Individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties.
You can complete the process either by seeking the assistance of a chartered accountant, through the I-T department’s website or other online tax Filing portals portals that promise to simplify the e-filing process further. If you decide to opt for the I-T department’s website, there are a few points — some dos and don’ts — that you need to bear in mind while filing your I-T returns. Here are some:
At the outset, you need to make sure you choose the right form. Salaried individuals should opt for ITR-1 (form Saral-II) or ITR-2, as applicable.
Once the return-filing process is completed, make sure you save a copy of the excel sheet as well as the XML file for your record. This can come in handy should there be a need to file a revised return.
Self-filing of return is ideal when your income composition is simple. However, if it entails items like sale of property or change in employment, it is better to enlist the services of a tax professional.
If you are eligible for a tax refund from the I-T department, ensure that you mention your bank account details correctly in order to facilitate hassle-free processing of your tax refund.
If you are in the process of switching jobs and intend to close your current salary account, don’t forget to enter the details of another personal savings bank account other than the salary account.
Remember that merely filing your return online before does not result in culmination of the process, if you have not obtained a digital signature (DS). In the absence of DS, the procedure is not completely electronic. Once you have completed filing your return online, you need to send a copy of the completed, signed ITR-V — an acknowledgement-cum-verification form generated once you are through with filing your return — to the following address: Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore-560 100, Karnataka.
Furthermore, you need to make sure that it is sent by ordinary post or Speed Post only, within 120 days from the date of furnishing your return online. If the same is furnished beyond this period, you will have to file your return again.
Also, you are not required to submit any annexures, covering letters, pre-stamped envelopes or Form 16, along with ITR-V. This is applicable even to those who manually file their returns at the local tax offices. The income tax department’s e-filing portal provides an exhaustive list of dos and don’ts pertaining to ITR-V You would do well to go through the same, as the forms that do not conform to the specifications mentioned may get rejected or the acknowledgement may get delayed.
If you do not get an e-mailed acknowledgement regarding the receipt of ITR-V from the income tax department within reasonable time, you should send a copy of the acknowledgement form once again to the address mentioned above. This holds true for ITR-Vs sent through Speed Post, too.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018