phonegeek 588 Report post Posted July 20, 2011 Hi Guys, Its July and all of us would be thinking about filing our Income tax return. Our Income Tax department provides the facility to file return online but the excel file provided by them is very confusing and its very difficult for common people to understand it. Due to this various websites have come up which provides the facility where users have to input all the information in step by step method in simple ways and they generate the Income tax return to be either filed online or in hard copy. Generally all these websites charge some amount depending on the ITR form. I came across this website which is offering preparation of Income tax returns(ITR-1 and ITR-2) for today only. So dont wait till 31st July, go ahead and file your return and relax ! (ITR-1 and ITR-2 will cover Income from Salaries and House property) Also I am opening this thread for the benefit of all my members here to out their queries related to Income Tax. I would try to answer all my queries to the best of my knowledge. I also urge other members who are in the CA profession to join me in this effort. 6 Share this post Link to post Share on other sites
ememdy 4 Report post Posted July 20, 2011 this site has a bug in the tax calculation system It calculates "advance tax penalty" for the amount paid as self assessment tax . Usually the self assessment tax is paid at the time of filing the returns by the salaried people. Since its paid in the month of June / July , the system considers it as late payment and calculates penalty. Otherwise its a great system . I used it , filed returns and got an acknowledgement receipt too Share this post Link to post Share on other sites
shadaabsharik 10 Report post Posted July 20, 2011 Saurabh thats so nice of you to open such a topic which can assist rim members and others for filing their ITR , hope others who have knowledge about this will join in too Share this post Link to post Share on other sites
sgiitk 32 Report post Posted July 20, 2011 this site has a bug in the tax calculation system It calculates "advance tax penalty" for the amount paid as self assessment tax . Usually the self assessment tax is paid at the time of filing the returns by the salaried people. Since its paid in the month of June / July , the system considers it as late payment and calculates penalty. Otherwise its a great system . I used it , filed returns and got an acknowledgement receipt too You have to pay 30% advance tax by September (is it 15 ot 30 I am not sure0, 60% by December and full by 15 March. So interest may be chargeable. Also, the Ack you got should have been ITRV. You have to sign it (in blue) and post it without folding to the Bangalore address within 90 days, and wait for the e-ack, unless of course the return was digitally signed. Share this post Link to post Share on other sites
phonegeek 588 Report post Posted July 20, 2011 ^ I agree. You may be liable to pay penal interest if you dont deposit tax on time as per the schedule. Filing of return is not linked with it. Share this post Link to post Share on other sites
h1ghlander 9 Report post Posted July 20, 2011 Any step by step guides for filing returns online would be helpful Share this post Link to post Share on other sites
phonegeek 588 Report post Posted July 20, 2011 The website which I have mentioned in the first post gives you step by step guide to file return. Have a look. Share this post Link to post Share on other sites
I_C_U 10 Report post Posted July 20, 2011 You have to pay 30% advance tax by September (is it 15 ot 30 I am not sure Advance tax for Individuals 30% - due date 15th September 60% - due date 15th December 100% - due date 15th March Even if you pay the tax 1 day late, most of these softwares calculate the interest for full 3 months upto the next due date. Share this post Link to post Share on other sites
tanveer 59 Report post Posted July 20, 2011 I have been filing online return through Taxsmile for the last 3 years. Plan to do same this year. However its a bit complicated this year so will fall on you guys for help. Sent from my MB525 using Tapatalk Share this post Link to post Share on other sites
MOBILE FAN 42 Report post Posted July 20, 2011 (edited) I tried to use investmentyogi and taxsmile both. And that is the reason I am still awake However, I got confused at three things: 1. Investmentyogi calculates penal interest as described in post #2 while for the same data taxsmile is not doing so. 2. Bank Interest income of Rs. 3500 is getting exempted in Investmentyogi while that is not the case with taxsmile. 3. Donation under 80G gets 100% deduction in Investmentyogi but in taxsmile it gets 50% deduction. I think I should go with the site where I have advantage Edited July 20, 2011 by MOBILE FAN Share this post Link to post Share on other sites
I_C_U 10 Report post Posted July 21, 2011 ^^^ 1. 2. Bank interest Income is taxable. At present it is not exempt and falls under Income from other sources. Though bank charges should be deducted from the Interest to arrive at Net Interest income. 3. Normally, donation will get 50% deduction only. Only some specified donations get 100% deduction. Share this post Link to post Share on other sites
MOBILE FAN 42 Report post Posted July 21, 2011 ^^^ If 2 and 3 are correct, Investmentyogi is using a logic from previous year. And in that case everyone should stay away from it. Share this post Link to post Share on other sites
