If your income is more than Rs 5 lakh per annum then you must file your ITR electronically or online. Like all other things, internet has drastically changed the way you file your ITR. According to IT department, the number of people filing e-returns has seen a massive growth over the years, which testifies the effectiveness of the online route.
In order to e-file returns, an account can be created at https://incometaxindiaefiling.gov.in, once the account is created you will need to download 26AS form and the income tax return form, fill in the details such as income earned and deductions under Chapter VI-A, bank details etc.
If all this seems overwhelming to you, there are plethora of services and websites such as Quicko.com, MakeMyReturns, TaxSmile etc. which take care of the entire e-filing process within a matter of few clicks and also try to ensure that you get the maximum refund on tax possible.
For those who are yet to wake up to the need of filing their tax returns for the assessment year 2015-16, there is good news knocking on the door. The deadline for filing returns for the period has been extended to 31st August, 2015. The filing procedure itself has been made simple this year by reducing the number of pages in the Income Tax Return (ITR) form to three, dropping the clause to declare foreign travel and dormant bank accounts.
An Income Tax Return (ITR) form is needed to declare the income for the year for which the income tax return has to be filed. On this form, income from all sources whether job or pension, property, or other sources, needs to be mentioned. Also, if there are more than one source of income, from property or ‘capital gains’ and those having agricultural income of greater than Rs 5000, need to file ITR-2A, 2. IN the latest update, government has simplified this form and reduced the number of pages to three. To know the different ITR forms pertaining to your income situations you can read about the same on the Quicko blog.
Earlier, after filing the e-return, a signed acknowledgement (ITR-V) had to be sent to the IT department within 120 days of e-filing. This procedure often resulted in non-processing of returns and missing out on crucial refunds. This has now been made easy with introduction of Electronic Verification Code (EVC). The same can be generated via https://incometaxindiaefiling.gov.in, ATM machines or net banking of select banks.
But correctly calculating your due and filing various sections to claim exemptions etc. can be a tedious process.
Quicko.com makes filing your ITR form only a matter of few clicks and answering some questions on your financial life. In order to get maximum deductions and refund, our experts understand your cash flows, investments to avail maximum benefit of these tax saving provisions. Filing ITR is a complex process but Quicko can get you maximum returns while you focus on other more important things in life.
Disclaimer: All information in this article has been provided by Quicko.com and Taxguru is not responsible for correctness of the data. Quicko.com is engaged in assisting in online ITR preparation and filing. The author can be contacted at firstname.lastname@example.org.