How to easily file income tax returns online

According to section 139(1) of the Income Tax Act, 1961 in India, any individual whose total income during the previous year is greater than the maximum amount which is  not chargeable to tax, are liable to file their income tax return (ITR).

Who should e-file income tax returns?

  • Assesses with a total sum of income for 5 Lakhs and above.
  • Individual/HUF who are resident with assets located outside India.
  • An assesses is required to furnish an honest report of audit as specified under the sections 10(23C) (IV), (v), (VI), 10A, 12A (1) (b), 44AB, 80IA, IB, IC, ID, JJAA, LA, 92E or 115JB of the Act. Respectively.
  • Any resident who has a  signing authority in any account which is  located outside India.
  • A person who claims relief under sections 90 or 90A deductions under section 91 of the act
  • All the companies are required under this act to file ITR

Types of e-Filing OF ITR

  • Use of Digital Signature Certificate (DSC) to e-file the ITR. It is also compulsory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
  • If you e-file without DSC, ITR V form will be generated, which is then required to be printed, signed and submitted to CPC
  • You can file e-file IT returns by an E-return Intermediary (ERI) which can be with or without DSC.
  • As a salaried individual, you will arrange to amendment your job for a much better pay grade or profile. All a similar, some things don’t amendment. for example, filing your returns is obligatory.
  • However, e-filing might become a small indefinite quantity difficult if you’ve got modified jobs during a fiscal year. you wish to make sure that you just have all the specified documents so as to avoid any error in filing your tax returns at the top of a fiscal year.

Multiple type 16:

  • An individual might have multiple type 16s if he or she switches employment during a fiscal year or works with multiple employers.
  • First off, you ought to get your Form-16 from your previous leader. you ought to get the shape sixteen before you quit the corporate. In case, you probably did not get your type sixteen, there’s no got to panic. You’ll be able to add your remuneration attributable to your account together with the tax subtracted throughout the amount of your employment within the previous company (based on remuneration slips or statements).
  • You ought to then check whether or not the tax subtracted matches the figure on your type 26AS, that is accessible on the official web site of the revenue enhancement Department. On condition that your leader must submit TDS to the govt. Once a year, the half A of type 26AS can have multiple entries.

Provident Fund:

  • A part of your remuneration goes into your Provident Fund account monthly. Likewise, your leader makes AN equal contribution to your PF account. You’ll also be able to either like better to withdraw cash from your EPF account or transfer it to your new leader at the time of quitting your company. It’s vital to notice that if you create any withdrawals from your EPF account before completion of 5 years, the quantity is nonexempt. If you would like to transfer your EPF account, you’ve got to fill out type nineteen and type 10C.

How to e-File once you Switch Jobs:

  • The following table shows the assorted steps to be taken to make sure that your file your income tax return with none hassles
Particulars Description
Upload Form 16 (latest) ·        The latest Form-16 should always contain the salary you have received from your previous employer

·         Form 16 should is also required to contain details of your taxable salary from your previous employer

·         You should also upload the latest Form-16 from your current employer

Add ‘Another Salary’ ·         In the “Income Sources” section, subtraction of the salary you received from your previous employer from the total amount is required. The remaining amount will be the salary of the current employer

·         Click on ‘Add Another Salary’ for further

Add salary of previous employer ·         You should effectively enter details of the salary of your previous employer

·         Press ‘save’ later

If you want to file an income tax return, you can go with File ITR Online.

Related Topic: What are the documents required to file ITR?

How to e-file ITR if you changed jobs?
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