As per section 139(1) in the Income Tax Act, 1961 in the nation, individuals whose total income throughout the previous year exceeds exactly what not chargeable to tax, should file their tax returns (ITR).
The entire process of electronically filing tax returns is recognized as e-filing. You can either seek professional help or file your returns yourself starting from your property by registering on the tax department website or any other websites. The due date for filing tax returns (physical or online), is July 31st.
Who should e-file tax returns?
Online filing of tax returns is straightforward and could be produced by most assesses.
Assesse having 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 in the Act.
Assesse forced to offer a notice under Section 11(2) (a) for 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 forced to furnish returns U/S 139 (4B) (ITR 7).
A resident that 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 several prerequisites to filing your tax returns smoothly and effectively. Major points are already highlighted below.
How to select the right form to file for your taxes electronically
The different categories of itr refund status and who they are designed for are tabulated below.
1. ITR-1
Referred to as SAHAJ, handles income of a person with salary or pension or income from one house property or any other sources (taking out lotteries or mounts)
2. ITR-2
Income aside from ‘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 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 coming back of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing coming back of greenbacks
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and other deductions
Interest statement – Interest on savings accounts and glued deposits
In accessory the above, contain the following taking place.
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 provides you with the below.
Java Runtime Environment Version 7 Update 6 or more
List of Required Documents for e-filing of tax returns
It is good to stay a stride ahead, specially when you are looking for tax filing. The checklist provided below will aid you to get started doing 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:
Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July in 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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