The due date for filing personal tax returns for FY13 and assessment year 2013-14 is July 31. The government has made consistent efforts to streamline the process of filing returns. However, some people are still facing issues in understanding the procedure for preparing and filing tax returns. Here are some commonly raised queries and their answers.

Is it mandatory for all individuals to file their returns online?

Individuals whose total income is above R5 lakh are required to mandatorily file tax returns online. Additionally, ordinary residents having foreign assets abroad are required to efile their returns.

From where can I download the income-tax return form?

The income-tax return form can be downloaded from the Income Tax e-filing website, https://incometaxindiaefiling.gov.in

How do I know which return form to select?

To select the correct form, the taxpayer will have to check sources of income during the financial year.

Tax form: Sources of income

ITR 1 (also known as Sahaj): Individuals having salary/pension income; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses).

ITR 2: Any individual who doesn?t satisfy the above conditions mentioned for filing ITR 1 or having exempt income above R5,000; individuals and HUFs having capitals gains, income from two or more house properties, other sources or having brought forward losses; individuals and HUFs not having income from business or profession.

ITR 3: Individuals and HUFs who are partners in a partnership firm but do not carry any proprietary business or profession

ITR 4: Individuals and HUFs carrying on a proprietary business or profession;

ITR 4S (Also known as Sugam): Individuals and HUFs having presumptive business income.

I am not claiming any refund in my income tax return. Do I still need to quote bank details?

Yes. The Income-Tax Department has made it mandatory for all individuals to mention the following details: Bank account number, mode of receiving the refund amount, ie.m by cheque or direct deposit into the account. Type of bank account, IFSC Code (this requirement has been introduced from this financial year. Earlier, an individual was required to state the MICR code in the return). Hence, even if you do not have a refund, you are required to mention the above bank details in the return form.

After filling the details in the returns, how do I need to make sure that all the details have been captured?

You can click on the ?validate? button provided in all sheets.

In case you have missed out

anything, the sheet will automatically prompt you to fill the missing details.

I have generated the XML file from the excel utility. What are the next steps?

Once you have generated the XML file, log into your income tax e-filing account and click on ?Submit Return?. Upload the XML generated on the e-filing website and ITR-V will be generated and send to the e-mail id mentioned in the tax return. ITR-V is an acknowledgement cum verification form.

What is the password to open ITR-V?

The password to open ITR-V is the combination of your PAN in lower case and date of birth in ddmmyyyy format. For instance, if your PAN is ACDPS4429K and date of birth is 09/12/1960, the password will be acdps4429k09121960.

What is the next step after I have downloaded the ITR-V acknowledgement?

After the ITR-V has been generated, you are required to take a print and sign it in blue ink and send it to ?Income Tax Department ? CPC, Post Bag No – 1, Electronic City Post Office, Bangalore? by ordinary or speed post only. On receipt of the signed ITR-V, the tax department will send an e-mail acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax returns. You will also get an SMS on your mobile number. Please note that the ITR-V should not be sent to any other office of the Income-Tax Department.

Is there a time limit within which the ITR-V should be sent to the CPC?

Yes. The ITR-V should be sent to the CPC within 120 days of uploading the return.

I forgot my password. What needs to be done to retrieve it?

To reset you password, you will be required to click on the ?forgot password? link appearing on the login page of the e-filing website. You can select from any of the following options: Enter the answer to the secret question that you would have entered at the time of registration; or enter the bank account number, assessment year (AY) and acknowledgement number of any of the earlier e-filed return by you since AY 2007-08.

After you have entered any of the above details, enter the new password twice and the code appearing on the screen. Click on ?Reset Password? and your password will be successfully reset.

What if I do not have either of the above information? How can I reset the password?

In such a case, you should send an e-mail to validate@incometaxindia.gov.in from the e-mail ID which you have mentioned in the registration profile, mentioning the following details: PAN, name of the assessee, date of birth, father?s name, address, mobile number. The department will send the new password on your e-mail ID.

While I was filing my tax returns online, my internet got disconnected. What should I do?

In such a case, you should log into your account again once the connection is restored and check the status of the return uploaded. In case the return was not uploaded, you should repeat the process and ensure that ITR-V is generated.

What is Form 26AS?

Form 26AS is a consolidated tax statement issued to a taxpayer which summarises the amount paid against each PAN number. It summarises the credit of TDS, advance tax and self-assessment tax paid in your name. The taxpayer can also reconcile the details mentioned in Form 26AS with Form 16 and 16As issued by various deductors.

Hiten Kotak

The author is a co-head of tax, KPMG. The views are personal