According to section 139(1) with the Taxes Act, 1961 in the nation, individuals whose total income through the previous year exceeds the most not chargeable to tax, should file their income tax returns (ITR).
The whole process of electronically filing income tax returns is termed e-filing. You can either seek professional help or file your returns yourself straight from your own home by registering about the income tax department website or any other websites. The deadline for filing tax returns (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of tax returns is simple and could be done by most assesses.
Assesse with a total income of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse forced to furnish an investigation 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 forced to give you 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 forced to furnish returns U/S 139 (4B) (ITR 7).
A resident who has signing authority in almost any account located outside India.
A individual that 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 kinds of income tax filing and who they really are meant for are tabulated below.
1. ITR-1
Referred to as SAHAJ, relates to income of an individual with salary or pension or income derived from one of house property or any other sources (eliminating lotteries or race horses)
2. ITR-2
Income besides ‘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 besides 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 kind of filing a return of income
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and also other deductions
Interest statement – Interest on savings accounts and stuck deposits
In accessory these, have the following accessible.
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 the body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or higher
Set of Required Documents for e-filing of tax returns
It is always good to be one step ahead, specially when you are looking at tax filing. The checklist provided below will help you get started with 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
Taxes Return Due Date:
Generally, the deadline for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July with the next Financial Year. For instance – The ITR deadline for Financial Year 2016-17 could be 31st July, 2017.
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