Efiling of Income Tax

How to eVerify your Income Tax Return using Netbanking

by Varun Advani | 22 July 2015
The process of eVerifying your Income Tax return through netbanking is relatively straightforward.   Once you have completed eFiling your Income Tax Return  on makemyreturns.com.  Simply goto the Income Tax Department website. Click on Registered User Login. On the resulting screen click on eFiling Login through NetBanking.   Then choose your the bank through which you would like to login to your Income tax eFiling account.     You will then be redirected to the netbanking login screen of your Bank. Once you successfully login, look for an option that says "... [More]

Efiling of Income Tax

Electronic Verification Code - EVC - Now Electronically Verify your Income Tax Return using Aadhar

by Varun Advani | 13 July 2015
After years of manual verification of efiled Income Tax Returns via the ITR-V Manual submission process to the CPC in Bangalore, the Income Tax Department finally launched the EVC (Electronic Verification Code) method of verifying your income tax returns. And this couldn't have been done at a better time.    Here is how the process works:  1. eFile your Income Tax Return on makemyreturns.com  2. Once you receive the ITR-V Acknowledgement from makemyreturns.com, you simply need to logon to your Tax account on the IT Department website with your PAN Number and your passw... [More]

Efiling of Income Tax

Interest u/s 234A, 234B, 234C

by Varun Advani | 3 July 2015
Interest u/s 234 A, B & C Did you file your income tax return after the due date of 31st July last year? If you did, then you must have realized that your outstanding tax liability had increased due to the interest component u/s 234 A, 234 B and 234 C. I’m sure this must have bothered you and to make sure this doesn’t happen to you ever again, it’s important to understand the complete details with respect to the interest levy u/s 234 A, 234 B and 234 C. Let’s start with breaking down the dynamics at play for the levy of interest u/s 234 A. Interest u/s 234 A is lev... [More]

Efiling of Income Tax

Section 139(5) - Filing a Revised Return

by Varun Advani | 27 June 2015
When can a revised return be filed? Section 139(5) is your answer. Filed your income tax return without claiming the credit of the tax deducted at source in your name? Or accidently entered certain incorrect details with respect to your personal information in your income tax return? Or forgot to disclose certain information with respect to the additional income earned by you during the year in come your income tax return? Don’t worry; the income tax act gives you the opportunity to correct the above mentioned mistakes by filing a revised income tax return u/s 139(5). But the most import... [More]

Efiling of Income Tax

Section 139(4) - Filing Income Tax Returns After Due Date

by Varun Advani | 27 June 2015
Can the income tax return be filed after the due date?  Belated return 139(4) If due to some unforeseen reason, you couldn’t file your income tax return within the due date [i.e. time allowed by section 139(1)], then don’t stress. You still have ample time file your tax return. However this extended time comes with conditions and consequences. The extended time allowed to you by the income tax act is one year from the end of the relevant assessment year. So for example, if you missed the due date for filing your tax return for assessment year 2014-15, you can still file your i... [More]

Efiling of Income Tax