Search engine for touristic excursions to any place in the world Much like section 139(1) with the Taxes Act, 1961 in the country, individuals whose total income throughout the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).
The entire process of electronically filing income tax returns is known as e-filing. You can seek specialist help or file your returns yourself starting from your property by registering for the income tax department website or other websites. The deadline 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 can be done by most assesses.
Assesse having a total income of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse forced 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 forced to give a notice under Section 11(2) (a) for the assessing officer.
A firm (which will not belong to the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse forced to furnish returns U/S 139 (4B) (ITR 7).
A resident that has signing authority in almost any 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 returns smoothly and effectively. Major points are already highlighted below.
How to find the right form to launch your taxes electronically
The different categories of itr filing and who they may be created for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, deals with income of someone with salary or pension or income from one house property or other sources (excluding lotteries or mounts)
2. ITR-2
Income aside from ‘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 native authority.
7. ITR-6
Applicable to companies aside from the methods which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish a return of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing a return of greenbacks
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and also other deductions
Interest statement – Interest on savings accounts and fixed deposits
In addition to the aforementioned, possess 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 your system comes with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of tax returns
It is good to stay a measure ahead, specially when it comes to tax filing. The checklist provided below will help you to start 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 Deadline:
Generally, the deadline for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July with the next Financial Year. For instance – The ITR deadline for Financial Year 2016-17 would be 31st July, 2017.
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