As per section 139(1) in the Tax Act, 1961 in the united kingdom, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their tax returns (ITR).
The whole process of electronically filing tax returns is called e-filing. Either seek specialist or file your returns yourself starting from your own home by registering about the tax department website or any other websites. The due date for filing tax returns (physical or online), is July 31st.
Who should e-file tax returns?
Online filing of tax returns is simple and could be produced by most assesses.
Assesse using a total income of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse required 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 required to give a notice under Section 11(2) (a) towards the assessing officer.
A firm (which won’t are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse required to furnish returns U/S 139 (4B) (ITR 7).
A resident who has signing authority in different 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 are already highlighted below.
How to choose the right form to launch your taxes electronically
The different categories of income tax online payment and who they may be intended for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, works with income of an individual with salary or pension or income in one house property or any other sources (taking out lotteries or mounts)
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 like a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies apart from those which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish a return of revenue under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement kind of filing a return of revenue
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and other deductions
Interest statement – Interest on savings accounts and glued deposits
In addition to these, possess the following at hand.
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 system provides you with the below.
Java Runtime Environment Version 7 Update 6 or more
List of Required Documents for e-filing of tax returns
It is always good to keep one step ahead, particularly when you are looking for tax filing. The checklist provided below will help you to start 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 Payment date:
Generally, the due date for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July in the next Financial Year. By way of example – The ITR due date for Financial Year 2016-17 could be 31st July, 2017.
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