Complete guide on e-filing of tax
Posted on: 12/Jul/2017 12:45:48 PM
According to the section 139(1) of Income Tax Act, 1961, those who have income more than the non-taxable amount are supposed to file their income tax return.
E-filing is the process of filing this income tax online. You can get professional help or file it yourself right at the comfort of your home by getting registered with the income tax department site or through other websites. The last date to file income tax returns if 31st July.
Are you supposed to file income tax returns?
It is easy to file tax returns online.
- Those who make total income of more than Rs 5 lakh
- Individuals who have assets outside India
The assesse is bound 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
- The assesse should also provide notice as per Section 11 (2) of the assessing officer
- Any firm not falling under the provisions of section 44AB, AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5)
- The assesse must provide returns U/S 139 (4B) (ITR 7)
- The resident who hold the authority to sign an account outside the country
- Person who is eligible to claim relief according to sections 90 or 90A or deductions as per section 91
- All the companies
Different kinds of e-filing
You can make use of Digital Signature Certificate for e-filing. It is compulsory to file IT forms through DSC via a charted accountant.
Filing tax without DSC, the ITR V form gets generated. This has to be printed, signature and handed over to the CPC through ordinary post or speed post within a span of 120 days from the date of e-filing.
Filing IT returns can be done through e-return intermediary or with the help of DSC or even without it. Below are the details to be verified while e-filing IT returns.
- The pre-requisites for filing tax returns are as follows:
- There may be a number of confusions as to which form should be submitted while filing returns online. Here is the list:
- ITR 1 – those who have income out of salary and interest
- ITR 2 – individuals and Hindu undivided families that do not have any income out of profession or business of any kind
- ITR 3 – Individuals or HUFs who are partners of firms without handling any business of their own or carry out a profession or proprietorship
- ITR 4 – All the individuals or HUFs who make income through proprietary business or through professional work
- ITR 4S – those who have presumptive business that generates income for them
- ITR 5 – companies, AOPs, BOIs and LLP
- ITR 6 – all the companies except those claiming exemption under section 11
- ITR 7 – individuals and companies should submit return as per section 139 (4A) or section 139(4B) or section 139(4C) or section 139(4D)
