Chandrakant 'CK' Isi
31st Jul 2014
Income Tax Returns filing deadline is just around the corner. Thanks to the Internet connectivity, you can file it online from the comforts of your home. However, like all the Government websites, Income Tax Department's website is a mess. Its complicated UX is one of the reasons why most people prefer to pay Chartered Accountant to get this thing done. In addition to making them rich, we also end-up inflating their ego. What else do you think drives them to add the Title 'CA' on their Facebook profiles?
Anyway, we've come up with an easy to follow tutorial that will help you file IT returns within 10 minutes without any professional help. Keep in mind though that this tutorial is only for salaried individuals like me.
Before you get started, keep a copy of your Form 16 handy. If you're new to all this, this form is provided by your employer. It has details such as taxable salary, deductions, and the tax that has been paid on your behalf. If you're eligible for refunds, try and file your returns before 31st July.
1. Before starting the process, you need to know your Jurisdictional assessing officer. To find that out, visit this link. Note down these details, you're going to need it later.
3. Go to Income Tax India's homepage incometaxindiaefiling.gov.in. If you haven't got an account, now is the time to register. You'll be asked a few details such as your PAN, mobile number, and email id. Unlike what we do with other services, provide accurate information to these Government guys.
Protip: User ID = PAN number.
3. Once you log in, click on 'View Form 26AS (Tax Credit)'. You'll be redirected to a new page. Here you'll get the information of the tax paid on your behalf. This value should match the Amount of tax deducted/deposited on the Form No 16. If these figures don't match, and it seems like you have paid more tax than you were supposed to, don't worry. You'll get a refund. However, if you've paid less money, the Government is going to come after you. So better get an expert advice before filing returns.
4. Go to incometaxindiaefiling.gov.in again. The website might ask you to log in again at this point. Now, click on Quick e-File ITR.
5. You'll be asked to choose the form type. For salaried people like me, ITR-1 is the way to go. Select 2014-15 as an assessment year.
6. Fill in your Personal Details, as shown in the image below. Here in the block A7, you're required to mention the Income Tax Ward/Circle. We have received this data in step. Once all the required fields are covered, move to the next tab. From here on, make it a point to save the form at regular interval.
7. The next tab is for Income Details. Here fill in your 'Income From Salary'. Remember that this figure is your salary - Minus (HRA + Housing loan etc).
8. In the section called Deductions under Chapter VI A, you're supposed to provide the details of your investments. This brings down the amount of taxable income. Your Life Insurance Premium, Housing Loan Repayment, and PF contribution will come under Section 80C.
9. Next is Tax Details segment. Since tax is deducted at source from your salary, all the tax details will already be there. If these details are missing, input those values from your Form No 16.
Don't forget to tick that box.
10. next up is Taxes Paid And Verification section. If you're eligible for a refund, the amount will show up in the D18 block.
11. To receive the refund money, you'll need to provide your bank account number, type (savings \ current), and IFSC Code.
12. The last tab 80G is for those who have made donations. Once everything in the place, click on Submit. You'll get a confirmation that looks like this:
How To: File Your Income Tax Returns Online (2014)
The easiest way of filing your IT returns without visiting a CA.
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