Many people finds filing of Income-tax return as cumbersome process, however this is not so. myITreturn provides you a platform through which you can file your return within minutes. myITreturn has developed a question-answer technique in which you need to answer some simple questions and provide information about your incomes, tax saving deductions, thereby your return will be prepared by software.
This is a step-by-step guide which will assist you file your Income-tax return through myITreturn.com
Step 1- Go to myITreturn.com and sign in
Step 2- Login for existing users
If you have an account with us, you need to provide your username and password to login.
Step 3- Sign in for new users
If you are new to myITreturn, you can create your account by providing a valid e-mail id.
Step 4- Personal details
You need to provide your personal details such as PAN, Name, Date of birth, E-mail id, Contact Number, etc. so that your account will be created.
Step 5- Members list
Once you submit your personal details, you will be added as member in your login. You can add your friends, family members as member in your login too for filing their return.
You can add 'N' number of members in your login.
Click on member whose return is to be filed.
Step 6- Select financial year
Select financial year for which return is to be filed.
Step 7- Options to file
You may choose any option viz. Upload Form 16 or Easy E-filing.
i. Upload Form 16- If you have Form 16, you may upload it and all its details will be saved by the system.
ii. Easy E-file- You may go by adding your salary income details on your own.
Click on Easy E-file option and proceed.
Step 8- Income details
We will ask you about your sources of incomes during a financial year. You need to answer them in YES/NO.
(Even if you forgot to select YES for any income at this screen, you can add such income at any time afterwards)
Step 9- Residential status
Now, you need to provide your residential status as either Resident or Not ordinary resident or Non-resident.
If you don't know your residential status, click on "Help me decide" and you need to answer some simple questions and system will decide your residential status based on your answers.
(Residential status depends upon your stay in India and it has a major impact on your taxes)
Step 10- Salary Income
a. Salary employer details
If you have earned salary income, click on add salary.
You will be asked to provide basic details of your employer such as TAN (Tax-deduction Account Number, PAN of employer, Name & Address of employer, etc.
b. Salary income details
You need to enter your salary details as mentioned in your Form 16 or salary slip.
Also provide TDS on salary if your employer has deducted so.
c. Total salary income
Once you save your salary details, you can see your total salary income.
If you have switched job during a year, you may add salary details of your other employer.
Your total salary income for the financial year will be displayed here.
Step 11- House property details
a. Self occupied house property details
You need to provide address details of your property.
b. Deduction of interest on housing loan
If you have borrowed any housing loan against house property in which you are residing, you can claim deduction for interest payment.
You can claim maximum interest for self occupied property of Rs. 2,00,000/- for a financial year.
If the property is co-owned, you need to provide details of co-owners.
If you are the sole owner of property, then select ownership as 100% as proceed.
d. Other property details
If you have any other let-out property or vacant property, you may add such property details.
e. Total house property income
Income from all house properties during a financial year will be shown.
Step 12- Other incomes
If you have earned other incomes such as Bank FD interest or interest from savings bank A/c., you need to provide details of such income.
a. Interest from Fixed deposit with banks
Add details of interest income on FDRs received by you during financial year.
b. Interest from savings bank account
Add details of interest income on savings account received by you during financial year.
c. Total income from other sources
All incomes from other sources for a financial year will be shown.
Step 13- Capital Gains
If you have entered into any capital transactions during a financial year such as sale of Shares, securities, property, etc., you need to provide the details of acquisition and sale of capital assets.
A. a. Capital Gains- securities
If you have sold shares, securities during year, provide details such as Name of security, type, etc..
b. Sale and purchase details
Provide acquisition and sale details so that capital gain will be calculated automatically.
c. Total capital gain from securities
Capital gains from all the transactions in securities will be calculated and shown.
System will automatically bifurcate the gain/ loss in short term or long term based on period of holding of each security.
B. a. Capital Gains- Land & building and others
If you have sold any land, building or any other capital asset during a financial year, you need to provide details of the same.
b. Improvement details
If you have spent any cost on improvement of capital asset, you may provide details of the same.
Improvement cost includes amount spent on heavy repairs, maintenance, etc. for capital asset.
c. Capital gains exemptions
Income Tax Act provides various exemptions if you invest your capital gain to purchase some other capital assets within certain time.
Eg. If you reinvest the amount received from sale of 1 house property to purchase other house property, then you will get exemption U/s. 54 of Income Tax Act.
d. Total gain from other capital assets
You can see verify total gains from sale of capital assets other than securities.
Step 14- Exempt Income
If you have earned any exempt i.e. tax-free incomes, you may provide details of the same.
You need to provide details of such incomes even if it is exempt from tax. Dividend from listed Indian companies, interest from PPF A/c., Agricultural income, etc. are some of the examples of exempt incomes.
Step 15- Tax saving deductions
If you have invested or spent any amount for tax saving deduction, you need to enter amounts at the relevant sections
Income Tax Act has provided various sections for tax saving deductions.
1. Investment in PF, PPF, NSC, certain bank fixed deposits and mutual funds, etc. covered under section 80C.
2. Premium paid for Life insurance is also deductible U/s. 80C whereas premium paid on health insurance is covered U/s. 80D.
3. If you donate any amount to charitable trust, you will get tax savings deduction U/s. 80G.
Most common deductions are shown on screen, however if you wish to enter uncommon deductions such as deduction for royalty, etc. you need to click on "More deductions".
Step 16- TDS (Tax deduction at source)
TDS deducted by your employer will be shown here.
Along-with TDS on salary, if any tax is deducted by deductor while paying you any income, you may claim your TDS here.
E.g. TDS deducted by banks on FDR interest is required to be entered here.
b. Total TDS
Total TDS for financial year (including TDS on salary) will be shown.
Step 17- Summary of income
You may review summary of your income. You also need to check whether any tax is payable by you or not.
Filing a tax payable return is treated as "defective return" hence if tax is payable, you need to pay tax before filing return.
Step 18- Payment of taxes and summary
a. Self Assessment Tax-
If any tax is payable by you, you need to pay this before filing. Such tax payment is known as "Self Assessment Tax".
You can pay the same online or even by visiting bank.
After making payment, you need to enter challan details into your login so that your summary will show Nil Tax Payable.
b. Summary after tax payment
You need to verify income summary after payment of taxes.
Verify whether summary is showing Nil Tax Payable or not.
c. Return type-
You need to select type of return as Original or revised.
If you are filing a revised return, you are required to provide some additional details such as Date of filing original return and Acknowledgement Number.
Step 19- Payment of fees
Last step will be payment of system generated filing fees. System will calculate your filing fees as per the plans and income details entered by you.
E.g. Non-residents are covered under Foreign Plan, Income less than 2.5 lakh covered in free plan, etc.
Additional optional services
myITreturn offers you a bucket of additional services. These are optional but premium services such as Expert Review Service, Notice Protection Service, etc.
These services will assure you not only while filing of accurate return but also will protect you in future against any notices from Income-tax department.
Step - 20 Payment option
You can pay total fees by any of these options:
1. Visa/ Master card,
2. Net banking,
3. Cheque payment.
Step 21 - Acknowledgment
Once you make the payment of filing fees, your Income-tax return will get filed automatically.
You will get ITR-V in your e-mail sent directly by the Income-tax Department.