According to section 139(1) in the Tax Act, 1961 in the united states, individuals whose total income in the previous year exceeds exactly what not chargeable to tax, should file their taxation returns (ITR).
The operation of electronically filing taxation returns is known as e-filing. Either seek professional help or file your returns yourself starting from your home by registering around the taxation department website or any other websites. The payment date for filing tax returns (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of tax returns is easy and could be produced by most assesses.
Assesse using a total earnings 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 in the Act.
Assesse needed to give you a notice under Section 11(2) (a) on the assessing officer.
A firm (which won’t belong to 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 almost any account located outside India.
A person 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 launch your taxes electronically
The different categories of itr refund status and who they may be created for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, handles earnings of somebody with salary or pension or income from one house property or any other sources (not including lotteries or race horses)
2. ITR-2
Income other than ‘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 like a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the methods which claim a deduction under section 11
8. ITR-7
Applicable to all or any 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 and also other deductions
Interest statement – Interest on savings accounts and stuck deposits
In accessory these, have 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 whole body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or more
Set of Required Documents for e-filing of tax returns
It is good to be a step ahead, especially when you are looking for tax filing. The checklist provided below will help you to 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
Tax Return Deadline day:
Generally, the payment date for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of an individual) is 31st July in the next Financial Year. As an example – The ITR payment date for Financial Year 2016-17 could be 31st July, 2017.
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