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Filing Tax returns

Its been a while since i wrote anything. Was kinda hung up with my work and other personal stuffs. All these delayed the filing of my taxes for this year. Its been in my head since last month but never got a chance to do it and to add to my woes my laptop screen is gone for a toss. Need to get it fixed this weekend. Ok coming back to filing taxes, i guess many of software professionals  just pay 200 – 500 to the consultants who come to their office and get it filed without thinking what actually they are doing. I have filed my taxes till date online and its very easy. Here are the steps..

  1. Register yourself in https://incometaxindiaefiling.gov.in/portal/index.do. It requires your PAN Number some personal details like email address for account creation.
  2. Login to the same portal using your pan number and password. Go to efiling navigation on the left.
  3. Here you have multiple forms to download and fill it up. Download ITR-1 if you have the income only from Salary. Download ITR-2 if you have a housing loan and rented it. Not sure of ITR-2, can consult the person if you need to do it. 🙂
  4. Ive downloaded ITR-1 Excel Utility. You need excel with Macros enabled. Dont worry there are steps provided in the 1st sheet on how to enable macros on 03 and 07 version of excel
  5. Now is the important part of filling in the details correctly. Have your Form-16 in hand and fill the details properly in IncomeDetails Sheet, TDS and Taxes Paid and Verification sheets. All the required data are there Form-16. Just make sure that you add the PF’s and total income if you have changed the company in the same fiscal year. 🙂
  6. Make sure you validate the sheet before proceeding to the next sheet. Important note is dont copy and paste. You might loose the macros and validation / Generation of taxes will not work. Type it properly.
  7. Once all the details are filled in click on Calculate Tax button on the Income Details sheet.
  8. Go to Taxes Paid and Verification sheet and check if you need to pay any taxes to government. If yes go back to the link given above and click on epayement of taxes. Click on CHALLAN NO./ITNS 280, fill in a simple form and select a bank gateway for paying your tax. Once the tax is paid a cyber receipt is generated.
  9. If you have not done step 8, then skip this step. Go back to the excel sheet and click on TDS sheet. Under section 25 – Self Assessments of tax payment we need to fill in the details like name of the bank, branch, BSR Code, SerialNumber Challan and Amount will all be present in the receipt. Fill in the details and click on calculate tax again. Make sure that Tax payable is 0.
  10. Dont worry if you have refund money. Fill in the bank details and wait for 2 – 3 years for the money to be credited to your account. 🙂
  11. Next step is to click on Generate button which generates an xml file. You need to upload the xml file in the above mentioned portal <https://incometaxindiaefiling.gov.in/portal/index.do> under submit return section.
  12. Once uploaded you will get a mail with pdf file. The password is <pannumber><dob> 🙂
  13. Take a print out of the pdf and send it to Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka by ordinary post.
  14. Wait for a week or a month and you will get a e-receipt on your mail. You can get the receipts online also once its processed.

There might be many steps mentioned above but its very easy and try it once. I am sure you will never spend another penny for filing your taxes. 🙂 If you have any doubts call me or ping me ill help you out.

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  1. Ramya
    July 30, 2010 at 12:08 pm

    Wow Bhavish.. This is very good..

    Btw.. Yesterday whole day was waste in seraching for the URL and Efiling finally i succeeded Though.. Hope i had got this one yesterday only.. Lots of time would have been Saved 😀

    Good JOB!! hee hee hee 🙂

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