I was thinking to write about this a long time back but have been hesitant given that we all know how taxes work in India.But of late there has been significant changes that we can see and we can easily file taxes online .And given that anyone earning more than 10 lakh per annual year as package ,its mandatory to file taxes online ,we are all subjected to go the dreaded site incometaxindia.gov.in and go through their myriad forms and pages.Hence this post on how to file ITR-1 a simple one,which might disappoint you advanced folks,but nevertheless a starting point for the basic tax payer who wants to avoid the hassle of giving a few hundred bucks to your local accountant.
So this is what you need.First of all you need to get an account in incometaxindiaefiling.gov.in .
You need to register with your PAN card no and Please remember your password (easier said than done)!
Remember if you lose yours creds there is no way you can get another account because every indian has only one PAN and this site allows registration only through a PAN.So once again PLEASE REMEMBER YOUR PASSWORD.
Once you have logged in you will find and easy menu and a column in right which gives you the option to select your action.
you can either select quick e-file ITR or download the ITR from the options .One will give you a online form and the other will help you download a excel which you will have to fill with the help of your form 16.So far so good?
Now there are some simple doubts like, which is my assessment year and is it the same as financial year?No - the assessment year is a year in advance eg: if the current year is 2014 ,most likely you are filing taxes for the financial year from April 2013 - March 2014 ,but your assessment year is going to be 2014-2015.Also another doubt most likely that you will face is what is my Income Tax Ward/Circle.To help you find this out there is an url/page https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html which is basically the login url of income tax efiling and you will have select the Services drop down menu in the page.
You will get the "Know your Jurisdictional AO" item which you can click, and which in turn leads to a page ,asking for your PAN . Once you pass on your PAN and enter the omnipresent captcha ,the following page will give you your Income Tax Ward/Circle.
Ok so you go ahead and fill the rest of the information as they are pretty easy as most of it is present in the Form - 16. Primarily it will have 4 major tabs. 1- Income Details 2 - TDS 3 - Taxes paid and verification 4 - 80G.Only thing you need to be careful about is when you have multiple form - 16's .Hence you will be required to sum up the total in your income details and mention all the employers who paid you salary or from whom you got, form 16 in the TDS tab!
Once you have mentioned all the required employers,you can also mention the TDS of other sources of income below it.Sometimes it also happens that you need to pay taxes back to the govt because you would have switched companies and the individually each salary was not taxable but when summed up they were!Or you have other sources of income for which you need to pay taxes.For that you will have to complete the entire ITR - 1 and click on the Calculate taxes button available on sheet 1 which is named "Income Details".Once every other info is entered and validated and you click "Calculate taxes" button ,the excel will generate the taxes that you need to pay in the tax computation part in "Income details" sheet.
You will now have to pay a Challan and pass on that information which you paid as self assessment tax as a part of your Challan ,back into your ITR -1.So let see how you can pay Challan online.
You will have to go the url https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and select your option.Because i am just helping out a basic salaried employee here you will have to select the CHALLAN NO./ITNS 280
Once you select the challan no 280 you will be lead to the following page where you have to select the options- Tax applicable - 0021Income Tax Other than Companies and Type of Payment (300) Self Assessment Tax.
Once you have filled the required details ,it will lead you to your netbanking site where you can finish paying the challan .At the end your bank will give you a PDF or a document which will atleast give your the BSR Code ,the Challan no and the datetime of payment .You will need to pass this information within your TDS tab as shown below.
Thats it you are close to filing your taxes.All you now need to do is validate all the sheets and and click on Generate XML button on sheet on of your ITR -1.Once done a new worksheet will be present which you can confirm and hit the Save Xml button to help you generate a xml file,which you will now need to upload it back into the incometaxindiaefiling.gov.in.So login in again if your session is logged out and this time select the upload return option.Fill the necessary details and hit upload.Please note that if your ITR - 1 excel is not filled properly, you will get errors at this point.So kindly ensure that there are no mistakes in the excel.The income tax site will mail you a pdf which you need to take a printout of and mail it to the address mentioned in the mail/pdf. So there you have filed your taxes online ... enjoy.. :)
So this is what you need.First of all you need to get an account in incometaxindiaefiling.gov.in .
You need to register with your PAN card no and Please remember your password (easier said than done)!
Remember if you lose yours creds there is no way you can get another account because every indian has only one PAN and this site allows registration only through a PAN.So once again PLEASE REMEMBER YOUR PASSWORD.
Once you have logged in you will find and easy menu and a column in right which gives you the option to select your action.
Now there are some simple doubts like, which is my assessment year and is it the same as financial year?No - the assessment year is a year in advance eg: if the current year is 2014 ,most likely you are filing taxes for the financial year from April 2013 - March 2014 ,but your assessment year is going to be 2014-2015.Also another doubt most likely that you will face is what is my Income Tax Ward/Circle.To help you find this out there is an url/page https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html which is basically the login url of income tax efiling and you will have select the Services drop down menu in the page.
You will get the "Know your Jurisdictional AO" item which you can click, and which in turn leads to a page ,asking for your PAN . Once you pass on your PAN and enter the omnipresent captcha ,the following page will give you your Income Tax Ward/Circle.
Ok so you go ahead and fill the rest of the information as they are pretty easy as most of it is present in the Form - 16. Primarily it will have 4 major tabs. 1- Income Details 2 - TDS 3 - Taxes paid and verification 4 - 80G.Only thing you need to be careful about is when you have multiple form - 16's .Hence you will be required to sum up the total in your income details and mention all the employers who paid you salary or from whom you got, form 16 in the TDS tab!
You will now have to pay a Challan and pass on that information which you paid as self assessment tax as a part of your Challan ,back into your ITR -1.So let see how you can pay Challan online.
You will have to go the url https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and select your option.Because i am just helping out a basic salaried employee here you will have to select the CHALLAN NO./ITNS 280
Once you select the challan no 280 you will be lead to the following page where you have to select the options- Tax applicable - 0021Income Tax Other than Companies and Type of Payment (300) Self Assessment Tax.
Once you have filled the required details ,it will lead you to your netbanking site where you can finish paying the challan .At the end your bank will give you a PDF or a document which will atleast give your the BSR Code ,the Challan no and the datetime of payment .You will need to pass this information within your TDS tab as shown below.
Thats it you are close to filing your taxes.All you now need to do is validate all the sheets and and click on Generate XML button on sheet on of your ITR -1.Once done a new worksheet will be present which you can confirm and hit the Save Xml button to help you generate a xml file,which you will now need to upload it back into the incometaxindiaefiling.gov.in.So login in again if your session is logged out and this time select the upload return option.Fill the necessary details and hit upload.Please note that if your ITR - 1 excel is not filled properly, you will get errors at this point.So kindly ensure that there are no mistakes in the excel.The income tax site will mail you a pdf which you need to take a printout of and mail it to the address mentioned in the mail/pdf. So there you have filed your taxes online ... enjoy.. :)
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