Depending on section 139(1) from the Taxation Act, 1961 in the country, individuals whose total income through the previous year exceeds the most not chargeable to tax, should file their taxation returns (ITR).
The process of electronically filing taxation returns is called e-filing. Either seek professional help or file your returns yourself straight from your own home by registering around the taxation department website and other websites. The due date for filing taxation statements (physical or online), is July 31st.
Who should e-file taxation returns?
Online filing of taxation statements is not hard and is created by most assesses.
Assesse having a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed 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 from the Act.
Assesse needed to give you a notice under Section 11(2) (a) for the assessing officer.
A firm (which does not fit in the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
An assesse needed 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 several prerequisites to filing your taxation statements smoothly and effectively. Major points are already highlighted below.
How to choose the right form to file your taxes electronically
The different groups of income tax india and who they are designed for are tabulated below.
1. ITR-1
Referred to as SAHAJ, deals with salary of someone with salary or pension or income in one house property and other sources (eliminating lotteries or race horses)
2. ITR-2
Income apart from ‘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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and native authority.
7. ITR-6
Applicable to companies apart from the ones which claim a deduction under section 11
8. ITR-7
Applicable to all or any entities who should furnish going back of revenue under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing going back 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 accessory these, contain the following available.
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 your whole body has the below.
Java Runtime Environment Version 7 Update 6 or over
Report on Required Documents for e-filing of taxation statements
It is always good to remain a measure ahead, especially when looking at tax filing. The checklist provided below will help you 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 Payment date:
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 from 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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