ELECTRONIC e-FILING OF IT RETURNS
All companies & partnership firms whose books of accounts are audited u/s 44AB of IT Act have to compulsorily file their IT Returns electronically. The process is like this:
1. I.T Dept. has come out with electronic versions of the income tax returns.
2. All the fields of the return need to be filled with the data of the entity.
3. Once filling of the data is complete, a process of electronic validation of the file needs to be done to check for any non technical errors & mandatory columns which are left blank.
4. After identification, mistakes are rectified & validation scrutiny is done again.
5. Only when validation is 100% successful, the electronic return is converted into a form in which it can be uploaded on the income tax website.
6. The file can be uploaded in 2 ways:
a. By Inserting Digital Signature or
b. Without Digital Signature.
7. When the e-return is signed by using digital signature & uploaded on the Income tax website, it completes the process of e-filing of 1.1. returns. Acknowledgment is generated by dept.’s website which has to be preserved as proof of filing.
8. When the e-return is not digitally signed, but uploaded on the IT. dept. website, ITR-V form is generated, the copy of which will have to be physically filed within 30 days after physically putting signatures on them. IT. Dept. puts the acknowledgement seal & date on the copy, which needs to be preserved as proof of filing the income tax returns.