Depending on section 139(1) with the Tax Act, 1961 in the united kingdom, individuals whose total income throughout the previous year exceeds exactly what not chargeable to tax, should file their tax returns (ITR).
The entire process of electronically filing tax returns is termed e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering around the tax department website or any other websites. The deadline day for filing tax statements (physical or online), is July 31st.
Who should e-file tax returns?
Online filing of tax statements is not hard and can be made by most assesses.
Assesse having a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse necessary to furnish an investigation 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 necessary to provide a notice under Section 11(2) (a) on the assessing officer.
A firm (which doesn’t fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse necessary to furnish returns U/S 139 (4B) (ITR 7).
A resident who has signing authority in almost any account located outside India.
A individual that claims relief under sections 90 or 90A or deductions under section 91.
All companies.
Checklist for e-Filing IT Returns
There are a few prerequisites to filing your tax statements smoothly and effectively. Major points happen to be highlighted below.
How to decide on the right form to file for your taxes electronically
The different kinds of online itr and who they may be created for are tabulated below.
1. ITR-1
Also known as SAHAJ, handles salary of somebody with salary or pension or income from one house property or any other sources (excluding lotteries or mounts)
2. ITR-2
Income other than ‘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 as being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than the people which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish going back of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement type of filing going back 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 fixed deposits
In addition to these, contain the following accessible.
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 whole body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or higher
Listing of Required Documents for e-filing of tax statements
It is good to be a stride ahead, specially when looking at tax filing. The checklist provided below will assist you to start 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
Tax Return Deadline:
Generally, the deadline day for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of men and women) is 31st July with the next Financial Year. For example – The ITR deadline day for Financial Year 2016-17 can be 31st July, 2017.
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