Search engine for touristic excursions to any place in the world As per section 139(1) of the Taxes Act, 1961 in the country, individuals whose total income throughout the previous year exceeds the most not chargeable to tax, should file their income tax returns (ITR).
The entire process of electronically filing income tax returns is called e-filing. You can either seek specialist help or file your returns yourself from the comfort of your home by registering for the income tax department website or any other websites. The deadline day for filing taxation assessments (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of taxation assessments is easy and could be made by most assesses.
Assesse using a total salary 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 give you a notice under Section 11(2) (a) towards the assessing officer.
A firm (which does not are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse required to furnish returns U/S 139 (4B) (ITR 7).
A resident that has signing authority in a 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 many prerequisites to filing your taxation assessments smoothly and effectively. Major points happen to be highlighted below.
How to decide on the right form to file for your taxes electronically
The different categories of itr filing and who they may be designed for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, deals with salary of somebody with salary or pension or income in one house property or any other sources (excluding lotteries or mounts)
2. ITR-2
Income besides ‘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 as a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies besides the ones which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish a return of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement way of filing a return of greenbacks
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates along with other deductions
Interest statement – Interest on savings accounts and glued deposits
In addition for the above, have the following accessible.
1. Last year’s taxation assessments
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 more
Set of Required Documents for e-filing of taxation assessments
It is always good to remain a stride ahead, specially when you are looking for tax filing. The checklist provided below will help you get started doing the e-filing of taxation assessments.
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 an individual) is 31st July of the next Financial Year. As an example – The ITR deadline day for Financial Year 2016-17 would be 31st July, 2017.
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