As per section 139(1) from the Tax Act, 1961 in the nation, individuals whose total income in the previous year exceeds the absolute most not chargeable to tax, should file their income tax returns (ITR).
The entire process of electronically filing income tax returns is known as e-filing. You can seek professional help or file your returns yourself straight from your property by registering on the income tax department website or any other websites. The due date for filing tax returns (physical or online), is July 31st.
Who should e-file income tax returns?
Online filing of tax returns is not hard and could be produced by most assesses.
Assesse having a total wages 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 from the Act.
Assesse forced to offer a notice under Section 11(2) (a) towards the assessing officer.
A firm (which doesn’t belong to 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 that has signing authority in almost 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 tax returns smoothly and effectively. Major points have been highlighted below.
How to choose the right form to file your taxes electronically
The different kinds of efiling of income tax and who they are intended for are tabulated below.
1. ITR-1
Also known as SAHAJ, deals with wages of somebody with salary or pension or income from one house property or any other sources (not including lotteries or race horses)
2. ITR-2
Income apart from ‘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 as a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies apart from the people which claim a deduction under section 11
8. ITR-7
Applicable to all entities who should furnish going back of capital under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing going back of capital
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 to the above mentioned, contain the following taking place.
1. Last year’s tax returns
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 higher
Set of Required Documents for e-filing of tax returns
It is always good to stay one step ahead, especially when you are looking at tax filing. The checklist provided below will help you begin with the e-filing of tax returns.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Tax Return Deadline:
Generally, the due date for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July from the next Financial Year. By way of example – The ITR due date for Financial Year 2016-17 can be 31st July, 2017.
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