Depending on section 139(1) with the Taxation Act, 1961 in the united kingdom, individuals whose total income during the previous year exceeds the most not chargeable to tax, should file their taxation returns (ITR).
The process of electronically filing taxation returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering for the taxation department website or another websites. The deadline day for filing tax returns (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of tax returns is simple and can be created by most assesses.
Assesse which has a total earnings of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse required to furnish a written report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB with the Act.
Assesse required to provide a notice under Section 11(2) (a) to the assessing officer.
A firm (which won’t fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse required to furnish returns U/S 139 (4B) (ITR 7).
A resident who’s signing authority in any account located outside India.
A individual who claims relief under sections 90 or 90A or deductions under section 91.
All companies.
Checklist for e-Filing IT Returns
There are many prerequisites to filing your tax returns smoothly and effectively. Major points are already highlighted below.
How to decide on the right form to launch your taxes electronically
The different types of e filing income tax and who they are meant for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, works with earnings of an individual with salary or pension or income from one house property or another sources (taking out lotteries or race horses)
2. ITR-2
Income aside from ‘Profits and gains of economic or profession’
3. ITR-3
Income from ‘Profits and gains of economic or profession’
4. ITR-4S
For presumptive taxation scheme under Section 44AD/44AE
5. ITR-4
For proprietary business or profession
6. ITR-5
For entities as a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies aside from the people which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish a return of capital under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement way of filing a return of capital
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates as well as other deductions
Interest statement – Interest on savings accounts and fixed deposits
In addition for the above mentioned, contain the following at hand.
1. Last year’s tax returns
2. Bank statements
3. TDS (Tax Deducted at Source) certificates
4. Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
Ensure one’s body comes with the below.
Java Runtime Environment Version 7 Update 6 or more
Set of Required Documents for e-filing of tax returns
It is always good to be a measure ahead, particularly when you are looking for tax filing. The checklist provided below will assist you to start the e-filing of tax returns.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Taxation Return Due Date:
Generally, the deadline day for filing Taxation Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July with the next Financial Year. By way of example – The ITR deadline day for Financial Year 2016-17 can be 31st July, 2017.
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