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New Procedure for Filling Tax Return?

The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS). The salient features of the new system.
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The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS).

The salient features of the new system are:
(a) Four copy challans have been replaced by single copy challans as under:
Challan No. 280 - For payment of Income Tax (advance tax/ self­ assessment tax/tax on regular assessment) by all categories of tax payers.

Challan No. 281 - For Tax Deducted at Source

Challan No. 282 - For other Direct Taxes (including Wealth tax and Securities Transaction Tax)

Challan No. 283 - For Banking Cash Transaction Tax and Fringe Benefit Tax.

Were to File Return?

The return should be filed with the Assessing Officer who assessed tax-payer in the preceding assessment year or to whom the records have since been transferred. The new assessees should file return to the Assessing Officer, who has territorial jurisdiction over the residence or the principal place of business of the assessee or with the assessing Officer having special jurisdiction over specific assessees or classes of assessees or classes of income. For example, assessees having income from contract business, should file their Income Tax -returns with the Assessing Officer having jurisdiction over the contractor's circle. A doctor or lawyer or chartered accountant should file is return in the respective professional circle. [Sec. 124]

The return in the prescribed form duly stapled with acknowledgement slip should be delivered in person or through a messenger at counter against a receipted copy of the acknowledgement slip. In special circumstances, the return may be sent by registered post.

Filing of Returns on Computer Readable Medium

A salaried tax-payer may, at his option, furnish his return of income to his employer, in accordance with the scheme for bulk filing of returns'. The employer shall furnish all such returns received by him on or before the due date, on a floppy, diskette, magnetic cartridge, tape, CD-ROM or any other computer readable media, in the prescribed manner. [Sec. 139(1 A) & (1 B)]

How to file your income tax return online

Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to www.incometaxindiaefiling .gov.in. Follow these steps:

Firstly: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.

Secondly:View your tax credit statement - Form 26AS- for the financial year 2014-15 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.

Thirdly: Under the Download menu, click on Income Tax Return Forms and choose AY 2014-15 (for financial year 2013-14 ). Download the Income Tax Return (ITR) form applicable to you. If your exempt income exceeds Rs 5,000, the appropriate form will be ITR-2 . If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal itself, by using the Quick e-file ITR link.

Fourthly: Open the downloaded Return Preparation Software (excel utility) and complete the form by entering all the details , using your Form 16.

Fifthly: Ascertain the tax payable by clicking the Calculate Tax tab. Pay tax (if applicable) and enter the challan details in the tax return.
 
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