In the hour long video showing possibly everything needed to know ,topic’s covered include
(1) Create registration in the income tax website
This is first mandatory step .Worry not .If you have created a Gmail id , Rediff id ,Facebook ,Twitter etc any type of account , you very well already know how to register yourself for the income tax registration website
This is where you need to upload the final filled return in XML format besides having access to many other features like immediate access to form 26 AS etc
(2) Select and Download the income tax return form (ITR ) as applicable .
Depending on the source of income , the applicant is expected to download the income Tax Return form applicable to his/her case and then fill it
For example if income for applicant is from salary only ,he is expected to fill ITR 1 however if income is from Profession , then ITR 4 is applicable .If income is from salary plus more than 1 house property , then ITR 2 is applicable .
If income consists of betting on horse race income or winning from lottery tickets , then ITR 2 is applicable
if applicant has income from salary and fixed deposit interest , then ITR 1 is applicable
(3)View Form 26 AS
It is immediately available on creating a account inside income tax registration website
Form 26 AS is a summarised statement of all recorded tax deducted at source and is very easy to obtain.Watch the video and you should be sorted.It is often a replacement for form 16 A and can be used for knowing income from other sources like FD and rent income(when deductor has deducted 10 % tax ) etc to fill ITR form income details sheet as also the TDS sheet
(4) Fill the ITR form ,
The ITR form is neatly divided in tabs , names of which signify the purpose of the ITR form .The ITR 1 has 3 tabs .income details tab ,wherein one mentions income details and uses the calculate tax widget to know tax liability
There is a TDS sheet , wherein applicant can mention details of tax deducted at source .The purpose of this sheet is for applicant to know whether sum total of taxes as per tax deduction at source equals tax liability as appearing in income tax liability sheet ,
Finally the taxes paid and verification sheet like name ,shows the final tax liability in view of the total due and total paid
(5) Generate XML & Check it
Once the applicant has completed filling the ITR form as indicated in step 4 , it is time to validate first each sheet using validate widget and then generate a extended mark up language document of the entire filled income tax return (ITR )using the generate XML widget available in income detail sheet ,
This converts the excel file to a XML file and saves it automatically to the same location as to where the excel file is .
One can open the XML file with notepad i.e a free text editor and study it to check whether the details match the filled income tax return form .
(6) Uploading the XML type income tax return online
Login in to the income tax registration website , go to the upload tab and upload the converted XML file after having selected the type of income tax return form applicable (i.e ITR 1 2 3 4 5 6 etc ) and the proper assessment year ,
You can while uploading decide to apply digital signature and if you don’t have one ,select the option without digital signature
In case , you have selected the 2nd option (which is normally the case , you would be then required to sign physically the acknowledgement)
(7) Acknowledgement receipt
Download the acknowledgement (ITR V ).Note irrespective of whether you will fill ITR 1 2 3 4 5 6 7 etc , you will get acknowledgement ITR V only which is basically a declaration that you have paid taxes to the best of your knowledge
You need to sign this and send it by ordinary or speed post to Bangalore IT department .
Once the IT department at bangalore receives it , they will send a electronic receipt of the same to the email id as specified while filling the Income Tax return form .In ITR 1 it is in income details sheet
(I advise everyone to be very careful while filling the email because this is where the acknowledgement receipt is finally gonna come
(8)E Acknowledgement receipt
Once you received the email from the department, this is the stage where your filing is deemed to be complete
The important things to note in this receipt is the CPP reference number and date ,because in case you decide to revise or rectify the form at any later stage , you can easily do so after following the exact same 8 steps as listed above with the only difference that you need to mention the receipt number and date in the new ITR file (and this is there in the acknowledgement receipt )
(9) Check status online
One can always check the status of their application online .
The income tax site itself lists out filing e return in 3 simple steps
(1) Viewing Form 26 AS
(2) Filling ITR form and uploading return
(3) Check status
Duration : 1:3:5