E filing is an online mode of filling the income tax returns. Moreover, E-verification is an online verification process. E-filing Income Tax Return is a critical process to fill and submit your returns quickly. It helps in making work easy and the customers don’t have to wait or go according to any timing. All the taxpayers, having income more than Rs. 5lakhs need to file their returns.
The steps followed for e-filing are as under. It is always advised that one checks with their respective bank regarding all the details of E-filing.
It is the electronic filing of income taxes. E-filing is when you file your income tax returns online using the Internet for the current year. These means don’t have to visit any Income Tax ‘Department’s office any longer to file your returns physically. Instead, you use the technology and get your work quickly done.
What is Tds?
Tax Deducted at Source (TDS) means collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment deducted under these provisions shall be paid after deducting a fixed percentage. It is checked by the Central Board for Direct Taxes (CBDT) and it belongs to the Department of Revenue controlled by Indian Revenue Service. It has a great value in tax audits.
Type of E-filing:
Digital Signature Certificate ist is a digital form of verification of the sign.
You can e-file without a Digital Signature Certificate. In this ITR-V or ”Income Tax Return–Verification’ form is generated. It is a one-page document. In case Aadhar details are not updated on Income Tax site, the form should be printed, signed, and submitted to CPC, within 120 days e-filing.
You can file tax without DSC by verifying it with your Aadhar card
Document Required For E-filling
- Pan card
- Aadhar card
- Bank statement
- Rent receipt
- Salary Slip
- Form 16
- Insurance or home loan details
- Investment document
Make sure you have all the required documents scanned with you before you proceed with the E-filling
Process of E-filing
- Login to the government online portal for E filing http://www.incometaxindiaefiling.gov.in
- Download the excel sheet of your incomes tax return as per your income
- Please fill the details of ITR, cross-checking it with Form 16 or Form 16A or 26AS.
- After filling the e form cross check all the details, login to your tax return and upload all the document.
- Once you have done all the details accordingly, you will receive a text on the screen showing that you have successfully enclosed all the data.
- Now, the process of verification will start.
Benefits of filling the Tds might not be known to many but the advantages are a lot. It helps in overseas travel, dealing with financial supports like loans, and also the loses. One must not be aware that when one wishes to travel to other countries he or she needs to file visa and that visa is only approved when the passenger submits his income statement in which based on your income Tds must be filed.
This is complete that one must know and fill his TDS.