Friday, July 18, 2014

Online Income Tax e-Filing Made Easy 2014

How to file your Income Tax Returns (ITR 1) online for AY2014-15 for Salaried people having Form16 and no additional income than whatever is mentioned in Form 16.  NO EXCEL Utility !!!

Please note that for people having additional income and which is not mentioned or covered in Form16, they cannot fill in online form. Instead, they will have to download ITR(2) form in excel format and fill it up offline and generate xml file which they have to upload in the website to generate the ITR-V. 

  1. Form 16.
  2. Internet Explorer/Google Chrome browser (or any other web-browser that supports Java).
  3. Internet Connections.

  1. Login to (create a new login if you don't have one). Please remember that your username is your PAN account number. This year it will prompt for email and phone no verification and also secondary contact numbers. Please complete all necessary verification steps that it prompts.
  2. After you are logged in, click on "Quick e-File ITR" link located under the Quick Link section in the left side of the webpage.

  1. Fill up the Prepare and Submit Online form. Select ITR-1 if you don’t have extra income than your Salary.
    1. Select Assessment Year 2014-15 which is current financial year of the day you are filling up the form.
    2. Select ITR-1 for Form Name if Salary is only income source for you.
    3. You may select to enter New Address or select system to pick up address from Previous returns made through the same login or select address from PAN Database.
    4. Select "No" for Digital Sign requirement.
    5.  Submit.
Note: Remember although we are filing ITR for previous financial year (i.e, FY 2013-14), assessment year always the current financial year of the day in which you are filing the return.

  1. Read through the general instructions in the first tab - this will help you to fill the forms. Click on the green '=>' button to proceed with filing the online form.

  1. Enter all your details in each form and click Save Draft before you proceed to next tab.
  2. Enter Personal Information if you have selected New Address (or verify all your details have been picked up correctly from earlier filing or PAN database).

  1. For Filing Status section,
    1. Select "Others" for Employee Category if you are working in private company.
    2. Select "Nil Tax Balance" to begin with. It will get updated automatically later on.
    3. Select 'Original' if this is your first attempt in filing ITR this year. Select "Revised" is only if you have submitted earlier and want to make some corrections.
    4. Select "No" for person govern by Portugese Civil Code.
    5. Click on "Save Draft" and click on the right arrow to proceed to next tab.

  1. Under "Income Details",
    1. Enter the B1 Income from salary from Form 16's "6.Income chargeable under the head 'Salaries'(3-5)".
    2. If you have home loan,
      1. Select "Self Occupied" for B2.
      2. Enter the Amount of Interest Paid for Home Loan as Negative figure (mentioned as "Loss from House Property" in the Form 16). Example if interest portion of your home loan is 75000, enter it as "-75000".
    3. Verify that the B4 Gross Total Income matches with "8.Gross Total Income(6+7)" in Form 16.
    4. Add all amounts mentioned under "a)Section 80C" of "9.Deductions under Chapter VIA (A)Sections 80C,80CCC and 80CCD" in your Form16 and put the sum in C1. 80C in the online form.
    5. If you have medical insurance, sum up all amounts in your Form 16 under "Section 80D - Medical Insurance Parents" and "Section 80D - Medical Insurance - Self / Spouse / Children" and "Section 80D - Medical Insurance With A Senior Citizen" and put that in C6. 80D in online form.

  1. In Tax Computation section of online form, see all calculations matches to Form 16. There is nothing to be entered here. Click on "Save Draft" and then proceed to next.
    1. "C19  Total Deductions (C1 to C18)" should match Form 16's "10.Aggregate of deductible amount under Chapter VI-A".
    2. "C20 Taxable Total Income (B4-C19)" should match Form 16's "11.Total Income(8-10)".
    3. "D1 Total Tax Payable on Total Income (C20)" should match Form16's "12.Tax on total income".
    4. "D12 Total Tax and Interest (D8+D9+D10+D11)" should match Form16's "15.Tax Payable(12+13+14)".

  1. Enter/Verify the TDS (Tax Deducted at Source) details are correct and matches your Form16. Save and Proceed to next tab.

  1. In "Taxes Paid And Verification" section,
    1. Verify if Tax Payable is matching your Form 16.
    2. Enter all Bank Account details correctly.
    3. Enter your name, your father's name, place and PAN no respectively under Verification section.
    4. Do no fill up TRP details as you are doing it yourself.
    5. Click on "Save Draft" and proceed to next tab.

  1. Enter details of Donations made (if any). Click on "Save Draft".

  1. You may now browse through previous tabs and verify all details are correct. Once you are done with crosschecking, click on "Submit" button. Also hit "Ok" in the pop-up screen to submit.
  2. On proper submitting you will get the acknowledgment screen where you can download the ITR-V form.

  1. Click on "Click Here" link and download and save the ITR-V to your PC.

  1. Take  a printout of the ITR-V and sign it. And then send it to below address using ordinary post.

  1. That's it, you are done! You will get email acknowledgement from IT Dept within few months.


Anonymous said...

Very Nice and helpful indeed...! Thanks for the blog...

Free Income Tax Calculator said...

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