It is now mandatory for individuals with income of Rs. 5 lakh or more to e-file their income-tax returns. Here is a guide to the process.
INCOME FROM SALARY
If you are a salaried employee and have income from no other sources, you need these documents:
Form 16: Most of you would have received or would soon get your Form 16 for 2012-13 from your employer. This is a financial statement that details your income and taxes paid during the year. If you who have changed jobs, you will have multiple Form 16s given by your current and previous employers.
Form 12 BA: This statement is given only to those employees whose salary packages come bundled with holiday and credit card expenses.
Pension certificate: Many individuals receive pension from their previous employers. Keep this handy.
Home loan certificate: If you have a home loan, your bank gives you a statement and certificate containing the details of principal and interest rate payments. Keep this handy along with the taxes paid on your property.
Rental income: If you have rented your property, a rental income statement is needed.
Form 16A: If you have additional income such as interest earned on bank deposits or professional fees, you need this form. It is a statement that details such income, other than your salary, on which taxes have been deducted at source (TDS). Collect all your TDS statements.
NUMBERS YOU NEED
Your Permanent Account Number (PAN), bank account number and its MICR code.
TAX SAVING INSTRUMENTS
You will need to give details of such investments.
Section 80C: Investments in LIC, NSC, PPF etc, updated till March 31.
Section 80CCC: Investments in pension schemes.
Section 80CCD: Payments in the National Pension System.
Section 80D: Health insurance premiums paid for self and/or dependents.
Section 80G: Donations made to approved charitable institutions.
Section 80E: Interest paid on education loan.
HOW TO E-FILE
Go to https://incometaxindiaefiling. gov.in/
OPTION 1: 1. Download the applicable ITR; 2. Fill it online; 3. Generate an XML file and save it; 4. Register on e-filing website using your PAN; 5. Login to portal, Upload Return
OPTION 2: 1. Register on e-filing website with PAN; 2. Login to portal; 3. Go to e-file- Income Tax Return - Prepare and Submit Online
DATES TO REMEMBER
Individual Income Tax: July 31 is due date for filing return of income for the financial year 2012-13. March 31, 2014 Last date for filing the ITR for 2012-13 (AY 2013-14)with a penalty of Rs. 5,000.