Filling ITR or Income Tax is important for any earning person after every financial year ends regardless of the profession they are working in. It is a formality prescribed by government to keep a record for individual’s income and paid taxes. There are several types of forms prescribed which has their unique eligibility for persons to use according to their income situation. Traditionally incomes taxes were filled with physical forms which can be collected and submitted to nearest income tax office. This procedure was quite time taking for professionals and requires one to invest a day or some with this work.
To ease this process and make it time-saving, electronic filling was introduced which allows individual to file tax return electronically. This system is quicker and requires only few minutes to file all tax return details. Its free and it can be filed directly from the official website or some other third-party websites. The third party or the intermediary services must be authorized by the income tax department. Such information regarding all authorized intermediary can be found from the official website.
Income tax return through electronic system is compulsory for few personals who have an annual income over 5 lakhs rupees by using the FY 2012-13 form. Also, individuals or Hindu Undivided Families who have annual earnings over 10 lakhs rupees requires to file this electronic formusing the FY 2011-12 form. Except these two tax payer categories, any individual or business falls under 44B section also requires to file tax with E-filling system compulsorily.
To file tax returns, you can access the official e-filling website of income tax department. In their, you will get two options to file ITR, through online and offline mode. Offline means only you can download the form and fill it offline, later you can submit it online. In the online mode, you need to be connected with internet facility to access, fill in and submit the form. Another thing you will need is digital signature to identify your document authentications. However, an Income Tax Receipt called as ITR-V can be printed off and sent to Central Processing Unit within next 120 days if you do not intend to use a digital signature. The Central Processing Unit is in Bangalore where the ITR-V need to be reached in prescribed 120 days.
More information regarding Income tax e-filing process can be found from official and related intermediary website.