IT Returns – Guide for e-Filing of revenue Income tax return (ITR) On the internet

According to section 139(1) in the Tax Act, 1961 in the country, individuals whose total income in the previous year exceeds the most not chargeable to tax, should file their taxation returns (ITR).
The entire process of electronically filing taxation returns is known as e-filing. You may either seek a specialist or file your returns yourself straight from your house by registering around the taxation department website or another websites. The deadline for filing taxation statements (physical or online), is July 31st.


Who should e-file taxation returns?
Online filing of taxation statements is easy and could be done by most assesses.

Assesse using a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse forced to furnish a 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 forced to provide a notice under Section 11(2) (a) to the assessing officer.
A firm (which will not come under 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 who may have signing authority in different 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 a few prerequisites to filing your taxation statements smoothly and effectively. Major points happen to be highlighted below.

How to select the right form to file for your taxes electronically
The different categories of income tax and who they are intended for are tabulated below.

1. ITR-1
Referred to as SAHAJ, works with salary of an individual with salary or pension or income in one house property or another sources (eliminating lotteries or race horses)
2. ITR-2
Income other than ‘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 a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies other than the people which claim a deduction under section 11
8. ITR-7
Applicable to all entities who should furnish coming back of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing coming back of greenbacks

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 fixed deposits
In accessory for the above, possess the following at hand.
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 has the below.
Java Runtime Environment Version 7 Update 6 or more
Listing of Required Documents for e-filing of taxation statements
It is always good to stay a step ahead, particularly if you are looking at tax filing. The checklist provided below will help you to get started with 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
Tax Return Due Date:
Generally, the deadline for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July in the next Financial Year. For example – The ITR deadline for Financial Year 2016-17 could be 31st July, 2017.
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