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

According to section 139(1) with the Tax Act, 1961 in the united states, individuals whose total income in the previous year exceeds the absolute most not chargeable to tax, should file their income tax returns (ITR).
The whole process of electronically filing income tax returns is called e-filing. You can either seek professional help or file your returns yourself starting from your property by registering for the income tax department website or another websites. The due date for filing taxation statements (physical or online), is July 31st.

Who should e-file income tax returns?
Online filing of taxation statements is straightforward and can be done by most assesses.

Assesse which has a total salary of Rs. 5 Lakhs and above.
Individual/HUF resident with assets located outside India.
An assesse needed 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 with the Act.
Assesse needed to give you a notice under Section 11(2) (a) towards the assessing officer.
A firm (which does not are categorized as the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and native Authority (ITR 5).
An assesse needed to furnish returns U/S 139 (4B) (ITR 7).
A resident who has signing authority in any account located outside India.
A person who 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 taxation statements smoothly and effectively. Major points have already been highlighted below.

How to find the right form to launch your taxes electronically
The different groups of itr return and who they are designed for are tabulated below.

1. ITR-1
Also referred to as SAHAJ, handles salary of somebody with salary or pension or income derived from one of house property or another sources (not including lotteries or race horses)
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 being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority.
7. ITR-6
Applicable to companies other than those which claim a deduction under section 11
8. ITR-7
Applicable to any or all entities who should furnish a return of greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing a return of greenbacks

Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates and also other deductions
Interest statement – Interest on savings accounts and fixed deposits
In accessory the above, have the following taking place.
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 the body is equipped with the below.
Java Runtime Environment Version 7 Update 6 or above
Set of Required Documents for e-filing of taxation statements
It is good to stay a step ahead, particularly when you are looking for tax filing. The checklist provided below will assist you to start 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
Tax Return Due Date:
Generally, the due date for filing Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of people) is 31st July with the next Financial Year. By way of example – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.
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