The project titled 'E-FILLING' by Chinmoy Sarkar discusses the mandatory e-filing of income tax in India, highlighting its benefits, challenges, and the role of intermediaries. The paper emphasizes the need for system security and mass awareness to enhance the e-filing process, which has become essential for a significant number of taxpayers. It serves as a resource for tax authorities, policymakers, and taxpayers, detailing the procedures and requirements for e-filing income tax returns.
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E Filling Project
The project titled 'E-FILLING' by Chinmoy Sarkar discusses the mandatory e-filing of income tax in India, highlighting its benefits, challenges, and the role of intermediaries. The paper emphasizes the need for system security and mass awareness to enhance the e-filing process, which has become essential for a significant number of taxpayers. It serves as a resource for tax authorities, policymakers, and taxpayers, detailing the procedures and requirements for e-filing income tax returns.
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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Title of the Project
“E-FILLING”
Submitted by
‘Name of the Candidate: CHINMOY SARKAR,
‘Subject- Computerised Accounting & E-Filling (SE C6.1 CHG)
CU. Registration No.: 146-1112-0042-18
CU, Roll No.: 181146-21-0009
Name of the College: MAULANA AZAD COLLEGE,
College Roll No.: 60
‘Supervised by
Name of the Supervisor: PROF. KESHAB CHANDRA SINHA
Name of the College: MAULANA AZAD COLLEGE
Month &Year of Submission: July, 2021ACKNOWLEDGEMENT
Itis a matter of great pleasure to present this project on
“E- FILLING”
I would like to thank our respected teachers rendering enormous support and
providing the grand opportunity to me to present this project. I would like to
render special thanks, packaged with sincere gratitude and respect to our Prof,
Keshab Chandra Sinha who has been my academic guide and has stood by
me all the time even after the college hours and has aided me to an uncountable
extent.
Last but not the least; I would like to thank my parents, as my dear friends who
have equally contributed in making this project a successful one.
Thanking AllSupervisor's Certificate
This is to certify that Chinmoy Sarkar a student of B.Com. Honours in Accounting
& Finance of the Maulana Azad College under the University of Calcutta has
worked under my supervision and guidance for his Project Work and prepared a
Project Report with the title of E-Filling which he is submitting, is his genuine and
original work to the best of my knowledge.
Signature of the Supervisor
Place: Name: Prof, Keshab Chandra Sinha
Date: Name of the College: Maulana Azad CollegeStudent’s Declaration
I hereby declare that the Project Work with the title “E- FILLING” submitted
by me for the partial fulfillment of the degree of B.Com. Honours in Accounting
& Finance under the University of Calcutta in my original work and has not been
submitted earlier to any other University for the fulfillment of the requirement
for any course of study.
also declare that no chapter of this manuscript in whole or in part has been
Incorporated in this report from any earlier work done by others or by me.
However, extracts of any literature which has been used for this report has
been duly acknowledged providing details of such literature in the references.
CRinmey Santor
Signature of Student
Name: Chinmoy Sarkar
C.U. Registration No.: 146-1112-0042-18
C.U, Roll No.: 181146-21-0009
Place: Kolkata College Roll No.: 60INDEX
TOPIC PAGE
CHAPTER 1: INTRODUCTION, 6-8
CHAPTER 2: ANALYSING 9-24
CHAPTER 3: CONCLUSION 25Abstract
With the advancement of technology and use of internet in financial and fiscal affairs globally has
necessitated the e-filing of Income Tax in India also. Considering its benefits and urgency, the e-
filing has become mandatory for major chunk of tax payers in India. Present paper focuses on the
reasons for making the e-filing mandatory for a selected class of assessee. The paper further
takes into consideration the benefits accruing from e- filing along with some bottlenecks that
‘encounter in the process of such transformation, The data source has been secondary with regard
to number of intermediaries performing this function in various cities throughout India. The data
has been processed and analyzed to find out the growth of e-filing in India. The researcher
discusses the role of government and intermediaries such as TRPs in this direction and offers
some suggestions to overcome the problems for smooth working of e-filing in India. The paper
concludes that the major challenge ahead is regarding system security, mass awareness is
needed in order to make e-fling more successful, TRPs have to play a very catalytic role and
the Goverment would have more revenue with global integration through technological
advancement of e-filing. Present study is beneficial for tax authorities, policy makers, present and
prospective tax payers, e-filing intermediaries, financial software engineers and academicians as
the paper attempts to focus on the crucial aspects of e-fling in India
INTRODUCTION
E-filing is the process of filing your tax documents through internet with the help of software's or
by registering yourself to the income tax website. In India, e-filing of income tax was introduced in
September, 2004, initially on a voluntary usage basis for all categories of income tax assessee.
