According to section 139(1) with 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 taxation returns (ITR).
The whole process of electronically filing taxation returns is recognized as e-filing. You may either seek professional help or file your returns yourself from the comfort of your house by registering about the taxation department website or any other websites. The payment date for filing taxation statements (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of taxation statements is easy and can be created 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 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 with the Act.
Assesse required to give a notice under Section 11(2) (a) for the assessing officer.
A firm (which will not are categorized as 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 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 many prerequisites to filing your taxation statements smoothly and effectively. Major points have been highlighted below.
How to choose the right form to file for your taxes electronically
The different types of itr and who they are intended 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 or any other sources (taking out lotteries or race horses)
2. ITR-2
Income aside 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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies aside from those which claim a deduction under section 11
8. ITR-7
Applicable to everyone entities who should furnish going back of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing going 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 for the above, possess the following taking place.
1. Last year’s taxation 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 provides you with the below.
Java Runtime Environment Version 7 Update 6 or above
Listing of Required Documents for e-filing of taxation statements
It is good to keep one step ahead, especially when you are looking at tax filing. The checklist provided below will aid you to get started doing the e-filing of taxation statements.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Taxes Return Due Date:
Generally, the payment date for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July with 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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