As per section 139(1) of the Income Tax Act, 1961 in the united kingdom, individuals whose total income through the previous year exceeds the maximum amount not chargeable to tax, should file their taxation returns (ITR).
The process of electronically filing taxation returns is known as e-filing. You can either seek specialist help or file your returns yourself from the comfort of your home by registering about the taxation department website or any other websites. The deadline day for filing tax returns (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of tax returns is easy and could be produced by most assesses.
Assesse which has a total wages of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse required 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 of the Act.
Assesse required to offer a notice under Section 11(2) (a) for the assessing officer.
A firm (which will not are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse required to furnish returns U/S 139 (4B) (ITR 7).
A resident who’s 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 tax returns smoothly and effectively. Major points are already highlighted below.
How to decide on the right form to launch your taxes electronically
The different kinds of itr return and who they may be intended for are tabulated below.
1. ITR-1
Also referred to as SAHAJ, relates to wages of someone with salary or pension or income in one house property or any other sources (not including lotteries or race horses)
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 local authority.
7. ITR-6
Applicable to companies besides the people which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish a return of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing a return of income
Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and other deductions
Interest statement – Interest on savings accounts and stuck deposits
In addition to the above mentioned, have the following accessible.
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 the body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
Listing of Required Documents for e-filing of tax returns
It is always good to keep one step ahead, especially when looking at tax filing. The checklist provided below will help you get started 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
Income Tax Return Payment date:
Generally, the deadline day for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July of the next Financial Year. By way of example – The ITR deadline day for Financial Year 2016-17 would be 31st July, 2017.
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