Friday, 27 June 2014

Income Tax Returns 2013-2014

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Financial Year 2013-2014

Assessment Year 2014-2015

Just the basic information is provided for filing online income tax returns and the last date to file your income tax returns is 31st July 2014.

Now it's the time to file your income tax returns. Your Form 16 is also available now.

If tax is deducted from the salary you will have Form 16 Part-A and Part-B.

If tax is not deducted from the salary or your salary is below the taxable limit you will get Part-B of Form 16.

Part-A of Form 16 is generated by the Income Tax Department website TRACES and whereas Part-B of Form 16 is prepared and provided by employer.

You can file IT Returns for free if you have..

have Salary/Pension Income less than Rs. 5 lakhs
have made investments in life insurance, etc
have no tax payable or refundable

We can file the IT Returns 2014 online through or other websites available.

Once you open the above website you have to click on Sign In -> New User and Register yourself by providing personal details. If you are already existing user you directly login using your login and password which you created during the previous years of filing income tax returns.

You have two options to file returns that is one by your self if you have complete knowledge and the other is Easy Guide, if you select Easy Guide you will just answer the questions which appear on screen in Yes or No and proceed filing your returns. You have to keep Form 16, PAN card, Bank ifsc code and your savings bank accounts details handy.

Once you are done with filling the personal details you will have to click on Continue and enter details on your screen such as your salary, deductions, investments, profession tax and the tax deducted at source details. You will also have to provide your bank account details because if you have paid excess tax that will be deposited in your account.

After providing all the above details you will come to know that the tax deducted is excess or deficit. If the tax deducted is less than you will have to pay the balance through online transfer or as other options available and if the tax deducted is excess your excess deducted amount is transferred to your savings bank account as you provided while filing returns.

 If you have enter all the details as prompted on your screen than your filing returns is complete and finally you will click on complete.

You will see the message in your login in myitreturn as Awaiting Acknowledgment. Within 5 to 10 minutes you will see that the message appearing will be changed as Download Acknowledgment  you will click on that and download your ITR-V.You have got 120 days from date of filing (xx/xx/xx) to send the ITR-V (xxxxxxxxxx).

Once you click on Download Acknowledgment you will get the message as Congratulations! Your return is confirmed now. Please download the ITR-V received from the income tax Department and follow the below mentioned instructions to complete your e-filing of income tax returns.

ITR-V is password protected. You will provide your pan card number followed by date of birth without any spaces and dashes.


Print the ITR-V acknowledgment
Sign the ITR-V acknowledgment
The signature is done on ITR-V by the return filer only and should be in BLUE ink only

The ITR-V acknowledgment is to be sent through Post Office Normal Post or Speed Post only.

Post the ITR-V acknowledgment at the below address.
Income Tax Department - CPC,
Post Bag No - 1,
Electronic City Post Office,
Bengaluru - 560100


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