IT Returns – Guide for e-Filing of Income Tax Return (ITR) On the internet

As per section 139(1) of the Tax Act, 1961 in the nation, individuals whose total income through 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 known as e-filing. You can seek specialist or file your returns yourself straight from your own home by registering on the income tax department website or another websites. The due date for filing tax returns (physical or online), is July 31st.

Who should e-file income tax returns?
Online filing of tax returns is straightforward 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 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 of the Act.
Assesse needed to provide a notice under Section 11(2) (a) for the assessing officer.
A firm (which won’t fit in 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 may have signing authority in different account located outside India.
A individual 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 tax returns smoothly and effectively. Major points are already highlighted below.

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

1. ITR-1
Also referred to as SAHAJ, deals with income of an individual with salary or pension or income in one house property or another sources (eliminating lotteries or race horses)
2. ITR-2
Income other than ‘Profits and gains of economic or profession’
3. ITR-3
Income from ‘Profits and gains of economic 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 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 greenbacks under Section 139(4A), 139 (4B), 139(4C) or 139(4B)
ITR-V The acknowledgement form of filing going back of greenbacks

Check your tax credit – Form 26AS vs. Form 16
Claim 80G, savings certificates as well as other deductions
Interest statement – Interest on savings accounts and glued deposits
In addition to these, possess 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 higher
List of Required Documents for e-filing of tax returns
It is good to remain one step ahead, particularly when you are looking for tax filing. The checklist provided below will aid you to start 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 Deadline day:
Generally, the due date for filing 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. As an example – The ITR due date for Financial Year 2016-17 can be 31st July, 2017.
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