Income Tax Efiling Procedure For Filing Tax Returns
Every law abiding civilian of country must pay income tax. These income taxes are used in the development & progress of the country. Laws of Income tax are determined by government office of the income tax and these rules of income tax are governed by the Income tax act 1961. In simplest meaning the money one needs to pay on their net earnings and other assents is called income tax. Help regarding tax slabs and latest tax slab can be found out through the Income tax office. After getting a job or earning individual needs to be aware in filing the income tax returns. In earlier days tax returns were done manually. With the increased use of Internet now E-filing also is introduced. Income tax efiling has now become latest way for filing income tax returns. No additional form or document is required here. There are various type of income tax returns based on the individual income and type.
These all need to be kept in mind before choosing the correct form and then individual has to fill all the information in that. This section tells information regarding the pay income tax efiling. First one needs to know what is E-filing. When internet is used to electronically fill the Income tax returns it is called income tax efiling. Digital signature is very much useful to pay income tax efiling. E-filing can be used even if one is not having digital signature. In case digital signatures are not there one has to download ITR-V and sign on it. This form is required to be sent to CPC Bengaluru, either by ordinary post or through speed post only and that too within one twenty days of filing the return. E-filing complete procedure is summarized as: first of all one need to select the correct Return form and download corresponding Return preparation software. There are different ITR forms for efiling based on the status like salaried/family/pension, fringe benefits, and business to name a few. Now information regarding income is required to be filled in the downloaded form.
This can be done offline and after that one XML file is to be generated. For e-filing the return user name and password is required to be created on the income tax website. One has to login and upload the generated XML file. After successful upload acknowledgement/ITRV will be generated. If digital signature available then this completes the process of income tax efiling and acknowledgement can be kept as record. For non digital signature case ITRV has to be signed and sent to CPC Bengaluru by ordinary post or speed post only & it has to be sent within 120 days of filing. Before sending the ITRV one must verify that all details are correct and don’t forget to sign it. Please note that taxpayer can view the status of their application by logging in their account. With the increasing trend of pay income tax efiling this is going to be mandatory in coming time to fill return by internet only.