FIRST, there were two-minute noodles. Then there were 30-minute pizzas. And now you can file your tax returns, online, in 20 minutes! And here’s the icing on the cake: the government has done away with that long list of documents you had to submit, earlier.

Should I go the online way?
Chartered accountant Sandeep Shanbhag offers this tip: if your only income source is your salary, then filing returns online, is easy and cheap. But if you have multiple sources of income, multiple bank accounts, investments that your parents made in your name, investment income that you have no clue about, you will need professional help.

The cost factor
A chartered accountant charges you between Rs 1,000 and Rs 2,500, depending on your income sources and the documentation required. The fees charged by tax-filing portals range between Rs 181 and Rs 750.
How to file your tax returns online
Step 1: Visit any of the e-tax filing portals and register yourself. The popular ones are:

• taxshax.com
• myitreturn.com
• taxsmile.com

  Compare all three. You can also visit the Government’s web site and file your returns.

Step 2: Enter your details.
The portal takes you through a simple process where you need to share your salary income, rental income, interest and dividends, investments, et al. Keep the following documents ready, so that you have easy access too the details.

Form 16: It has the details of tax deducted from your income by your employer on your behalf. You will get this form 16 from your employer, if you work in a company.

• TDS (tax deducted at source) certificates: It has the details of the tax deducted by your clients (made on your behalf) before making your payment. Get these from your clients if you are an entrepreneur.
• Bank statements: You will need to find out the interest amounts credited every quarter on your savings account. You will find this in your bank statement.
• Statement of interest paid on your house loan: Get this from your bank.
• Details about your income from house property: You will have to enter this on the basis of the home rental agreement and rent receipts issued.
• Statement specifying the transactions made via broker for shares: Get this from your demat account or broker contract notes.

Keep the following details handy: bank account number, branch, MICR (magnetic ink character recognition) code. The MICR code is a 9-digit code, which follows your cheque number at the bottom of the cheque. Submit this code if a refund is due, so that the refund amount is directly credited to your account.

Step 3: Once you enter the details, the system will calculate the tax-payable amount.
In case you have to pay tax in addition to the TDS, deposit a cheque for that amount in any bank or make an online payment on the income tax web site.
Step 4: Pay online.
The portal generates the tax return form, automatically. Pay online or visit the nearest branch and complete the process.
Online payment can be made using your credit card, debit card, cheque book, demand draft or Internet banking. The fee ranges from Rs 180 to Rs 750, depending on the portal you choose and the complexity of your return.

Step 5: Get an acknowledgment.
The portal sends your details to the tax authorities, who will send you an acknowledgment within 20 minutes to 24 hours.
All that remains is for you to sign the form. Attach a digital signature* while submitting your form, online . Or you could take a printout of the acknowledgment and sign it, manually.
Submit this to the tax authorities or at the portal’s office (who will submit it on your behalf).

The downside
The tax-payable amount is based on the details entered by you. If your details are incorrect, you will end up filing incorrect returns. So, accuracy is a must!

Disclaimer: While efforts have been made to ensure the accuracy of the information provided in the content, the website or the author shall not be held responsible for any loss caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles and information).