Search engine for touristic excursions to any place in the world Depending on section 139(1) with the Taxation Act, 1961 in the country, individuals whose total income through the previous year exceeds the maximum amount not chargeable to tax, should file their taxation returns (ITR).
The entire process of electronically filing taxation returns is termed e-filing. You can seek a specialist or file your returns yourself straight from your property by registering on the taxation department website and other websites. The deadline day for filing tax statements (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of tax statements is easy and can be created by most assesses.
Assesse using a total income of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed to furnish an investigation 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 needed to give you a notice under Section 11(2) (a) on the assessing officer.
A firm (which won’t are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse needed to furnish returns U/S 139 (4B) (ITR 7).
A resident who 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 tax statements smoothly and effectively. Major points happen to be highlighted below.
How to select the right form to launch your taxes electronically
The different kinds of income tax online payment and who they are meant for are tabulated below.
1. ITR-1
Referred to as SAHAJ, handles income of a person with salary or pension or income from one house property and other sources (eliminating 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 as a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the ones which claim a deduction under section 11
8. ITR-7
Applicable to any or all 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 along with other deductions
Interest statement – Interest on savings accounts and glued deposits
In accessory the above, have the following accessible.
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 system comes with the below.
Java Runtime Environment Version 7 Update 6 or above
List of Required Documents for e-filing of tax statements
It is good to keep a step ahead, particularly when you are looking for tax filing. The checklist provided below will assist you to get started doing 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
Taxation Return Deadline day:
Generally, the deadline day for filing Taxation Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July with the next Financial Year. For example – The ITR deadline day for Financial Year 2016-17 will be 31st July, 2017.
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