According to section 139(1) of the Taxes Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their taxes returns (ITR).
The whole process of electronically filing taxes returns is termed e-filing. Either seek specialist help or file your returns yourself from the comfort of your house by registering about the taxes department website or any other websites. The payment date for filing tax statements (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of tax statements is straightforward and could be created by most assesses.
Assesse which has a total income 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) for the assessing officer.
A firm (which will not fit in 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 who may have signing authority in 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 some prerequisites to filing your tax statements smoothly and effectively. Major points have been highlighted below.
How to choose the right form to launch your taxes electronically
The different groups of itr and who they may be created for are tabulated below.
1. ITR-1
Referred to as SAHAJ, deals with income of an individual with salary or pension or income from house property or any other sources (not including lotteries or race horses)
2. ITR-2
Income apart 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 a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies apart from 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 form of filing a return 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 stuck deposits
In accessory the aforementioned, have the following taking place.
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 comes with the below.
Java Runtime Environment Version 7 Update 6 or above
Listing of Required Documents for e-filing of tax statements
It is good to remain a step ahead, especially when 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
Taxes Return Payment date:
Generally, the payment date for filing Taxes 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. For example – The ITR payment date for Financial Year 2016-17 can be 31st July, 2017.
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