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 tax returns (ITR).
The whole process of electronically filing tax returns is termed e-filing. You can either seek specialist help or file your returns yourself straight from your house by registering on the tax department website or other websites. The due date for filing taxation assessments (physical or online), is July 31st.
Who should e-file tax returns?
Online filing of taxation assessments is easy and can be done by most assesses.
Assesse which has a total earnings of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed 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 in the Act.
Assesse needed to give a notice under Section 11(2) (a) towards the assessing officer.
A firm (which won’t fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse needed to furnish returns U/S 139 (4B) (ITR 7).
A resident who’s signing authority in different account located outside India.
A one who claims relief under sections 90 or 90A or deductions under section 91.
All companies.
Checklist for e-Filing IT Returns
There are several prerequisites to filing your taxation assessments smoothly and effectively. Major points are already highlighted below.
How to find the right form to produce your taxes electronically
The different categories of e filing income tax and who they are created for are tabulated below.
1. ITR-1
Otherwise known as SAHAJ, works with earnings of an individual with salary or pension or income derived from one of house property or other sources (excluding lotteries or race horses)
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 like a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies besides those which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish coming back of revenue under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing coming back of revenue
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 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 the body comes with the below.
Java Runtime Environment Version 7 Update 6 or over
Report on Required Documents for e-filing of taxation assessments
It is good to stay a stride ahead, particularly when looking at tax filing. The checklist provided below will help you to 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
Tax Return Deadline day:
Generally, the due date for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July in the next Financial Year. As an example – The ITR due date for Financial Year 2016-17 can be 31st July, 2017.
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