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At WealthCare Investment Solutions we provide various Investment and Insurance Products suitable to your requirement.

Along with information on Products, this Blog intends to provide some basic information about personal finance which can be useful to you while making your investments.

Tuesday, July 31, 2012

Use medical deductions to reduce tax burden - BS (31st July 2012)


The last day for filing your income tax return is here. Don’t fret. Follow these simple steps and file your tax returns online before the end of the day



Log on to the Income Tax Department’s portal (www.incometaxindiaefiling.gov.in) meant for filing taxes online. Register yourself using your Permanent Account Number (PAN), which will act as your user ID. 


Under the ‘Download’ menu, go to e-filing AY 2012-13 < Individual/HUF and select the appropriate Income Tax Return (ITR) form. Download ITR-1’s (Sahaj) return prepa
ration software if you are a salaried individual, pensioner, own one house property and/or earn interest income. 

Open the downloaded Return Preparation Software (excel utility), follow the instructions and enter all the details using your Form 16. 

Compute tax payable by clicking the ‘Calculate Tax’ tab. Pay tax and enter the challan details in the tax return (not applicable if your tax liability is nil). 


Confirm the details entered by clicking the ‘Validate’ tab. Proceed to generate an XML file, 
which will be automatically saved on your computer. The registration process (Step 1) can also be initiated at this stage. 


Go to ‘Submit Return’ on the portal’s left panel and upload the 
XML file after selecting ‘AY 2012-
2013’ and the relevant form. 


You will be asked whether 
you wish to digitally sign the file. If you have obtained a DS 
(digital signature) select ‘Yes’. Else, choose ‘No’. 


Once the message regarding successful e-filing is 
flashed on your screen, the process is complete. The acknowledgement form — ITR-Verification (ITR-V) — 
will be generated and you can download the same. It will also be mailed to your registered email ID. 


Take a print-out of the form ITR-V, sign it in blue ink, and send it by ordinary or speed post to the Income Tax Department-CPC, Post Bag No-1, Electronic City Post 
Office, Bangalore – 560 100, Karnataka, within 120 days of uploading your e-return. Couriered documents will not be accepted. 

10 The I-T department will send you the acknowledgement by email, which is the final step in the process. If you do not receive it from the I-T Department in due course, you can send the form ITR-V again. preeti.kulkarni@timesgroup.com 

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