As per section 139(1) of the Tax Act, 1961 in the united states, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their taxation returns (ITR).
The entire process of electronically filing taxation returns is recognized as e-filing. Either seek specialist or file your returns yourself starting from your own home by registering around the taxation department website or other websites. The deadline for filing tax statements (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of tax statements is simple and is made 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 a study 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 forced to give a notice under Section 11(2) (a) for the assessing officer.
A firm (which won’t come under 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 that has signing authority in different 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 a few prerequisites to filing your tax statements smoothly and effectively. Major points have been highlighted below.
How to decide on the right form to launch your taxes electronically
The different groups of income tax india and who they may be designed for are tabulated below.
1. ITR-1
Referred to as SAHAJ, handles income of somebody with salary or pension or income from house property or other sources (excluding lotteries or race horses)
2. ITR-2
Income other than ‘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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies other than the ones which claim a deduction under section 11
8. ITR-7
Applicable to everyone entities who should furnish a return of capital under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing a return of capital
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 stuck deposits
In addition to the above mentioned, have the following at hand.
1. Last year’s tax 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 your whole body has the below.
Java Runtime Environment Version 7 Update 6 or higher
Set of Required Documents for e-filing of tax statements
It is good to remain a 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 statements.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Tax Return Due Date:
Generally, the deadline for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July of the next Financial Year. As an example – The ITR deadline for Financial Year 2016-17 can be 31st July, 2017.
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