But from July, 2006, it was made mandatory for all corporate firms to e-file their income tax
returns. Taking this process further, from assessment year 2007 to 2008, e-fiing of income tax
return was made mandatory for all companies and from 2013 Individuals having more than INR 10
lakh income are mandate for filling income tax online. Electronic filing options include:
(1) Online, self-prepared retum, using a personal computer and tax preparation software, or
(2) Online submission of retums using a tax professional's computer and tax preparation software.
Advantages / Disadvantages/ Documents - Income Tax
Filing
From many years, tax paying population in India was too low as compared to other
Convenience in loan approval
Refund of excess taxes paid
Avoid paying interest and penalties, embarrassments.Hurdle free for Foreign VISA Stamping with IT returns filing
Improve your credit worthiness for future loans
Get Peace of mind for you and your family.
Disadvantages of not filing income tax return before due date
and continuous focus on regularising
After government’s drive against black mon
Fine of Rs. 10,000 for those who do not file their income tax returns (ITR).
2. Fine of Rs, 5,000 will be imposed for those whose return submitted after the due date
3. Rs. 1,000 penalty for small taxpayers with their total income not exceeding Rs.5 Lakh
In addition, belated filing may attract many other penalties / restrictions,
4, Interest on due amount of Tax under Sections 234A,
5. Tax Refund without any interest from IT Department
Documents required to file tax return:
Generally for the salaried individuals Form-16 is enough. However, below documents are
Interest certificate or Bank statements
to refer the interest earned by you on your FDs/RDs/Saving Bank Accounts etc
‘TDS certificates or Form 26S
Your investment, deduction receipt / Deductions / Donations Home loan or
Education loan certificate
‘What is e-Filing?
«The process of electronically filing Income tax returns
through the internet is known as e-Filing‘+ e-Filing of Returns/Forms is mandatory for :
‘A. In the case of an Individual/HUF a) Where a
44AB
-ounts are required to be audited under section
‘b)Where (a) is not applicable and i. The return is furnished in ITR-3 or in ITR-4; or ii. The
individual/HUF being a resident (other than not ordinarily resident) has Assets, including
financial interest in any entity, located outside India, or signing authority in any account located
‘outside India, or income from any source outside India; iii. Any relief in respect of tax paid
‘outside India under section 90 or 90A or deduction under section 91 is claimed. iv. Where an
assessee is required to furnish an Audit Report specified under sections 10(23C) (iv), 10(23C)
(¥), 1023C) (vi), 1023C) (via), LOA, 1A, 12A(1) (b), 44AB, 44DASOB, 80-1A, 80-1B, 80-
IC, 80-ID, 80JAA, 80LA, 92E, 1151B, 11SVW or give a notice under section 11(2)(a) shall €
File the same. These Audit Reports are to be e-Filed and any person required to obtain these
Audit Reports are required to e-File the return. v. Total income exceeds five lakh rupees or any
refund is claimed B. In all cases of company the return is required to be e-Filed under digital
signature to be e-Filed under digital signature (DSC) C. In the case of a person required to file
TTR-7: a) For a political party the return is required to be e-Filed under digital signature (DSC)
+b) In any other case of ITR 7, the return is required to be e-Filed using any one of the three
manners namely i) DSC or ii) EVC or ifi) ITR V D. In case of Firm or Limited Liability
Partnership or any person (other than a person mentioned in A, B & C above) who are required
to file return in Form ITR-S a) Where accounts are required to be audited under section 44AB,
the return is required to be e-Filed under digital signature (DSC) b) In any other case the return is
required to be e-Filed using any one of the three manners namely i) DSC or ii) EVC or ifi) ITR
\V.E. A company and an assessce being individual or HUF who is liable to audit ws 4B are
required to furnish Form BB (Return of Net Wealth) electronically using DSC. F. Information to
bbe furnished for payments, chargeable to tax, to a non-resident not being a company, or toa
foreign company in Form 15CA. G. Appeal to the Commissioner (App) in FormCHAPTER 2: ANALYSING
\g of ITR
The user can file the Income Tax Return (ITR) in two ways:
L, Offline: Download the applicable ITR, fill the form offline, save the generated
XML file and then upload it.
