e-Filing of Returns

1. e-Filing of Returns An Overview of the Process of e-Filing of Returns

2. What is e-Filing • The process of electronically filing Income tax returns through the internet is known as e-Filing. • It is mandatory for Companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically from AY 2007-08 onwards. • Any Company/Firm requiring statutory audit u/s 44AB return submitted without a e-Filing receipt will not be accepted. • e-filing is possible with or without digital signature. • Digital signature is mandatory for Companies from AY2010-11 onwards.

3. Relevant Notifications, Circulars & Instructions 2006-07 & 2007-08 • New forms ITR1 to ITR 8 for AY 2007-2008 notified on 14th May’07. • Circular no. 3/2007 issued on 25th May’07 regarding acceptance of paper returns for companies and firms covered by 44AB under certain circumstances. • Circular no 9/2006 - Exhaustive explanation of the entire scheme of e-Filing for Public. • Circular No 12/ 2006 – E-filing not mandatory for Representative Assessee. • Instruction no. 7 dt 10/10/2006 - Exhaustive explanation & other guidelines for department of the entire scheme of e-Filing for Public. • Vide Notification No. 128/2006, dated 1-6-2006 S.O. 848 (E), Form 2F was notified &Vide NOTIFICATION NO. 189/2006, dated 24-7-2006 Forms 1, 2, 3, 3B were notified.

4. Relevant Notifications, Circulars & Instructions Historical Perspective • Vide Notification No. 253 of 2004, dated 30th Sep., 2004 S.O.1073(E), Electronic Furnishing of Return of Income Scheme, 2004 was notified for e-Filing of returns: • An eligible person may, at his option, furnish his return of income which he is required to furnish under sub-section (1) of section 139 of the Act for the assessment year 2004-05 and any subsequent assessment year, to an e-Return intermediary. • Digital signature, e-return, e-return intermediary were defined in this scheme

5. Types of e-Filing • There are three ways to file returns electronically • Option 1: Use digital signature in which case no paper return is required to be submitted • Option 2: File without digital signature in which case ITR-V form is to submitted to CPC Bengaluru within 120 days of efiling. This is a single page receipt cum verification form. • Option 3: File through an e-return intermediary who would do e-Filing and also assist the Assessee file the ITR V Form .

8. New IT Returns – Annexure-less Forms

9. New IT Returns – Annexure-less Forms

10. Change in Procedure of e-Filing

11. e-Filing Process – At a glance • Select appropriate type of Return Form • Download Return Preparation Software for selected Return Form. • Fill your return offline and generate a XML file. • Register and create a user id/password • Login and click on relevant form on left panel and select "Submit Return" • Browse to select XML file and click on "Upload" button • On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.

12. e-Filing Process – At a glance • Incase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record. • Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form (ITR-V). A duly signed ITR-V form should be submitted to CPC using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed Returns.

13. Thank you