Gratuity Exemption
Income Tax applies to the income earned by an individual or a body corporate in a specific financial year. Income is charged by the Government of India as the revenue generated from the tax collected is the main source of funds for the government for carrying out the development activities throughout the country. Charging Income Tax and collection of the same is an important aspect of the Income Tax Department.
Payment of Income Tax completes when Income Tax Assessee files an ITR. Filing an Income Tax Return means the individual has paid the Income Tax that is computed on its earnings. It is the document which acts as a proof stating that the assessee has paid all the due income tax.
Income Tax Return contains information about the annual income of the assessee. It also includes details of the computation of tax based on the annual income and the amount of tax that assessee has paid.
Every year individuals, Hindu Undivided Family, Companies, Firms, Sole Proprietors, or any other who earn taxable income are required to file Income Tax Return as a proof to state that they have paid all the due income tax. There are various ways for filing of income tax return with the income tax department, stated as under:
- One can file Income tax Return online or
- One can file income tax returns through an offline channel.
ITR Utility tool
ITR Utility Software introduces by the Income Tax Department, which helps a taxpayer to file ITR easily.
Every year, the Income Tax Department releases an updated version of the ITR Utility software for online filing of Income Tax Return.
With the help of this software, you can do a free download and all services are also free which is carried out through this. Previously, ITR Utility works in the form of an excel file. The assessee needs to fill all details of the income that results in the generation of the XML file. Then this file had to upload online for filing Income Tax returns.
Income Tax Department comes up with an updated ITR Utility software which is a Java-based file. It is the latest version of ITR utility software that works easier than the previous excel based version, as it takes out a lot of details of the assessee automatically. This java-based version of ITR utility software has made filing income tax return easier.
Advantages of Java-Based ITR Utility software version
Java-based ITR Utility Software has been introduced with the improved and updated features in the latest version of Java-Based ITR utility software. The new features that come up have proved to be very helpful and has made e-filing of Income Tax Return easy and hassle-free.
Following are some of the new features in the ITR Utility software:
| New:This option is used for opening a new Income Tax Return form. |
| Open:As the name says option allows the user to import the previously generated XML File of an assessment year. |
| Save:This option is used by the assessee to save the generated XML file on the computer. |
| Save Draft:This option is different from the save option. Under the save draft option, assessee can save the generated XML file. But one must keep in mind that the XML files that are generated using this option can only be directly uploaded online but cannot be saved on the computer. |
| Prefill:With the help of this feature, an assessee can fill the basic details automatically once the assessee login to the website. This option saves the effort to fill the details automatically once the assessee logs into the website. This option helps in saving the effort in filling details of the assessee every time they log on to the website. |
| Re-calculate:This option allows the assessee to calculate the tax payable. On filling all the income details, the assessee can hit this button to re-calculate then payable as per the existing income tax slabs. |
Submit:This button allows the assessee to directly upload the Income Tax Return form on the website. It is done via ITR Utility software directly. When the assessee clicks on the submit button, the process of uploading ITR form starts and the assessee needs to give the login credentials which is required on the Income Tax Website.
After filling the login credentials, the ITR form is uploaded successfully and ITR – V would be generated. This means the process of uploading ITR is compl |
| Help:Under this tab, all essential guidelines are being provided. When an assessee needs help for filing the Income Tax Return online, they can refer to this section. Guidelines include short keys or special instructions that every assessee should keep in mind while filing ITR and answers related to FAQs related to ITR Utility software. |
| Previous / Next: This tab is used for navigating through various sections of the ITR form.
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Steps for E Filing of Income Tax Return Using Java ITR Utility / Excel ITR Utility Software
For filing Income Tax Return form, firstly, the assessee needs to log on to the website of the http://www.incometaxindiaefiling.gov.in.
If the assessee is the new user them he or she needs to register on the website of Income Tax. There is an option ‘Registration Yourself ‘which allows the assessee to register on the website.
In the registration, assessee needs to mention all the basic details such as name, date of birth, e-mail address, mobile number, etc.
Once the registration procedure is completed, an assessee can file ITR by logging on to the website of the Income Tax Department.
Provide details like Login ID and password and you will be directed to a page that provides quick links required for filing of ITR.
Before starting the process of filing ITR, it is required that the assessee keeps the following documents ready:
- Salary or Income Certificate
- TDS Certificate
- Savings and Deductions Certificate
- Copy of Previous Years ITR
- Interest and Capital Gains Certificate
While filing of the Income Tax Returns offline, one must do downloading of the Java-based or Excel-based ITR utility software from the Income Tax e-Filing website.
After downloading the utility, the assessee needs to furnish all the correct information about the income earned by the assessee. All such details must be double-checked with the details that are given in Form 16 of the assessee.
After giving all the details, the assessee can upload his or her ITR via Java-based ITR Utility software. In case, the assessee has used the Excel-based ITR utility, the assessee needs to first generate the XML file of the Income Tax Return and upload this file on the website of the Income Tax Department.
If uploading of the ITR is successful, then an acknowledgment would be displayed on the website and an ITR – V form shall be generated and sent to the assessee registered email ID. The assessee must take a printout of the form, sign it and send it to the income tax department within 120 days./p>
If the assessee is making use of the digital signature for filing the ITR then the whole process of filing ITR we completed on the generation of acknowledgment on the website.
This, above are the steps for e-filing of income tax returns using the utility tool, introduced by the income tax department. The introduction of ITR utility software has proved beneficial as it has eased the filing of income tax returns.
