As per section 139(1) in the Taxes Act, 1961 in the nation, individuals whose total income in the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).
The whole process of electronically filing income tax returns is called e-filing. You can seek specialist help or file your returns yourself straight from your property by registering about the income tax department website and other websites. The payment date for filing taxation assessments (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of taxation assessments is straightforward and could be produced by most assesses.
Assesse with a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse forced 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 forced to give you a notice under Section 11(2) (a) on the assessing officer.
A firm (which doesn’t belong to the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse forced to furnish returns U/S 139 (4B) (ITR 7).
A resident that has signing authority in any 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 some prerequisites to filing your taxation assessments smoothly and effectively. Major points have already been highlighted below.
How to choose the right form to file for your taxes electronically
The different types of income tax payment and who they are intended for are tabulated below.
1. ITR-1
Also known as SAHAJ, deals with salary of somebody with salary or pension or income from one house property and other sources (not including lotteries or mounts)
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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the people which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish a return of capital under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing a return of capital
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and also other deductions
Interest statement – Interest on savings accounts and stuck deposits
In accessory the above mentioned, contain the following available.
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 one’s body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of taxation assessments
It is always good to be a stride ahead, especially when looking at tax filing. The checklist provided below will assist you to begin with 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
Taxes Return Deadline:
Generally, the payment date for filing Taxes 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. By way of example – The ITR payment date for Financial Year 2016-17 could be 31st July, 2017.
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