To e-File the ITR using the upload XML method, the user must download either of the
following ITR utility:
Excel Utility
Java Utility
Perform the following steps to download the Java Utility or Excel Utility, then to generate
and Upload the XML:
Step-1 Go to the Income Tax e-Filing portal,
www. incometaxindiaefiling.gov.in
Step-2 Download the Appropriate ITR utility under ‘Downloads > IT Return Preparation
Software’.Extract the downloaded utilty ZIP file and Open the Utility from the
Step-3 extracted folder. (For more information and prerequisites, refer the 'Read me!
document)
Note : System Requirements
Excel Utilities: Macro enabled MS-Office Excel version 2007/2010/2013 on Microsoft
Windows 7 / 8 /10 with Net Framework (3.5 & above)
Java Utilities: Microsoft Windows 7/8/10, Linux and Mac OS 10.x with JRE (Java Runtime
Environment) Version 8 with latest updates
To Enable Macros in Excel Go to > File > Options > Trust Centre > Trust Centre Settings
> Macro Settings > Enable All Macro > Click ‘OK’ button twice to save these settings.
Step-4 Fill the applicable and mandatory fields of the ITR form.Note : Pre-filled XML can be downloaded post login to the e-Filing portal from ‘My
Account > Download Pre-Filled XML’ and can be imported to the utility for prefiling the
personal and other available details.
Step- 5 Validate all the tabs of the ITR form and Calculate the Tax.
Step-6 Generate and Save the XML.
Step - 7 Login to -Filing portal by entering user ID (PAN), Password, Captcha code and
click ‘Login’.
Step ~ 8 Click on the 'e-File! menu and click "Income Tax Return link.
Step -9
On Income Tax Return Page
PAN will be auto-populated
Select ‘Assessment Year
"Select 'ITR form Number
‘Select ‘Filing Type’ as 'Original/Revised
Return ‘Select ‘Submission Mode’ as
"Upload XML’ Step - 10
Choose any one of the following option to verify the Income Tax Return
Digital Signature Certificate (DSC). Aadhaar OTP.EVC using Prevalidated Bank
Account Details.EVC using Prevalidated Demat Account Details Already generated
EVC through My Account “i Generate EVC Option or Bank ATM. Validity of such EVC
is 72 hours from the time d generation. would like to e-Verify later. Please remind me.
don't want to e-verify this Income Tax Return and would like to send signed ITR-V
through normal or speed post to "Centralized Processing Center, Income Tax
Department, Bengaluru ~ 560500"
Step - 11 Click ‘Continue’
Step - 12 Attach the ITR XML
file. On choosing,Step - 13 DSC as verification option, Attach the signature file generated from DSC
management utility
Step - 14 Aadhaar OTP as verification option, Enter the Aadhaar OTP received in the
mobile number registered with UIDA\
Step - 15 EVC through Bank account, Demat account or Bank ATM as verification
option, Enter the EVC received in the mobile number registered with Bank or Demat
Account respectively.
Step - 16 Other two verification options, the ITR will be submitted but the process of
filing the ITRs is not complete until itis verified. The submitted ITR should be e-Verified
later by using 'My Account > e-Verify Return’ option or the signed ITR-V should be sent to
CPC, Bengaluru.
Step - 17 Submit the ITR.
Step - 18 To view the uploaded ITRs
2. Online: Enter the relevant data directly online at e-filing portal and submit it
Taxpayer can file ITR 1 and ITR 4 online.
Step - 1 Go to the Income Tax e-
ing portal, www.incometaxindiaefiling.aov.in
Step - 2 Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and
click ‘Login’.
Step - 3 Click on the 'e-File’ menu and click ‘Income Tax Return’ link.
