Depending on section 139(1) with the Taxes Act, 1961 in the country, individuals whose total income through the previous year exceeds the absolute most not chargeable to tax, should file their income tax returns (ITR).
The operation of electronically filing income tax returns is recognized as e-filing. Either seek specialist help or file your returns yourself starting from your property by registering on 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 created by most assesses.
Assesse using a total earnings 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 with the Act.
Assesse required to provide a notice under Section 11(2) (a) for the assessing officer.
A firm (which doesn’t fit in 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 that has signing authority in different account located outside India.
A individual 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 statements smoothly and effectively. Major points have already been highlighted below.
How to select the right form to produce your taxes electronically
The different kinds of itr e filing and who they may be designed for are tabulated below.
1. ITR-1
Otherwise known as SAHAJ, deals with earnings of a person with salary or pension or income in one house property or another sources (taking out lotteries or mounts)
2. ITR-2
Income aside from ‘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 aside from the ones 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 form of filing a return 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, contain the following taking place.
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 system has the below.
Java Runtime Environment Version 7 Update 6 or over
Listing of Required Documents for e-filing of tax statements
It is always good to remain a step ahead, specially when you are looking for 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
Taxes Return Deadline day:
Generally, the payment date for filing Taxes Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July with the next Financial Year. As an example – The ITR payment date for Financial Year 2016-17 will be 31st July, 2017.
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