How to File ITR online for FREE for the year assessment 2013-14

It’s time to file ITR again. As last year I showed how to file ITR online for free, without going through any agents and paying extra money. Last year it was needed to download the excel file and use it as tool to calculate ITR. However this time it is easier and simple by filling the data online the website portal.

Below process is for Indians who earned money and paid tax for the year Apr 2012-Mar 2013.

Conditions for exemption from filing tax returns:

As per the bill issued by the government, no individual will be required to file tax returns for the financial year 10-11 if his income does not exceed Rs. 5 lakh. However, one should file returns because it helps in long run.

Here are the clauses which has to be followed in order to avail the above mentioned policy.

1. Total income after allowable deductions is up to Rs 5 lakh.
2. Income is only from salary and savings bank interest.
3. Salary is from one employer.
4. Savings bank interest is below Rs 10,000
5. Tax due on savings bank interest has been paid and included in Form 16

Below are the some simple steps to be followed to file ITR online for free in incometaxindiaefiling.gov.in website.

1. First of all login to the website and if you don’t have an account, create it by registering in it.

2. Now click on view form 26AS on left side to see the transaction on that form, which you will need to fill it.

3. Keep the form 16, ready as you will be needing the details for it also.

4. Now click on Quick e-file ITR from quick links on left hand side.
5. Select details as shown below for the year 2013-2014, which means for income in the year 2012-13.

6.You can click on link as shown below in instructions tab of website to see all the instructions given by income tax dept.

7. Now go to personal details section and fill the form giving your details.

8. You don’t have to fill the data in A7 field. It’s NOT mandatory.

9. In filling status, choose the fields as applicable. On A21, one can choose before due date, if they are filing before due date.

10. Go to income details sections.
11. Calculate your total income for the year 2012-13. You may need your form-16.
12. Your total income which needed to be filled in below section is same as 8. GROSS TOTAL INCOME (6+7) of your form 16. See the snapshot from both places below.

13. Fill other details as income from other sources and house property.
14. To fill up and know about Deductions under Chapter VI A (Section) go throughwww.caclubindia.com/experts/deductions-under-chapter-vi-a-277275.asp orhttp://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_12.pdf or https://incometaxindiaefiling.gov.in/e-Filing/Portal/StaticPDF/Instruction_ITR-1_sahaj.pdf

15. After that go to TDS section and give your employer details, which you can find at top section of form.

16. In taxes paid and verification section, enter your bank account number. Don't forget to mention if you want IT returns in form of cheque or via account transfer. If you choose account transfer, you will need MICR code for the branch. You can find the same @ http://rbidocs.rbi.org.in/rdocs/content/docs/67440.xls.

17. Fill the 80G form if you have given any donation throughout the year and if you have the receipt for the same.

It’s done. Now submit the form and wait for the mail from DONOTREPLY@incometaxindia.gov.in.

You can download the ITR V form the website by following below snapshot.

Download the attached document and send it to “Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100,

Karnataka”, by ORDINARY POST OR SPEED POST ONLY, within 120 days from date of transmitting the data electronically.

So, you have filed the ITR yourself without asking any help and it cost you only rest 5/ for mailing the ITR V form.

Home Loan Exemption & HRA

Only one of the below can be claimed by an individual

Home Loan Exemption

1) Already occupied flat/house

• Interest goes in as –ve in the “Income from house property”
• Principal goes in as +ve amount in Section 80 C (should be within the 1 lakh cap)

2) Not yet occupied

• Do nothing, sit quietly and feel jealous/angry (as am feeling now)
• Once possession is done, can apply 20% of Interest and Principal for a period of 5 years for all the years gone by.
• Ex; EMI started already since 2010 but possession in Jan 2012 – then while filing returns next year, can apply for entire 2011-2012 EMI + 20% of whatever paid in 2010-2011 tax year.
• Next year 20% again and so on for a total of 5 years.

HRA: (rent Receipts)

Amount of deduction: Least of the following is deductible u/s 80GG

1. HRA received.
2. House rent paid in excess of 10% of salary
3. 50 % of salary if rented house is situated in Mumbai ,Chennai, Kolkata, Delhi. In any other city - 40 % of salary

Example as per the points above: [amounts are fictional and for entire year] - salary is basic + DA]

1) Actual HRA received : 39,000
2) Annual rent – 10%(basic + da) – say the rent is 13k and 10% of annual salary (basic and DA) is 6885 -> (13000*12) – (6885) : 58,115
3) 40% of salary – if in HYD : Say it is 27,540

So the minimum of a, b, c is 27,540.

This amount goes in the Section 80 GG of your deductions. However, the cap by IT is 24000 and system automatically calculates the amount to 24000 anyway. 

If you have query, please comment. the quires will be answered.

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