Step -4
On Income Tax Return Page:
PAN will be auto-populatedSelect ‘Assessment Year'Select 'ITR Form Number’
‘Original/Revised Return'Select ‘Submission Mode’ as 'Prepare and Submit Online’
Step — 5 Click on ‘Continue’
lect Filing Type’ as
Step — 6 Read the Instructions carefully and Fill all the applicable and mandatory fields of the Online
ITR Form,
Note:To avoid loss of datalrework due session time out, Click on ‘Save Draft’ button
periodically to save the entered ITR details as a draft. The saved draft will be available
for 30 days from the date of saving or till the date of filing the return or till there is no
change in the XML schema of the notified ITR (Whichever is earlier).Choose the
appropriate Verification option in the "Taxes Paid and Verification’ tab.
Step - 7 Choose any one of the following option to verify the Income Tax Return
Step ~ 8 | would like to e-Verify
Step - 9 | would like to e-Verify later within 120 days from date of filing.
Step - 10 | don't want to e-Verify and would like to send signed ITR-V through normal
or speed post to "Centralized Processing Center, Income Tax Department, Bengaluru -
560 500" within 120 days from date of fling.
Step - 11 Click on 'Preview and Submit’ button, Verify all the data entered in the ITR.
Step - 11 ‘Submit’ the ITR.
Step - 12 On Choosing '! would like to ¢-Verity’ option, e-Verification can be done
through any of the following methods by entering the EVC/OTP when asked for.
EVC generated through bank ATM or Generate EVC option under My AccountAadhaar
OTPPrevalidated Bank AccountPrevalidated Demat Account
Note.
On Choosing the other two verification options, the ITR will be submitted but the process
of filing the ITRs is not complete until itis verified. The submitted ITR should be e-
\Verified later by using 'My Account > e-Verify Return’ option or the signed ITR-V should
be sent to CPC, Bengaluru:
Step-14
The EVC/OTP should be entered within 60 seconds else, the Income Tax Retum
((TR) will be auto-submitted, The submitted ITR should be verified later by using 'My
Account > e-Verify Return’ option or by sending signed ITR-V to CPC.
Step -15 to view uploaded ITRsv.
1B
‘What is the Income Tax Calculator?
An Income-tax calculator is an online tool that helps to evaluate taxes based on a person's
income once the Union Budget for the year is announced. Individuals falling under the
taxable income bracket are liable to pay a specific portion of their net annual income as
tax. Income tax can be paid either as tax deducted at source while disbursement of
monthly salary, or through the, income tax retums portal managed by the Central Board of
Direct Taxes (CBDT). The provision for online payment of taxes is to ensure individuals
pay their stipulated dues on any earnings generated from other sources.
‘The IT calculator given on this page is aligned with the updates announced in the Union
Budget 2021- 22
How to Use the Online Income Tax Calculator?
Follow the below-given steps to use the tax calculator:
Choose the assessment year for which you want to calculate the tax
In the next field, select your age. As already mentioned, Income tax in India differs based on
different age groups.
Next, click on the ‘income field’. Provide the details of your gross salary (monthly or yearly salary
paid without any deductions). Also, you have to fil in other details ike annual income from other
sources such as rental income, annual interest paid on home loan for the self-occupied and let-out
Property.
Next, enter the details of various deductions, viz. basic deductions u/s under Section 87A, 80C,
‘80CCD (18), 80D, 80G, 80E, BOTTA, BOTTB, 80GG. Also, provide the details of interest on an
‘educational loan and on deposits on the savings account
Inthe next step, provide the details of HRA exemption such as basic salary, DA, HRA, and total
rent paid per annum
Finally, select whether you live in a metro city and hit the calculate button to obtain your tax lability4
How to Understand Income Tax Slabs?
levied
‘The Indian Income-tax works on the basis of a slab system and the ta
accordingly on individual taxpayers. Slab implies the different tax rates charged for
different income ranges. In other words, the more your income, the more tax. you have to
pay. These income tax slabs are revised every year during the budget announcement.
Again, These slab rates are segregated for different categories of taxpayers. As per the
tax of India, there are three categories of “individual “taxpayers such as:
Individuals below 60 years of age including residents and non-residents
Resident Senior citizens ~ 60 10 80 years of ago
Resident Super senior citizens ~ more than 80 years of age
How to Calculate the Total Income Tax Liability?
Individuals can determine the total tax expenses through an online income tax calculator.
Such tools take into account the following pointers to reflect the actual tax liability of a
resident or non-resident Indian at the end of a financial year ~
Annual income from salary/profits.
Il. Income from other sources such as investments, rental income, et.
