How to eFile your Income Tax Returns

This is your second home. Once you login, you gain access to your all important dashboard. From your dashboard you shall be able to control all the different aspects of your personal income tax. Want to e-file your income tax return? Start by clicking the e-Filing services tab or click on the “Get Started” button under the work in progress section. Want to download your ITR-V acknowledgement for a previous year? Get access to it from the “Completed Stuff” tab. Have an urgent tax query that just can’t wait? Get answers by clicking on the “Customer Service” tab.
Gain access to the most user-friendly (not to mention pocket friendly) assisted e-filing and self service e-filing packages in India. These packages are built to serve people who need end to end assistance with filing their income tax returns. More importantly the self service e-file package is robust enough to cater to first time income tax e-filers who have little or no experience with filing income tax returns.
Hello there salaried employee with a form 16 and a home loan. Let’s not forget the interest income too. Welcome to the first step of the filing of your income tax returns. Just choose the assessment year you want to file your income tax return for together with if the return is an original return or a revised one and just hit continue.
Moving on to the more information you should know rather well. Please make sure than you enter your name as per the format mentioned in your PAN card. Other details include your Father’s name, date of birth and Permanent Account Number.
Now be certain that the address you enter has the following information: Flat/Door/Block No., Name of the Building/Premises/Village, Street name and the area. From the lot, Flat no. and area are absolutely important.
The recent guidelines issued by the income tax department require you to submit information with respect to all the bank accounts held by you during the financial year, unless they’re dormant. Make sure you mark that bank account in which you would like us to credit your refund amount, as “Primary”. Also please don’t go hunting for your cheque book because our awesome “Find IFS Code” widget will help you find your IFS Code in a matter of seconds.
Now for the next part you’ll need to pull out your form 16. Ideally we would have filled up most of this information for you but we’re still waiting on the income tax department to release the web services for us ERIs, so till then bear with us. The information required is really easy, we promise. Just click on the “add employer” button and get going.
The TAN of your employer is available on the Part A of your form 16. Please be sure to enter the name of your employer company in the format as mentioned in the Part A of your form 16 as well. Now this is the important part, please make sure to enter the salary figure as mentioned in the line 6 of the Part B of your form 16. The amount of TDS too must be verified with the total of the all four quarters of the “Amount of Tax Deducted” column in the Part A of the form 16.
After entering all of the required information is the previous screen, click on the save button to verify the details before you proceed. If you’ve worked with more than one employer during the financial year, then click on the “add employer” button and repeat the process. If everything looks good, click on continue.
If in case you have a home loan, the repayments made towards the interest component of the home loan need to be mentioned here. If you’ve reported this information to your employer, the same shall reflect in your form 16 in line 7 of the Part B of your form 16.
After clicking on yes in the previous screen, you will need to choose the type of property. If you have just the one house property (which is not let out), choose self occupied house property. In case the property is let out then choose any other property.
Self occupied house property usually tends to be the property you’re residing in. Therefore to save yourself the effort of entering the address you’ve already entered in the basic details section, you can simple click on the “copy from basic details” button and the address fields will get populated. Then just simply enter the amount of interest paid on your home loan as per the in line 7 of the Part B of your form 16. Remember the maximum deduction for interest repayment on your home loan in case of a self occupied house property is INR 2, 00,000 from assessment year 2015-16 onwards.
If you’ve rented out your house property, then after entering the address, for the question “Have you rented this house?” click yes. Accordingly also enter the annual municipal taxes paid by you towards the let out property.
The income tax department requires you to mention your tenant’s name and his/her PAN, in your income tax return. Of course you are also required to report the annual rental income earned by you on the let out property. If you have a home loan for the let out property , then click on yes for the question “Do you have any loan details?” and enter the entire amount of interest repayment on the home loan. If the house property is co-owned then you will need to enter the details such as Name, PAN and percentage of holding of the co-owner.
Have you earned any interest income from fixed deposits or savings bank accounts during the year? One way to verify the fixed deposit interest income would be by checking your form 26 AS. This section is also applicable to all those who have exempt income such as dividend from equity shares. So click yes if you have interest from fixed deposits and enter the amount of the total interest received.
Please make sure that you enter the interest earned from the savings bank account separately as such interest is allowed as a deduction u/s 80 TTA upto INR 10,000.
Everybody tries their luck in the stock market. If you have too then enter the details of the cumulative gains or losses made on the sale of equity shares and equity based mutual funds on a quarterly basis.
Simply enter details of the tax saving investments you have made during the financial year. You’ll find all the deductions applicable to an individual tax payer in this section. Think hard and enter all your deductions carefully to maximize your refund.
Review all the taxes that you have paid. If in case you are liable to pay more taxes (our system will notify you), then please make sure you enter the details for the same in the self assessment tax section before you file your return.
On the summary tab review all of your income, deduction and tax paid information in one go before submitting the same. After filing your income tax return, you can also save a PDF copy for the same for your perusal and records.
That’s it. Just click on submit return now and you’re done. Congratulations!