Income tax returns: Smart things to know about e-filing

1. Tax payers can file income tax returns electronicallly. E-filing is a quick process and can be done anytime from any place. It can be done through the government portal incometaxindiaefiling.gov.in or any of the private tax websites.

2. The IT department has also appointed intermediaries who provide upload facility for returns through their portals for a fee. However, direct upload on the IT website is free and the service is available 24 hours a day.

3. The tax payers need to fill up the return form offline in the prescribed excel worksheet format. Once the return form is complete, the return must be uploaded on the website in the XML format.

4. Once uploaded, a receipt or the ‘ITR-V’ will be generated. The tax payer should sign this and send it by post to the Income Tax Department CPC, Bangalore, Karnataka, within 120 days of e-filing.

5. If the tax payer uses a ‘digital signature’ to authenticate identity on generation of ITR-V, it does not have to be sent to the IT department by post as the process is complete.

6. If the ITR-V is not submitted within 120 days of e-filing, the uploaded return is considered as null and void and the returns have to be filed again.

Content courtesy: Centre for Investment Education and Learning (CIEL)