Depending on section 139(1) with the Taxation Act, 1961 in the country, individuals whose total income through the previous year exceeds exactly what not chargeable to tax, should file their taxes returns (ITR).
The operation of electronically filing taxes returns is known as e-filing. Either seek specialist or file your returns yourself from the comfort of your house by registering around the taxes department website and other websites. The payment date for filing taxation statements (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of taxation statements is simple and is produced by most assesses.
Assesse which has a total salary 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 with the Act.
Assesse necessary to provide a notice under Section 11(2) (a) to the assessing officer.
A firm (which doesn’t are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse necessary to furnish returns U/S 139 (4B) (ITR 7).
A resident who’s 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 a few prerequisites to filing your taxation statements smoothly and effectively. Major points happen to be highlighted below.
How to find the right form to produce your taxes electronically
The different categories of itr refund status and who they really are intended for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, deals with salary of a person with salary or pension or income derived from one of house property and other sources (excluding lotteries or race horses)
2. ITR-2
Income other than ‘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 like a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the methods which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish a return of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing a return of greenbacks
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 to these, possess the following available.
1. Last year’s taxation 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 over
List of Required Documents for e-filing of taxation statements
It is always good to stay a stride ahead, particularly if looking at tax filing. The checklist provided below will aid you to begin with the e-filing of taxation statements.
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 payment date 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. For example – The ITR payment date for Financial Year 2016-17 could be 31st July, 2017.
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