E-filing of Returns

e-Filing of Returns

(1) What is E-Filing? The process of electronically filing Income tax returns through the internet is known as e-filing. It is mandatory for companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2007-08 onwards. E-filing is possible with or without digital signature.

(2) Types of E-Filing There are three ways to file returns electronically. Option 1: Use digital signature, in which case no further action is required. Option 2: File without digital signature, in which case the duly signed ITR-V form is to be submitted to CPC Bengaluru using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed returns. Option 3: File through an e-return intermediary who would do eFiling and also assist the Assessee file the ITR -V Form.

(3) Types of E-Filing

(4) E – filing process :   This is explained below with the help of a flow chart.

(5) Change in the procedure of e- filing for 2008-09 Type Change For digitally signed returns No Change Paper Returns -Two step Procedure After uploading data -instead of filing paper return assessee to file verification form called ITR-V (Combination of Acknowledgement of e-return and verification Paper Returns - through e-intermediaries

(6) e-Filing Process – At a glance Select appropriate type of Return Form . Download Return Preparation Software for selected Return Form. Fill your return offline and generate a XML file. Register and create a user id/password . Login and click on relevant form on left panel and select "Submit Return". Browse to select XML file and click on "Upload" button . On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form. Incase the return is digitally signed , on generation of "Acknowledgement" the Return Filing process gets completed. Assessee may take a printout of the Acknowledgement for his record. Incase the return is not digitally signed , on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be submitted to CPC Benagaluru using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed Returns.