Ill Tax exemptions applicable, it any,
IV. House rent and transport allowance.
Entering accurate data regarding the above-mentioned pointers will demonstrate the total tax lability of individuals.
Minus the taxes already paid through TDS, the remaining can be deposited directly online through the official portal
Challan 280. If, in any event, the taxes paid to exceed the total liability, the difference is reimbursed by the
government within 30 days of filing for the same.
‘Taxpayers who file their return after the due date will have to pay interest under 234A and penalty u/s 234F. Hence,
remembering the due date of filing income tax returns is indispensable,However, keep in mind that the due date varies according to the cat
ry of taxpayers. For
instance, if you are a salaried individual, usually you must file your income tax ret
the 31st of July of the assessment year.
Income Tax Slabs in India
Income tax slabs show the total tax rate payable by individuals, based on their annual
earnings from various sources combined. Income Tax Calculator in India helps determine the
tax payable by
s follows —
individuals for the year 2020-21, considers tax rates levied
For individuals, Hindu undivided families (HUFs), and NRIs (for income
generated in India) =
‘Tax Slab Rates for FY 2020-21 as per the New
Regime
Income Tax Slab
————
Rs 0.0 to Rs 25 Lakhs NIL
———
Rs 2.5 lakhs to Rs 3.00 Lakhs
5% (tax rebate u/s 87a is available)
Rs, 3.0
lakhs to Rs 5.00 Lakhs
—
Rs, 5.00 lakhs to Rs 7.5 Lakhs 40.00%
|
Rs 7.5 lakhs to Rs 10.00 Lakhs 15.00%
SS
Rs 10.00 lakhs to Rs, 12.50
Lakhs
20.00%
SS
Rs, 12.5 lakhs to Rs. 16.00
vo 25.00%
Above Rs, 15 Lakhs 30.00%For senior citizens (above 60 years)
Tax Slab Rates for FY 2020-21 as per the New
Income Tax Slab
Regime
Rs 0.0 to Rs 25 Lakhs Ni
Rs 2.5 lakhs to Rs 3.00 Lakhs 5.00%
Rs, 3.00 lakhs to Rs 8,00 Lakhs 5.00%
Rs. 5.00 lakhs to Rs 7.5 Lakhs 10.00%
Rs 75 lakhs to Rs 10.00 Lakhs 15.00%
Rs 10,00 lakhs to Rs, 12.50
Lakhs
Rs. 12.5 lakhs to Rs. 15.00
Lakhs
ve Re. 15
For super senior citizens (above 80 years)
‘Tax Slab Rates for FY 2020-21 as per the New
Regime
Income Tax Slab
Up to Rs. 2,50,000 Nil
Rs, 5,00,001 to Rs. 7,50,000 10.00%
16Rs. 7,50,001 to Rs. 10,00,000 15.00%
Rs, 10,00,001 to Rs.
12,50,000
20.00%
Rs, 12,50,001 to Rs.
18,00,000
25.00%
Above Rs. 15,00,000 30.00%
These rates are applicable for the assessment year 2021-22, during which taxes for the
year 2020-21 are determined. Additionally, health and education cess at 4% are levied on
the total tax rate, above the total amount payable. A surcharge is also applied on total
taxable income at the following rates —
10% of total income exceeding Rs. 50 lakh, but below Rs. 1 crore.
115% of income exceeding Rs. 1 crore.
However, income tax calculator 2020 takes into account the various deductions/exemptions
under the Income Tax Act of 1961. Individuals can go through their TDS certificates to
determine the taxes already paid, Employees are often issued Form 16 from their respective
‘employers, showcasing total salary and taxes deducted thereon. However, income accrued
from other sources, such as interest income from various investments, rental income if any,
royalties, ete. have to be incorporated in the calculation of total tax tiabiity
Exemptions on Total Income Tax
0 Section 87A ~ Income below Rs. 5 lakh is eligible for a tax rebate of up to Rs. 12,500.
0 Section 80¢ ~ Rebate of up to Rs. 1.5 Lakh in any tax-saver fixed deposits, public provident
funds, inked insurance plans, and equity-linked
national savings certificate, unit.
savings schemes on the interest income,18
0 Section 80CCD (1B) - Tax exemption of up to Rs. 2 lakh for money deposited in the national
pension system.
