How to file Income Tax return online

Everybody knows that now we can file our Income TAX return online. Still we use to search for a CA(charted accountant) to do this job. So we have decided to figure out the E-Filing process in simple steps

Goto http://incometaxindiaefiling.gov.in

If you are already registered with DIT(Directorate of Income Tax) sign in with your PAN no(as user name) and password.

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If you are e-filing your return first time or not registered with DIT follow the steps below

STEP 1 : Visit the IncometaxIndia website and register as a new user.
STEP 2 : You will have to input like PAN no, Name and Date of birth and click on the 'Register' button.
Once you click on the 'Register' button you will be taken to a form that will automatically have your address and other details (as submitted by you at the time of applying for PAN).
STEP 3 : You will just have to put your own password, telephone number, valid e-mail and click on the 'Submit' button.

And you will be taken to a page that has links for e-filing your tax returns for the corresponding assessment year "

After reaching to the page you have to follow this procedure as given below..

--> Choose which category you belong to (salaried employees with only salary income will have to download ITR-1).

--> Fill in the required data asked for in the excel sheet.(Please keep your form 16 with you while filling the details)

--> Save the excel file on your local machine. Verify and Generate XML file from the link in Excel file.

--> Click on 'Submit return' link in the middle on the left hand side to upload the saved XML file to the income tax of India's server.

--> On successful upload ,acknowledgment details would be displayed. Click on "Print" to generate printout of acknowledgment/ITR-V Form.

--> Incase the return is digitally signed, on generation of "Acknowledgment" the Return Filing process gets completed. You may take a printout of the Acknowledgment for your record.

--> Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgment cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office withing 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.


We always suggest to have a digital signature with you , to file your return completely online. If you want to know how to get digital signatures at cheapest price check this article

http://vikas-ke-funde.blogspot.com/2009/04/electronic-or-digital-signature-for.html


If you don't want to prepare your TAX return on your own. Then you can choose www.taxsmile.com for cheap IT return filing

Enjoy.........

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CLB approves Tech Mahindra`s Bid for Satyam

In recent developments , Company Law Board (CLB) approved Tech Mahindra`s Bid for Satyam. CLB chairman S. Balasubramanian said "Having convinced myself that the board of directors has selected a technically and financially competent/qualified strategic investor... I accept the recommendation".

After the deal Tech Mahindra will be in Top IT companies list. Tech Mahindra will pay $351 million for allotment of new shares in Satyam and around $225 million for another 20% stake which will be via open offer.

Meanwhile there were reports that Spice group , who was in initial stages of bidding, has approached SEBI for non transparency in deal.. As Per B K Modi , the deal was not transparent because

1)The bid was not the open one.

2)Deepak Parekh is one of the board member of Tech Mahindra.

3)Board doesn”t know about the assets and liabilities of the company and without knowing and stating the financial account how can a market price decide Satyam sale.The open auction can only determine the price of the company not the market price .

But anyway , we think that this effort of getting a strategic investor for Satyam in just 100 days is a landmark achievd by Government appointed Satyam Board.

All the Best to Satyam for future.

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