As per section 139(1) of the Taxation Act, 1961 in the united states, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their taxes returns (ITR).
The whole process of electronically filing taxes returns is called e-filing. You can seek specialist or file your returns yourself straight from your home by registering on the taxes department website or another websites. The due date for filing tax statements (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of tax statements is easy and is created by most assesses.
Assesse with a total wages of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse necessary to furnish a 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 of the Act.
Assesse necessary to provide a notice under Section 11(2) (a) towards the assessing officer.
A firm (which does not fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse necessary to furnish returns U/S 139 (4B) (ITR 7).
A resident who may have signing authority in almost 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 some prerequisites to filing your tax statements smoothly and effectively. Major points are already highlighted below.
How to choose the right form to file your taxes electronically
The different types of income tax efiling and who they really are created for are tabulated below.
1. ITR-1
Otherwise known as SAHAJ, deals with wages of a person with salary or pension or income in one house property or another sources (not including lotteries or race horses)
2. ITR-2
Income apart from ‘Profits and gains of business or profession’
3. ITR-3
Income from ‘Profits and gains of business 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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies apart from the ones which claim a deduction under section 11
8. ITR-7
Applicable to all entities who should furnish a return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing a return of income
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 accessory the aforementioned, hold the following accessible.
1. Last year’s tax statements
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 is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
List of Required Documents for e-filing of tax statements
It is good to remain a stride ahead, particularly if you are looking for tax filing. The checklist provided below will help you to get started with the e-filing of tax statements.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Taxation Return Deadline:
Generally, the due date for filing Taxation Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of an individual) is 31st July of the next Financial Year. By way of example – The ITR due date for Financial Year 2016-17 can be 31st July, 2017.
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