Tips to File your Income Tax Return in the last Moment

31st July is the last day to file Income Tax Return for given assessment year. Any return filed after 31st July is considered late return and interest penalty is levied on outstanding tax liability. Hence it is very important to file your income tax return before due date. Most taxpayers in India file their returns at last moment, we have observed income tax department website crash due to excessive traffic in final days. It is always advisable to file your return well in advance, by submitting form 12 bb to your employer to avoid any last minute panic. However if you are stuck in that situation, here are few ways to file your income tax return.

Using Income Tax Department Utility:

You can download utility from income tax department website free of cost. You will need latest version of Java installed to run these utilities.

  • Once you have downloaded the utility, you need to extract files from zip folder and run the .jar or .bat file to launch the utility.
  • If you have registered with IT Department’s e-filing website then you can use the prefill function to import your general information and tax credit automatically. This will save you a lot of time
  • Next you can enter all your income and deduction details.
  • Finally you can check the calculations and proceed to filing.
  • If you have tax dues to be paid then you need to pay the same first and enter the tax payment details in the return.
  • You can either generate an xml file from the utility and upload the same on your e-filing account or you can submit your return directly from the utility.
  • You will receive an acknowledgement in email once you have successfully submitted your return online

Using Income Tax Department Website:

You can also login to your e-filing account from income tax department website. At present you can file only ITR-1 and ITR-4S from your e-filing account.

  • You can start filing process by logging to your account
  • Navigate to e-file > Prepare and submit return
  • Select ITR form, assessment year, prefill option and submit
  • All your basic details and tax credit information will be prefilled
  • You need to enter the income and deduction details and file the return.
  • You can download acknowledgement (ITR-V) at the end of the process

Using e-Return Intermediary (ERI) Website:

You can also file your return through an ERI. ERI website offers all different income tax forms, and ease of filing without having to go to income tax department website. Often ERI websites are good ways to avoid rush at income tax website, because ERIs have direct access to Income Tax Department servers.

Some ERIs also provide different functionalities like Form-16 upload, information prefill, refund status etc. This functionalities make the tax filing process easier and faster for an individual. They also provide different tools like Advance tax calculator, HRA calculator, Rent receipt generator, Form 12BB generator etc for the use benefits.

Using TRPS services:

Income tax department has a scheme called Tax Return Preparer Scheme (TRPS) where trained agents will prepare and file your Income Tax Refund for prescribed fees. Tax Return Preparer Scheme seeks to assist small and marginal taxpayers in preparing and filing their tax returns by creating a legion of ‘Tax Return Preparers’ (TRPs). Tax return preparers have to undergo training and pass the examination before they are allotted certificate under TRPS scheme. They will also be allotted a TRPS number which is to be quoted by them while filing their customers returns.