Income tax return e filling benefits

Hi Friends, Today we are discuss on Income tax return e filling benefits. you know very well that Tally is accounting cum inventory software which provide different accounts, inventory features which different taxation part. You can also prepare payslips, attendance sheet and many more in the payroll report. Tally is widely used in different countries due to its user friendly features. After reading this article you will be able to know what is the Income tax return e filling benefits.

How To E-Filling of Income Tax Return (ITR):

There are lot of Income tax return e filling benefits, with the help of Income tax return E-filling your lot of time will be reduced but before E-Filling you have to know what the meaning of income tax returns: If you fall under the taxation bracket then you would have to provide a declaration to the Income Tax Department about the earnings you have made with permitted deductions and exemptions that computes your tax liability in a format that is pre-defined by the Government at the end of every financial year.

This also includes royalties on which no tax has been deducted, interest on your savings bank account, earnings from part-time work, dividends, fees, rent etc which have not been taxed or maybe a part or portion of which has been taxed. These statements signed and affirmed by you revealing the correct picture of your income during the previous financial year are collected by the Government. This is known as Income Tax Return or Return of Income.

Must Read: Pay online self assessment tax and advance tax

Income tax return e filling benefits (ITR):

While you file your returns online, the calculations are done automatically thus you are relieved from the hassle of calculations and confusions. You get to know that very moment what money you owe or what would come back to you. Obviously, its accuracy cannot be questioned. It is easier, convenient and time saving. The money that is owed to you reaches you within weeks whereas if you go by the traditional method it takes time.

The moment you click the submit icon, you receive the acknowledge slip. Those of you who wish to save yourself from the plethora of paperwork, filing income tax returns online is a boon. Another benefit of filing tax return online is that you do not have to wait in long queues nor have to pay an agent who can stand on your behalf for hours in the office in order to file your returns. Online tax returns have broken the notion that government offices have specific fixed hours of working. You may file your returns at any time in day or night.

As it becomes more easily accessible, filing returns online also gives you an advantage of checking the status of your refund. Indian individual can file income tax returns by using following ways

Paper Return:

Download the applicable ITR form in PDF format from and fill the income details from salary, House property, Capital Gains, business Income etc and TDS, challan details and file it in local income tax office on or before 31st July 2011.

Online E Filing:

Individual persons can file income tax returns online freely and easily by using If you are corporate employee, if your company provides you Form16 in PDF format, just upload the form16. It automatically calculates income tax and files your income tax returns easily.

Online E filing of tax return without Digital Signature:

Log in into, File your income tax returns online, immediately after processing your income tax returns by, Your income tax returns will be submitted to income tax department. After successfully processing of Income Tax returns by income tax department, you will receive ITR-V form (acknowledge form) to your Email address supplied while filing your income tax returns. Verify the received ITRV and sign on it and mail it to the income tax department mentioned on below address within 120 days of online filing of your income tax returns.

Income tax Department -CPC,
Post Bag No- 1,
Electronic City Post Office,
Banglore -560100,

Must Read: Meaning of Tax and Types of Tax in India

Due Dates for filing income tax returns:-

For all companies , Corporate, Foreign companies , trusts : 31st October of the AY
For all individuals , HUF whose accounts to be audited under Indian Income tax Act: 31st October of the AY
For all other individuals not mentioned above two categories: 31st July of the AY

Simple steps to fill online income tax return in case of salary:

1. First you have to open the web site Income Tax Indie E-Filling.

2. First you have to register first -> by clicking on the Register link that’s present on the right side of the screen, and supplying your PAN.

3. Once you registered, enter your PAN Card number and password to login.

4. After login, you will find a page where you can choose to file return for this year or previous year, When you point your mouse to E-Filing A.Y.2012-13 it would prompt: “Individual, HUF” as shown below.
Click on the “Individual, HUF” link.

5. The next page has a set of instructions on which form you should use for your tax filing. These are
If you look at this page, it will tell you what which ITR form you need to use. Based on the kind of income you have, you will need to use the respective form like ITR1 , ITR2 and so on.
I will use ITR- 1 as a example under-> Income from Salary/Pension .

6. Click on the Excel Utility (Version 1.0) for ITR 1 and similarly for other ITR whichever is applicable to you.

7. Fill this form based on the information present in form 16 and validate that.

8. Once you have filled the form (there are 4 pages you need to fill; all those which are applicable). Click on the validate button and then click on Generate button. This will generate a XML file which would be saved automatically in the same location where you had saved the excel file that you downloaded.

9. Once the XML is generated, all you need to do is, click on the > Select assessment year on the left hand side of the web page and select the year assessment year, which would be AY12-13 for this year.

10. Once you click on AY 2012 – 2013 you will see page. Now Select the option accordingly, like I have done here and click next.

11. Once you click next you will find another page, now click on choose file and select the XML file that got saved when you generated the XML, then click upload button.

12. You will get an email from income tax office that will have a PDF file called ITRV. Take a print out, sign on the form and send it to the address mentioned on the file by ordinary post or speed post.

It’s all done! It’s a very simple process if you have income from only one source.

Must Read: Depreciation Rate Chart on Fixed Assets of Income Tax Act

I hope you like this Income tax return e filling benefits guide from which you will be able to easily understand Income tax return e filling benefits without any extra efforts. If feel any problem in this guide then please use comment box. Thanks to all.

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