Much like section 139(1) with the Income Tax Act, 1961 in the united kingdom, individuals whose total income in the previous year exceeds exactly what not chargeable to tax, should file their income tax returns (ITR).
The entire process of electronically filing income tax returns is recognized as e-filing. You can either seek a specialist or file your returns yourself starting from your home by registering about the income tax department website or another websites. The payment date for filing tax statements (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of tax statements is easy and could be made by most assesses.
Assesse with a total wages 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 won’t fit in 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 who’s 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 several prerequisites to filing your tax statements smoothly and effectively. Major points happen to be highlighted below.
How to decide on the right form to file for your taxes electronically
The different types of income tax return and who they are meant for are tabulated below.
1. ITR-1
Also known as SAHAJ, relates to wages of someone with salary or pension or income from one house property or another sources (excluding 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 like a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies other than the methods which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish coming back of capital under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing coming back of capital
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and other deductions
Interest statement – Interest on savings accounts and fixed deposits
In addition for the above, have the following available.
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 your whole body is equipped 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 stay a stride ahead, particularly when it comes to tax filing. The checklist provided below will help you to get started 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 Deadline:
Generally, the payment date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July with the next Financial Year. By way of example – The ITR payment date for Financial Year 2016-17 could be 31st July, 2017.
For filing your earnings Taxes Contact easeURbusiness at https://www.easeurbusiness.xyz for the most powerful services and cheap prices.
More info about income tax return just go to this useful web site: click for more info