Filing of taxes can be done free of charge in two ways:
Method 1 - Entirely on your own
Method 2 - Using a free service
IMP- I do not bear any responsibility for the accuracy of the below given information. Please act on your own responsibility.
Method 1 - Entirely on your own
Method 2 - Using a free service
IMP- I do not bear any responsibility for the accuracy of the below given information. Please act on your own responsibility.
Initial Preparation (Common for both methods):
1) Proof Documents: Have all the necessary documents (Like Form 16, TDS Certificates, Interest certificates, Pension certificates, etc) in hand.
2) PAN: Know your PAN number (Besides the PAN card this information can be found in your proof documents and also from this link - Know Your PAN).
1) Proof Documents: Have all the necessary documents (Like Form 16, TDS Certificates, Interest certificates, Pension certificates, etc) in hand.
2) PAN: Know your PAN number (Besides the PAN card this information can be found in your proof documents and also from this link - Know Your PAN).
3) Government Website Registration: Register with the Indian Government E filing website - https://incometaxindiaefiling.gov.in/ (With this you can avail services such as – filing your returns online, checking your e-filing process status for a particular assessment year, checking your returns (ITR-V) for a particular assessment year)
Method 1 - Filing you returns entirely on your own:
1) In order to choose the correct ITR and to download its respective ITR-Preparation software go to this link: https://incometaxindiaefiling.gov.in/portal/downloads.do (This is an Excel tool so you would need MS Office or similar software to use this tool). Relevant instruction about the form can also be downloaded here.
1) In order to choose the correct ITR and to download its respective ITR-Preparation software go to this link: https://incometaxindiaefiling.gov.in/portal/downloads.do (This is an Excel tool so you would need MS Office or similar software to use this tool). Relevant instruction about the form can also be downloaded here.
2) Open the ITR preparation software and when doing this, make sure you enable Macros.
3) Refer your proof documents and fill the ITR form completely and as accurately as possible. Some confusing fields are:
a) Designation of assessing officer: You can get this from this link – Know Your Jurisdiction. Eg. ITO, WARD 1(1) In this opinion with the advent of efiling and with the centralized submission of ITR-V(we will discuss this later) this field is largely un-important. So don’t fret about it much.
b) Tax payable on Aggregate income (8a): In case your only source of income is your salary/pension then this info can be got from the Form 16 itself. However if you have some pension or interest income details that has not been mentioned in your form 16 but you have included in the ITR form entries 2a and 2b then go to this link and calculate your applicable tax: Tax Calculator
c) Resident Status: Many would assume that just because they are currently in India while filing their returns then they would qualify as residents. This however is not entirely true. If you are an Indian citizen who stayed 182 days or more during the particular financial year then you are a resident. For others please check this link -- Resident Status.
4) After completion of form. ‘Validate’ (available macro button) the form and then click ‘Generate’. This will generate and xml file.
5) Go to Efiling website and upload this xml file.
a) Designation of assessing officer: You can get this from this link – Know Your Jurisdiction. Eg. ITO, WARD 1(1) In this opinion with the advent of efiling and with the centralized submission of ITR-V(we will discuss this later) this field is largely un-important. So don’t fret about it much.
b) Tax payable on Aggregate income (8a): In case your only source of income is your salary/pension then this info can be got from the Form 16 itself. However if you have some pension or interest income details that has not been mentioned in your form 16 but you have included in the ITR form entries 2a and 2b then go to this link and calculate your applicable tax: Tax Calculator
c) Resident Status: Many would assume that just because they are currently in India while filing their returns then they would qualify as residents. This however is not entirely true. If you are an Indian citizen who stayed 182 days or more during the particular financial year then you are a resident. For others please check this link -- Resident Status.
4) After completion of form. ‘Validate’ (available macro button) the form and then click ‘Generate’. This will generate and xml file.
5) Go to Efiling website and upload this xml file.
Method 2 – Using a free service:
These providers offer a variety of free tax filing services:
These providers offer a variety of free tax filing services:
1)E-Lagaan – Web Based. Free for folks with less than 3.5 lakhs INR annual income.
2)Economic Times – Web Based. Free for ITR 1 and 2
Final Step (Common for both methods):
1) You will be receiving an ITR-V form, which you need to take a print out of.
2) Sign on the ITR-V hard copy and enclose it in a A4 size envelope (without folding) and send it to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka” by Ordinary Post(NO Speed Post and NO courier). This should reach them within 30 days of filing the returns online.
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