0 Section 80D = Up to Rs. 25,000 tax exemption on medical insurance premium bills, The limit rises
{0 Rs, $0,000 for senior citizens.
Section 806 - Any donations made to charitable organisations is fully exempt from tax.
calculations.
0 Section 80€ ~ Interest on education loan enjoys a 100% tax rebate for up to 8 years,
0 Section 80TTA/BOTTB ~ Interest income from savings accounts is eligible for tax waivers up to Rs.
10,000. For senior citizens, all forms of interest income up to Rs. 50,000 are fully waivered from tax
calculations, under Section 80TTB,
0 Section 8066 = Tax exemption on income spent towards paying house rent (house rent
allowance.)
Keeping all such expenditures in mind, individuals can use an online tax calculator
available on the official website of Grow.
E-pay Tax:
Step-1
To pay taxes online, login to http://www.tin-nsdl.com > Services > e-payment : Pay Taxes Online or
click here on the tab "e-pay taxes" provided on the said website. Provide proper link of e-payment
Step-2
Select the relevant challan ie. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form 26 OB
demand payment (only for TDS on sale of property) as applicable19
Enter PAN / TAN (as applicable) and other mandatory challan details ike accounting head under which
payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
(On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per
the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed
fon the confirmation screen
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the
bank
Step-6
‘The taxpayer has to login to the net-banking site with the user id / password provided by the bank for
rnet-banking purpose and enter payment details at the bank site.
Step-7
(On successful payment a challan counterfoil will be displayed containing CIN, payment details and
bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Preparation and submission of online form 10E
‘steps for filing online form No. 10E are as under41. Login to your income-tax e-fling account
2. Under e-file menu go to Prepare and Submit Form Online Other than ITR
3, Select the AY and Form No. 108
Prepare and Submit Form Online{Other than ITR)
PAN luooumeex ]
Form Name * FORM NO.10E - Form ¥
Assessment Year * | v|
Form 26AS:
What is Form 26AS?
Form 26AS is an annual statement which includes all the details pertaining to the tax
deducted at source (TDS), information regarding the tax collected by your collectors, the
advance tax you have paid, self- assessment tax payments, information regarding the refund
you have received over the course of a financial year, regular assessment tax that you have
Latest Update: A New Form 26S format was introduced and came in effect on 1st lune 2020. The new format will
contain the details of al the financial transactions and wil alsa provide Information pertaining to specified
Financial transaction (SFT), and pending tax proceedings.
deposited, and information regarding high-value transactions so far as mutual funds, shares,
etc. are concerned.
How to Download Form 26AS?21
You can visit the TRACES website to download Form 26AS. Alternatively, you can
visit https:/www-.incometax.gov-in/iec/foportal/, login with your user IO and password. You can also download
Form 26AS using the net banking facility ofthe banks mentioned above
Here is a step-by-step procedure to download Form 26AS using your income tax
department account: The procedure to download Form 26AS from the new inc:
portal is mentioned below:
Visit htns /aww incometax gov inviecfoporta.
Click on ‘Login’
Enter the UserID. You must enter the Aadhaar number of PAN to complete the login process. Before
you can lag in, you must complete the registration process.
4. Once you have entered the User ID, click on ‘Continue’
5. Select ‘ete
6. Next, click on ‘income Tax Returns
7
8
8
Next. click on “View Form 264S'
Select ‘Confirm’ next.
On the next page, click on ‘Proceed!
10. Next, click on “View Tax Credit (Form 26AS)’.
11. Choose the ‘View Type’ and ‘Assessment Year’ next.
42. Choose the format next.
13, Select View! Dowload’ to complete the process.
How to View Form 26AS?
Form 268S can be checked on the TRACES portal. Is linked with your PAN, and you can check Form 26AS from FY
2019-20 tll the previous financial yar, through your net banking account. The banks that have registered with NSDL
to enable users to view Form 26AS include the following:
‘xis Bank Corporation Bank 1081 Bank Stato Barkinda Seiwa Co
cibak BK nan Bank Site Bankel era Bark
gait gupta Geo
cine: arom seta samen
Bankot | Koi Matis | gan bank Urion Bank ot nia
Different Parts of Form 26AS
Form 26as has 7 parts, viz. Part A, Part B, Part C, Part D, Part E, Part F, and Part G. Here
are the different parts of Form 26AS
‘+ Part A: Information regarding TOS2
Part A of your tax credit statement contains information regarding TDS on your salary, pension income,
interest income, prize winnings, ete. It also contains the deductor’s Tax Deduction and Collection Account
Number (TAN) as well as the amount of TDS that was subtracted and deposited.
