Depending on section 139(1) from the Income Tax Act, 1961 in the country, individuals whose total income throughout the previous year exceeds exactly what not chargeable to tax, should file their taxes returns (ITR).
The process of electronically filing taxes returns is termed e-filing. You can seek specialist help or file your returns yourself from the comfort of your property by registering on the taxes department website or any other websites. The due date for filing tax returns (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of tax returns is easy and is 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 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 from the Act.
Assesse necessary to give you a notice under Section 11(2) (a) for the assessing officer.
A firm (which will not are categorized as 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 has 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 have been highlighted below.
How to choose the right form to file for your taxes electronically
The different types of income tax e filing and who they may be meant for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, handles income of an individual with salary or pension or income in one house property or any other sources (excluding lotteries or mounts)
2. ITR-2
Income besides ‘Profits and gains of commercial or profession’
3. ITR-3
Income from ‘Profits and gains of commercial 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 besides the people which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish returning of revenue under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing returning of revenue
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, contain the following available.
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 your system has the below.
Java Runtime Environment Version 7 Update 6 or above
Report on Required Documents for e-filing of tax returns
It is good to be one step ahead, particularly if you are looking for tax filing. The checklist provided below will aid 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
Income Tax Return Deadline day:
Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of an individual) is 31st July from the next Financial Year. For example – The ITR due date for Financial Year 2016-17 will be 31st July, 2017.
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