alapati17 0 Report post Posted July 21, 2011 Hello Folks, Well, i was very much tensed about tax filing as this was my first year of income. I was totally confused from where to file the return. I tried to file the return from the income tax website, but couldn't complete due to lots of confusion. Then i have come to know about Investmentyogi from you guys. I tried it and to my surprise i have completed it in just 10 minutes. I never thought Tax filing so easy. I want to thank all you guys for letting me know about this. Share this post Link to post Share on other sites
Arun 795 Report post Posted July 21, 2011 Do you really need to post a fake experience review like that for self promotion? As per this blog on investmentyogi: http://www.investmentyogi.com/taxes/myths-about-e-filing-of-income-tax-return.aspx you are associated with them as you composed that blog. http://hyderabad.quikr.com/CFP-Study-material-self-study-W0QQAdIdZ73465999 : A person with MBA, CFP & CFA shouldn't be getting confused when filing the returns on income tax website. 5 Share this post Link to post Share on other sites
ememdy 4 Report post Posted July 21, 2011 Kudos to Arun detective services !! Share this post Link to post Share on other sites
rajanmehta 4,056 Report post Posted July 21, 2011 Wow Arun.. That was a real fast CID job done within minutes... Where is Genius ? I Want to borrow & present to you his Official Seal of Awesomeness.. Share this post Link to post Share on other sites
tanveer 59 Report post Posted July 21, 2011 Hehe. Poor guy caught. Sent from my MB525 using Tapatalk Share this post Link to post Share on other sites
MOBILE FAN 42 Report post Posted July 21, 2011 +1 to Arun Share this post Link to post Share on other sites
abhi.r 95 Report post Posted July 21, 2011 Lol Sent from my SPH-D700 using Tapatalk Share this post Link to post Share on other sites
city02 63 Report post Posted July 22, 2011 is there any site where you can upload your form16 and not have to retype all the data? many of the sites i visited required either a payment first before upload or asked you to email the attachments instead i don't want any human intervention, just upload forms and refresh the data immediately [fully online - no offline] i tried http://easyitfiling.com/ but after entering a bunch of data and providing my email, password etc it timed out then asked for a user id which was never set and is not the same as email since i tried it i have of course emailed them but no reply yet... Share this post Link to post Share on other sites
Genius 817 Report post Posted July 22, 2011 ARUN Here u go - missed it y'da Share this post Link to post Share on other sites
phonegeek 588 Report post Posted July 22, 2011 is there any site where you can upload your form16 and not have to retype all the data? many of the sites i visited required either a payment first before upload or asked you to email the attachments instead i don't want any human intervention, just upload forms and refresh the data immediately [fully online - no offline] i tried http://easyitfiling.com/ but after entering a bunch of data and providing my email, password etc it timed out then asked for a user id which was never set and is not the same as email since i tried it i have of course emailed them but no reply yet... As per this, they are providing the facility but it should be embedded by the employer while generating Form 16. So the employee can simply click on the button and his/her form 16 data gets auto filled on the website for further processing. Other than that, I didnt find any website which is rendering seamless service which you have asked. If someone finds one, please enlighten others. Share this post Link to post Share on other sites
commonman 228 Report post Posted July 22, 2011 instead of depending on third party sites, download the excel utility from official income tax site http://www.incometaxindia.gov.in select File Return Online > Income Tax Return it will take you to the DIT site (site in under extreme pressure, may require multiple attempts to successfully load) select e-filing AY 2011-12 > Individual/HUF download relevant excel utility ITR1/ITR2/ITR3 etc. fill in the details. (you need to have macro enabled) validate all sheets individually. any error would be indicated. click calculate tax generate XML file if you want to file online, create a login ID in DIT site (if you don't have already) login select submit return > select assessment year > AY 11-12 upload XML file get a print out and sed by normal post to their address. Share this post Link to post Share on other sites
city02 63 Report post Posted July 25, 2011 i tried it but got stuck in their password requirements - they need a symbol which means i'll never be able to remember it! all my passwords only have 'dash' which is not acceptable to the site! talk about completely useless restrictions... its astonishingly hard to find a good site for filing online. i guess i'll stick with my CA doing the online filing for now. how hard would it be to provide a password hint at all logins? [not a secret question since many sites require your to remember the questions itself or type it in] As per this, they are providing the facility but it should be embedded by the employer while generating Form 16. So the employee can simply click on the button and his/her form 16 data gets auto filled on the website for further processing. Other than that, I didnt find any website which is rendering seamless service which you have asked. If someone finds one, please enlighten others. Share this post Link to post Share on other sites
MVP 3 Report post Posted July 25, 2011 Try http://cleartax.in/ It creates the sahaj pdf format which is editable. So if you want to make further changes, you can just edit the pdf. Share this post Link to post Share on other sites