Part AX: Information regarding TDS for Form 15GiForm ISH
Part A1 of Form 26AS contains information regarding your income where TDS has not been subtracted wher
you have submitted Form 15G/Form 15H. The status of TDS deduction can be verified if you have submitte:
the aforementioned form, ‘No transactions present’ will be displayed on this section in ease you have not
furnished Form 15G/Form 15H.
Part B: Information regarding TCS
Part B of Form 26AS contains information pertaining to the tax collected at source by the seller. Entries will
be made in Part B only if you are a seller who has collected tax at source.
Part C: Information regarding tx paid (apart from TDS and TCS)
In case you have made any tax deposits yourself, details regarding the same will appear in Part C of Form
26AS. Information regarding self-assessment tax and advance tax will also be present in this part of Form
26AS. It will also include details regarding the challan used to deposit tax.
Part D: Information regarding paid refund
Part D of Form 26AS will contain details regarding refunds, if any. It will also contain information regardin;
the assessment year that is pertinent to the refund, the mode of payment, the amount as well as the interest
paid along with the date on which the payment was made.
Part E: Information regarding AIR Transaction
High-value transactions are expected to be reported by banks and financial institutions to the tax authorities.
Part E of Form 26AS will contain information regarding purchases of high-value mutual funds, purchase of
high-value corporate bonds, property purchases, etc.
Part F: Information regarding tax deduced on the sale of immovable property
Part F of Form 26AS contains information regarding the TDS you have deducted and deposited in case you
have purchased a property.
Part G: Information regarding TDS defaults
Part G of Form 26AS contains information regarding the processing of statements.
What is new in the Form 26AS?
‘The New Form 26AS has now become an Annual Information Statement (AIS) is divided into two parts
Part A and Part B.
PART A:
Part A of form 26as will contain basic information such as name of the individual, the details of PAN
Card, Aadhar, mobile number, email address, communication address, etc.
Part A of form 26as will contain basic information such as name of the individual, the details of PAN
Card, Aadhar, mobile number, email address, communication address, etc.
PART B:
Part B will contain information with respect to the following type of transactior
Information related to tax deducted or collected at source.
Information elated to specified financial transaction.
Information related to payment of taxes.
Information related to demand and refund.
Information elated to pending proceedings
1. Information related to completed proceedings.
2. Any other information in relation to sub-rule (2) of 11441
Why is Form 26AS Important?
Some of the reasons why Form 26AS is important are given below:TRACES
PDs
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SES
l= eee ey
——— ae eae | eae Retina
You ate able to check whether the deductor has correctly filed the TDS statement or ifthe collector has
accurately filed the details of Tax Collected at Source (TCS). The form contains ail the details of the tax
deducted and collected on behalf of you
You can also check whether the tax deducted and collected on behalf of you have been deposited the
government account on time.
You can verify the tax cradits and calculation of income tax before filing your income tax return.
Online Process for Submitting Form 26A/27BA
‘The process to submit your Form 264/27BA online is given below:
Visit the ‘TRACES’ website by clicking on the link https:/www.tdsepe. gov.in/appllogin.xhtm|.
(Once you visit the website click on ‘Request for 264/27BA’ which you can find under
"Statement/Payments' section,
You will be able to view the guidelines you will have to follow to submit your Form 26A/27BA online.
Click on ‘Proceed’
Select the Form Type, Financial Year, and Transaction Type from the drop-down menu and click on
Proceed’
‘As you request for Form 26A/27BA, a request number will be generated. Click on ‘Go to Track Request
for 26/2788"
You will then be able to view your requests for Form 26A/27BA on your screen. If you had raised @
request for Non-Deduction/Collection you will get an option to upload the file.
Under the ‘Download’ option click on ‘Requested Download’.
Proceed to download the utility form,
Enter the verification code and then click on the ‘Submit’ button
‘Along with the utlty you can download the TRACES Sample for Non-Deduction or Non-Collection
‘The files downloaded will be in zip format. Extract the files and add the relevant records.
