IT Returns – Guide for e-Filing of greenbacks Income tax return (ITR) Online
Depending on section 139(1) in the Income Tax Act, 1961 in the country, individuals whose total income throughout the previous year exceeds the maximum amount not chargeable to tax, should file their taxation returns (ITR).
The process of electronically filing taxation returns is recognized as e-filing. You can either seek a specialist or file your returns yourself from the comfort of your property by registering around the taxation department website or any 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 not hard and could be done by most assesses.
Assesse with a total earnings 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 in the Act.
Assesse needed to offer a notice under Section 11(2) (a) to 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 needed to furnish returns U/S 139 (4B) (ITR 7).
A resident who may have signing authority in a account located outside India.
A individual that 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 have already been highlighted below.
How to choose the right form to launch your taxes electronically
The different kinds of efiling of income tax and who they may be intended for are tabulated below.
1. ITR-1
Otherwise known as SAHAJ, handles earnings of someone with salary or pension or income in one house property or any other sources (not including lotteries or mounts)
2. ITR-2
Income besides ‘Profits and gains of economic or profession’
3. ITR-3
Income from ‘Profits and gains of economic 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 local authority.
7. ITR-6
Applicable to companies besides the methods 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 type 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 fixed 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 the body comes with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of tax statements
It is good to be one step ahead, particularly when you are looking for tax filing. The checklist provided below will assist you to begin with 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
Income Tax Return Payment date:
Generally, the deadline day for filing Income 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 day for Financial Year 2016-17 would be 31st July, 2017.
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