Step by step guide for filing Income-tax Return with myITreturn (detailed)

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 the software.

IMPORTANT: Last 2 years Income-tax return cannot be filed after 31st March 2018. Read more.

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 already have an account with us, please login with your username and password. 

Step 3: Sign up 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, Date of Birth, E-mail Id, First name, Middle name, Last Name, Gender, Father's Name, Contact Number and Aadhar Number / Aadhar Enrollment Number so that a Tax Filer is 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 unlimited 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.

or else

ii. Easy E-file- You may go by adding your salary income details on your own.

Check the Guide to Upload Form 16 or proceed with Easy E-file option.

Step 8: Income details

Questions will appear 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

1. 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.

2. 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.

3. 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

1. Self occupied house property details

You need to provide address details of your property.

 

2. Deduction of interest on housing loan

If you have 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 upto Rs. 2,00,000/- in a financial year.

3. Ownership

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.

4. Other property details

If you have any other let-out property or vacant property, you may add such property details.

5. 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 FD interest, interest from savings bank A/c. etc, you need to provide details of such income.

1. Interest from Fixed deposit with banks

Add details of interest income on FDR's received by you during Financial Year.

2. Interest from savings bank account

Add details of interest income on savings account received by you during financial year.

3. Total income from other sources

All incomes from other sources for a financial year will be shown.

Step 13: Capital Gains

If you have any 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 for the purpose of calculating Capital Gains.

A. 1. Capital Gains- securities

If you have sold shares, securities during year, provide details such as name of security, type, etc..

2. Sale and purchase details

Provide acquisition and sale details so that Capital Gains will be calculated automatically.

3. Total Capital Gains 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. 1. 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.

2. 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.

3. 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 a house property to purchase another house property, then you will get exemption U/s. 54 of Income Tax Act.

4. Total gain from other capital assets

You can see 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.

E.g.-

1. Investment in Provident Fund, 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 other 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 can claim your TDS here.

E.g. TDS deducted by banks on FDR interest is required to be entered here.

 

Total TDS for financial year (including TDS on salary) will be shown.

Step 17: Summary of income

Review summary of your income. You also need to check if any tax is payable by you.

Filing a return without payment of Self-assessment tax is treated as "Defective Return". Hence, you need to pay your tax before filing your Income-tax return.

Step 18: Payment of taxes and summary

1. 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. To know how to pay Self Assessment Tax online, click here

After making payment, you need to enter challan details into your login so that your summary will show Nil Tax Payable.

2. Summary after tax payment

You need to verify income summary after payment of taxes.

Verify whether summary is showing Nil Tax Payable or not.

3. 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 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.

myITreturn offers you a bucket of additional services. These are optional premium services such as Expert Review Service, Notice Protection Service, etc. These services will assure you of accurate filing of return as well as 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.

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