Depending on section 139(1) of the Income Tax Act, 1961 in the nation, individuals whose total income in the previous year exceeds the absolute most not chargeable to tax, should file their income tax returns (ITR).
The process of electronically filing income tax returns is recognized as e-filing. You can seek professional help or file your returns yourself starting from your property by registering on the income tax department website or another websites. The deadline for filing taxation assessments (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of taxation assessments is not hard and can be made by most assesses.
Assesse using a total wages of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed 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 of the Act.
Assesse needed to give a notice under Section 11(2) (a) to the assessing officer.
A firm (which does not belong to the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse needed to furnish returns U/S 139 (4B) (ITR 7).
A resident that has signing authority in any account located outside India.
A person 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 taxation assessments smoothly and effectively. Major points have already been highlighted below.
How to decide on the right form to file for your taxes electronically
The different categories of income tax e filing and who they are designed for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, handles wages of someone with salary or pension or income in one house property or another sources (taking out lotteries or mounts)
2. ITR-2
Income aside 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 native authority.
7. ITR-6
Applicable to companies aside from the methods which claim a deduction under section 11
8. ITR-7
Applicable to everyone entities who should furnish returning of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing returning 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 addition for the above mentioned, contain the following accessible.
1. Last year’s taxation assessments
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 your system is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of taxation assessments
It is always good to keep a measure ahead, particularly if looking at tax filing. The checklist provided below will help you to get started doing the e-filing of taxation assessments.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Income Tax Return Due Date:
Generally, the deadline for filing Income Tax 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. As an example – The ITR deadline for Financial Year 2016-17 will be 31st July, 2017.
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