After extracting the files from utility and get it validated by running it through the JAVA application,
Under the ‘Status’ for Non-Deduction/Nor-Collection you will ind ‘Upload Files’ option. Click on it
Enter the verification code.
‘As you click on the ‘upload’ option, you will have to full a verification process by entering a digital
signature and |-PIN if redirected from the bank's website
2324
You will get @ confirmation from TRACES ance the verification is successful
You can then click on ‘Go to Track Request for 26A/27BA' where you willbe able to view the status as
Submitted.
Once the request gets validated successfully, it will be sent for'E-fling’ after which the status will also
show ‘E-fiing’
Things to Verify in Your TDS Certificate with Form 26AS.
Some of the things you must verify in your TDS certificate with Form 26AS are given below:
Do not forger to check whether certain details mentioned in your frm are corrector not. Make sure
your name, PAN, Deductor’s TAN, refund amount paid to you, and TDS amount on Form 26AS are
correctly mentioned. These details are extremely important and in case any ofthe details are found to
be incorrect, you wil find difficulties in fling your income tax returns.
You will have to verty that your TDS as shown inthe certficate has been received by the Central
Government of India. You can do this by comparing the TDS data on the Form AS data with your pay
slips data
heck whether the TDS shown in Form 16/16A is also reflecting on your Form 26AS correctly. If the
‘TDS is not reflecting in your Form, then it means that the deductor has deducted the TDS but is yet to
submit it to the IT department. In such case, get in touch with your deductor immediately and get the
issue resolved at the earliest.
E-Verify Your Tax Returi
Step 1: Login to incometaxindiaefiling.gov.in with your credentials
Step 2: Select the “View Returns/Forms” option to see e-filed tax returns,
Step 3: Select the option ‘Click here to view your returns pending for e-verification’
Step 4: Select the option ‘e-verify”
Step 5: When you click on e-verify, there is a list of modes through which you can generate an EVC.
Step 6: Upon successfully generating the EVC through the desired mode, enter the EVC and submit
Step 7: A confirmation message will be displayed with a transaction ID and EVC code.
Click on the green button to download the attachment. This is for your record only. No
further action is required25
CHAPTER 3: CONCLUSIONS AND RECOMMENDATIONS
‘The main focus of this paper is to show the changing scenario of income tax due to
implementation of e-fling. The above facts and figure clearly shows that India is in the phase of
revolutionary changes in information technology which also gives great advancement in e-filing
field of income tax department. It has highlighted the benefits and challenges of such a system
and has shared some countries experiences with these systems. Income tax department just have
to promote e-fiing campaigning and enhance some job opportunities as TRPs in the society so
that people become more aware about this new opportunity. Various researchers have different
‘opinion regarding the benefits of e-fiing; however according to some researchers many
challenges are there regarding adoption of efilng by mass population. Main challenge is risk of
security, This study shows that the e-filing is the new effective method of filing income tax return
through online and make e-payment tax. It saves our golden time, energy and cost and also
reduces our tension and continuous advancement in technology makes it more simple and
effective,=
References: [1] International Journal of Enterprise Computing and Business Systems:
EFILING OF TAXES - A RESEARCH PAPER By Dr. Meenaland Ms. ni Garg.
[2] Research Journal of Management Sciences: E-Filing of Income Tax: Awareness
and Satisfaction level of individual Tax payers in Coimbatore city, India By Geetha R.
and Sekar M.
[3] Caribbean Regional Technical Assistance Centre: E-Filing and E- Payments —
‘The Way Forward By Denise Edwards-Dowe.
[4] Tax Payers’ Perception towards E-File Adoption: An Empirical Investigation By
Brahmbhatt Mamta.
[5] E-Public Services: The Case Of E-Taxation In Slovenia By Maja Klun and Mitja
Deéman.-Slovenia
[6] https://incometaxindiaefiling.gov.in [
[7] https://www.track.in
[8]http://pib.nic.in/newsite/erclease.aspx?relid=97490,
[9] http://businesstoday.intoday.in/story/e-filing-income-tax-returns- _
becomesmandatory-some-taxpavers/1/185704,htm]
[10] http://www.caclubindia.com/articles/e-filing-is-mandatory- income
morethan-5-lacs-17646.asp#UxKIX-OSyuc