Finally the income tax return for AY 2015-16 has reached to it’s last week. The last date of income tax e filing is 31st August 2015. I hope you know why the last date of income tax filing date is extended till 31st August 2015, instead of 31st july like every year. It’s because, this year a New ITR form has launched which was send for corrections due to too much asking for personal data.
Anyway, I have done my ITR self only without paying a single money to any income tax consultant or any income tax efilling website. I have used income tax India official website and file my ITR own in just 10 minute only. In this article I will share those Quick Income Tax Return efiling Procedure and how I have filed my ITR in less than 10 minute time only.
Quick Income Tax Return efiling Procedure
First of all you have to be ready with few mandatory information and calculation to start your self ITR process. Check out what are those things.
Form 16 Data : If you have only 1 form 16 then it is more simple. In case you have switched your job in this year and have form 16, then you have to collect the data from both the form 16.
Collect the amount mentioned under Form 16 Part B, 3. Balance (1-2) as gross salary. This amount will your final amount after deducting default conveyance allowance of Rs 800/ month and also your HRA allowance if any.
Income From other sources: If you have any other income sources like from Google adsense, some online shop or some small business besides you salary then you have to declare all of them while filing your ITR online. Collect all the income from such sources together.
Note down all the investments you have done: You might have done many investments like insurance policy, mutual funds, FD schemes, NPS to save income tax. Its time to collect all of these information together and section wise ready how much you have invested. E.g. under section 80C only 1.5 lakh is allowed. So you have done more investments, make sure to collect up to 1.5 lakh only.
Also collect health insurance premium data for section 80D. If you have taken any home loan, then ready with the amount that you have paid as interest to declare under sec 24. Note down your employee provident fund contribution as well.
Be ready with Self Assessment Tax payment data : If you have paid your income tax by own, means your employer doesn’t deduct. Then you have to pay the tax and ready with the challan information.
In other scenario, when I prepared my IT return I found I have to pay some additional income tax, beyond TDS by my employer. In that case also I had to provide the Challan 280 information while filing my ITR online.
Collect all your bank accounts: From this year, proving all the bank account number is mandatory. You have to mention you banks IFSC code, account number and type of account (savings/current). So better to collect all these information at one place and then proceed for ITR filing online.
I think this is enough to file your ITR online free. I am talking about filing ITR-1, the simplest income tax return filling procedure.
Steps to Quick Income Tax Return efiling Procedure
So, if you have all the data ready, now you are ready to file your income tax in 10 minute via income tax India portal absolutely free. Without wasting much time, let’s find out the step by step guide.
Step 1. Visit website https://incometaxindiaefiling.gov.in and click on Quick File ITR1 form the left side navigation.
Step 2. Now provide your PAN number, password, Date of birth, captcha and the hit the log in button.
Step 3. Next, choose your ITR form name as ITR1, Assessment Year 2015-16, Address as per your current address details and digital sign option if you have linked with Aadhar card. Finally click on submit button.
Step 4. Now you will reach to the main section of this article. Check out clearly the instructions. You will find couple of steps to fill up to complete your income tax return online. These sections are : Personal information, Income Details, Tax details, Taxes paid & verification, 80G etc.
Step 5. Personal Information tab.
Make sure you fill up correct data for the below fields besides your address, personal information
Tax Status: Tax refundable/ Tax Payable/ Nil Tax. I hope you got the situation how to fill this data. In case you have tax due and you are paying that amount before filing return, then choose nil tax and provide the self assessment tax paid information in the further tabs.
Whether Revised or Original return: If you have missed out something, then you might have to file your return again.
Whether you have Aadhar card: Clearly mention the Aadhar card number if you have. This is the new feature which you should not miss.
Step 6. Income Details Tab
Under this tab, you have to put all the data in respective places that you have prepared or collected in our first part of the article. This is very simple, and after providing all the data your income tax will be calculated by the system automatically.
Step 7.Tax details tab
In this tab you will find your income tax paid so far by the employer side. In case any income due, you will find a less amount in this tab compared to the previous tab. That much income tax you have to pay.
After paying the self assessment tax, you have to provide the details from challan 280. Information are BSR code, Date of deposit, Challan number, Tax paid etc.
Step 8. Taxes paid & verification
In this tab, you have to provide the no. of bank account you have and their information like IFSC code, Bank account number and type of account. We have already collected those information in our first part of the article, now simply copy paste.
In the last section verify your place, date and identify and you are ready to proceed further.
Step 9. Section 80G
This section is related to any donation you have made. I don’t have much idea about this section, so better to skip it for now.
Step 10. Revision
So you are done with your income tax return filling data input part. Its time to revise the data. I know within 10 minute it may not be possible, but its not impossible also if you are comfortable with the interface and the data you have to provide.
After revision of the data, click on the submit button to file your IT return for AY 2015-16. As soon as you submit the ITR, you will get a message to verify your ITR online. You can do that if you have Aadhar card linked with that. I don’t have the same, so I had only one option left sending the ITR V to CPC Bangalore.
I hope you will find this Quick Income Tax Return e filing Procedure useful. I will try to address your queries if any. But I am not a CA who can answer complex income tax queries, but I can definitely try to help you to get the same.