Depending on section 139(1) with the Taxation Act, 1961 in the nation, individuals whose total income during the previous year exceeds exactly what not chargeable to tax, should file their taxes returns (ITR).
The operation of electronically filing taxes returns is called e-filing. You can either seek a specialist or file your returns yourself straight from your own home by registering around the taxes department website or other websites. The due date for filing taxation statements (physical or online), is July 31st.
Who should e-file taxes returns?
Online filing of taxation statements is easy and is produced by most assesses.
Assesse using a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed 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 with the Act.
Assesse needed to provide a notice under Section 11(2) (a) on the assessing officer.
A firm (which does not fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse needed to furnish returns U/S 139 (4B) (ITR 7).
A resident who 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 several prerequisites to filing your taxation statements smoothly and effectively. Major points have been highlighted below.
How to choose the right form to file for your taxes electronically
The different groups of itr refund status and who they are meant for are tabulated below.
1. ITR-1
Also known as SAHAJ, handles salary of someone with salary or pension or income derived from one of house property or other sources (taking out lotteries or mounts)
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 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 along with other deductions
Interest statement – Interest on savings accounts and glued deposits
In addition for these, hold the following taking place.
1. Last year’s taxation 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 is equipped with the below.
Java Runtime Environment Version 7 Update 6 or higher
Report on Required Documents for e-filing of taxation statements
It is always good to stay a step ahead, particularly if you are looking for tax filing. The checklist provided below will assist you to begin with the e-filing of taxation statements.
General details:
Bank account details
PAN Number
Reporting salary income
Reporting House Property income
Reporting capital gains
Reporting other income
Taxation Return Deadline:
Generally, the due date for filing Taxation Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of an individual) is 31st July with the next Financial Year. For instance – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.
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