IT Returns – Guide for e-Filing of greenbacks Taxes (ITR) On the internet

Depending on section 139(1) from the Tax Act, 1961 in the nation, individuals whose total income in the previous year exceeds the most not chargeable to tax, should file their taxation returns (ITR).
The process of electronically filing taxation returns is recognized as e-filing. You can seek specialist help or file your returns yourself starting from your home by registering about the taxation department website and other websites. The due date for filing tax returns (physical or online), is July 31st.

Who should e-file taxation returns?
Online filing of tax returns is simple and can be done 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 from the Act.
Assesse required to provide a notice under Section 11(2) (a) to the assessing officer.
A firm (which will not 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 who may have 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 have been highlighted below.

How to choose the right form to launch your taxes electronically
The different categories of income tax filing and who they really are created for are tabulated below.

1. ITR-1
Otherwise known as SAHAJ, works with income of a person with salary or pension or income derived from one of house property and other sources (eliminating lotteries or race horses)
2. ITR-2
Income besides ‘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 native authority.
7. ITR-6
Applicable to companies besides the methods which claim a deduction under section 11
8. ITR-7
Applicable to everyone entities who should furnish coming back of income under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing coming 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 for the above, possess the following available.
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 provides you with the below.
Java Runtime Environment Version 7 Update 6 or above
Report on Required Documents for e-filing of tax returns
It is always good to remain a stride ahead, specially when it comes to tax filing. The checklist provided below will help you to 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
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 Individuals) is 31st July from the next Financial Year. For instance – The ITR due date for Financial Year 2016-17 could be 31st July, 2017.
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