Skip to main content

E-filing tax returns isn’t exactly online

It’s hardly a simple affair, but with a digital signature you can avoid a trip to the income tax office
MUMBAI: If you can pay your phone and electricity bills online, why can’t you do the same with your income tax returns? Well, you can. It is now possible for individuals and Hindu undivided families (HUFs) to file their tax returns online. All you need to do is log on to the e-filing site.
But don’t expect it to be a smooth affair. Filing e-returns is not as simple as the income tax department’s ads make them out to be. After logging onto the website, you have to choose the right form. And there are eight Indian Income Tax Returns (ITRs 1-8) forms to choose from. For most salaried individuals, ITR-1 will do if they don’t have any capital gains or house property.
For those who do, ITR-2 should be your pick. But that’s the easy part. Once you’ve identified the form, you have to download the relevant software. The page provides a link to find this software. You also need Acrobat Reader version 8.1 on your computer. If you do not have this version, you need to download this.
A link for downloading this software has also been provided on the website. After downloading all the software, the form needs to be filled up with the help of Form 16 (given by your employer). Most details that need to be put into ITR-1 are already available in Form 16.
Once the form has been filled up, it needs to be saved as an XML file. You don’t need to be an expert for this, and the e-filing website offers an ‘Export to XML’ button at the end of the software. Click on this to save the file as an XML file. Having saved the file, you will be directed to create a user ID and password. The user ID is actually your income tax permanent account number (PAN).
After logging in using the user ID and password, you can now click on the ‘submit return’ button available to the left of the screen. While uploading the file, you need to encrypt the file using a digital signature.
This is where the tax department can’t help you. If you don’t have a digital signature, you can still file an e-return, but you have to submit a hard copy of the completed return to your tax office within 15 days.
A digital signature ensures that no one else files your return. After you have encrypted the file, you need to upload it.

Popular posts from this blog

Bio-fuel has top investors powered up

23RD ,JUNE India's fortune-hunters believe their new-found love for biofuel will pay off. India's well-known investors who are known for their Midas touch have spotted an opportunity in bio-fuel, betting big on ethanol, bio-mass and even bio-fuel equipment makers in India and other parts of the globe. Billionaires Rakesh Jhunjhunwala, C Sivasankaran, Vinod Khosla, founder of Sun Microsystems, and Nemish Shah, the media-shy joint partner of Enam Financial Services, are investing in bio-fuel makers quietly, expecting that bio-fuel will have a big play in the coming years as the world looks for a viable alternative to the fast depleting oil reserves. Jhunjhunwala, who is known for his ability to spot a multi-bagger at a very early stage, recently invested in Hyderabad-based bio-fuel firm Nandan Biometrics.He is also a 10 per cent stakeholder in Praj Industries, which is a bio-fuel technology provider…

up to 8,500% return in 5 years! Investors made a killing in these 30 smallcap stocks

U By Rahul Oberoi, ETMarkets.com | Updated: Dec 01, 2017, 04.06 PM IST Post a Comment
Efficiency pays in the long run. Among the top smallcap plays on Dalal Street, 30 companies with stable return on equity (RoE) and return on capital employed (RoCE) have surged up to 8,500 per cent over the past five years.

All these companies had a debt-to-equity ratio of less than 1 and have been maintaining RoE and RoCE of over 20 per cent since 2012-13.

Avanti Feeds emerged the chart topper, with an 8,527 per cent gain to Rs 2,596.60 as of November 28 from Rs 30.10 ..


ovember 28 from Rs 30.10 on November 27, 2012. The company’s return on equity for FY17, FY16, FY15, FY14 and FY13 stood at 42.65 per cent, 46.21 per cent, 52.41 per cent, 45.79 per cent and 27.60 per cent, respectively. Avanti also managed to achieve a return on capital employed of over 50 per cent in last four years. Its RoCE stood at 28.59 per cent inRoE measures net income earned for every rupee of shareholder funds, while…

5 dark-horse picks

Kwadrat/shutterstock.com Kwadrat/shutterstock.com
If you are a conservative investor, using the mutual fund route is the best way to invest in stocks. But if you are game for some excitement, you might want to dabble directly in stocks, especially small-cap stocks. Stocks that are smaller in size, in terms of market capitalisation, carry higher risk. The reasons are — one, lower traded volume increases price volatility, two, information is usually scarce on these companies, three, business risk is higher since many of these companies are dependent on a single product and four, governance risk is also higher in these stocks. That said, small-cap stocks have the capacity to deliver far greater returns when compared to large-cap stocks. Sample this: there were 16 stocks with market cap more than ₹50,000 crore in January 2009. These stocks delivered an average return of 138 per cent in the last eight years but 4 out of every 10 stocks in this group delivered negative returns. On the ot…