any taxpayer (PAN holder) to verify the status of Tax Deducted at Source (TDS) or tax payments (Advance tax, Self Assessment tax etc) after registration. The procedure for viewing the consolidated tax status called Form 26AS is available at the following weblink at NSDL. Frequently asked questions about Form 26AS is available here.