| July is that time of the year when you need to | | | | completely interactive method of furnishing the |
| gear up for filing income tax returns. Section 139 | | | | return data making it extremely simple even for a |
| (1) of Income Tax Act, 1961 makes it mandatory | | | | layman to furnish E-Returns. |
| to file income tax returns by due date. July 31 is | | | | When you file your returns electronically, you |
| the due date of filing ITR for the AY 2010-2011 | | | | need to pay careful attention to few very |
| (FY 2009-2010) for the majority of individual | | | | important points: |
| taxpayers. | | | | - Pick the right form ITR-1 through ITR-4 |
| There are three ways of submitting ITR: | | | | whichever is applicable to you. |
| 1. Paper Return - It is accepted only for few | | | | - Do not delay submission of ITR-V, which must |
| categories of taxpayers, for all the other | | | | reach ITD-CPC Banglore within thirty days of |
| taxpayers, E-filing is mandatory | | | | signing ITR-V. Send ITR-V only by ordinary post. |
| 2. Electronic Return without Digital Signature - | | | | Do not send it by courier, speed post or hand |
| Transmitting the income tax return data | | | | delivery. Alternatively, you can obtain a digital |
| electronically and sending physically signed hard | | | | signature and sign your ITR. Getting a digital |
| copy of ITR-V (V is for verification and not | | | | signature is not as difficult as it may sound. |
| roman 5), which is sent by IT department | | | | Charges for digital signature vary from 150 |
| through email | | | | upward depending upon the type of signature and |
| 3. Electronic Return with Digital Signature - | | | | period for which you want it. If your ITR-V does |
| Transmitting the data electronically and signing the | | | | not reach the IT department in the stipulated |
| return with digital signature | | | | time, your ITR is likely to become invalid and you |
| E-filing of ITR has become popular during the past | | | | might have to refile your return. As soon as IT |
| three years due to the convenience and simplicity | | | | department receives your ITR-V, you will receive |
| of filing the returns. When you file your Income | | | | an email acknowledging the receipt of your ITR-V, |
| Tax Return electronically, there are absolutely no | | | | which completes the entire procedure of ITR. |
| hassles and you save money that you would | | | | - You are not required to send any documents, |
| otherwise pay to the Chartered Accountants for | | | | computation sheets, Form 16, Form 16A etc (as |
| filing your ITR. | | | | was necessary in the past) along with ITR |
| E-filing of ITR can be done in two ways: | | | | - Do not ignore to furnish the details of specific |
| 1. You can take the help of authorized E-Return | | | | transactions as per AIR (Annual Information |
| agencies such as Taxsmile and Taxmanager, | | | | Return) |
| among other, that charge fees of the order of | | | | - Make sure that you have also included the |
| Rs. 250 onward plus service tax depending upon | | | | details of exempt income such as PPF interest, |
| the type of package. Registration is free on the | | | | interest from tax-free bonds, dividend income |
| sites of all the E-Return Intermediaries and they | | | | from listed stocks and mutual fund units, long |
| do not ask you to pay anything upfront until you | | | | term capital gain on stocks and equity oriented |
| are ready to upload your ITR. Therefore, there is | | | | units of mutual funds which STT has been paid. |
| nothing wrong in checking out e-return agencies | | | | In the End: |
| websites. | | | | When you submit E-Return through agencies, |
| 2. You can go for E-filing directly through the | | | | most of the important factors are taken into |
| website of IT department. Furnishing returns | | | | account leaving no chance for you to make any |
| through IT department websites is slightly difficult | | | | mistake. |
| because the e return agencies offer you a | | | | |