According to section 139(1) of the Taxes Act, 1961 in the country, individuals whose total income through the previous year exceeds the absolute most not chargeable to tax, should file their income tax returns (ITR).
The whole process of electronically filing income tax returns is called e-filing. You can seek a specialist or file your returns yourself from the comfort of your own home by registering about the income tax department website and other websites. The deadline day for filing tax returns (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of tax returns is straightforward and could be made by most assesses.
Assesse having a total wages of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse required 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 required to offer a notice under Section 11(2) (a) to the assessing officer.
A firm (which won’t belong to the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse required 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 some prerequisites to filing your tax returns smoothly and effectively. Major points have already been highlighted below.
How to choose the right form to file for your taxes electronically
The different kinds of income tax payment and who they may be meant for are tabulated below.
1. ITR-1
Referred to as SAHAJ, relates to wages of a person with salary or pension or income from house property and other sources (taking out lotteries or mounts)
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 as being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the people which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish coming back of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing coming back of income
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 glued deposits
In addition to the above mentioned, have the following at hand.
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 one’s body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of tax returns
It is always good to be a measure ahead, particularly when you are looking at tax filing. The checklist provided below will help you begin with 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
Taxes Return Payment date:
Generally, the deadline day for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July of the next Financial Year. By way of example – The ITR deadline day for Financial Year 2016-17 could be 31st July, 2017.
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