Income Tax Return E Filing
Every individual whose total income comes in the taxable slab should file income tax return according to the section of 139(1) of Income Tax Act, 1961. E-filing income tax return is the process of filing tax return electronically online. As per the suitability of an individual, he/she can either file ITR online with a comfort of sitting at home or can take professional help. The due date of filing income tax return is July 31st.
Filing income tax return online is a simple and easy process and can be done by most of assesses. It is important to file income tax return for an individual with a total income of Rs 5 lakh and above, Hindu Undivided Family resident with asset located abroad, an individual who has a signing right in any account located abroad, any individual who claim income tax relief under section 90 and 90 A or tax exemption under section 91 of income tax act is eligible to file income tax return.
In today’s time with the simplification of ITR from, one can e-file income tax in a very simple and hassle freeway. There is numerous online tax e filing preparing website one can assess. However the salaried individuals who have few sources of income, filing income tax return from tax e-filing portal is the best option. But there are some prerequisites, these are as following:-
- Get registered on gov.in portal.
- On the right hand corner of the portal you will see the option to register yourself, click on the option in order to get yourself registered.
- Click on the button and select user type like HUF, individual, etc.
- Enter the basic information like name, PAN and date of birth. The details entered by you should match with the record of income tax department.
- Complete the registration form by filling all the details like password, contact information, personal details, current address, enabling of alerts, etc.
- Once you submit the registration form an activation link will be send to you on your registered email ID and SMS along with one time password to the registered mobile number.
- Click on the activation link in order to activate the account and enter the mobile PIN.
- Once you successfully complete this process the user account is activated and the database is updated.
List of Documents that should be Kept Handy
- 12 digit aadhaar number
- Form 16/form 16 A
- TDS certificates/Form 26AS
- Interest statement which shows that you have paid the interest throughout the year.
- Insurance receipt, saving certificate, HRA, etc. to claim the tax deduction.
- Bank account details in your name.
- Profit and loss account statement, balance sheet and other audit report wherever applicable.
Checklist for e-Filing Income Tax Return
Choosing the right form to file income tax return can be confusing, so here we have mentioned various categories of ITR form and for whom they are meant for.
ITR 1- Individual with income from interest and salary
ITR-2- Hindu Undivided Family or individual not have income from business or profession.
ITR 3- Individuals/HUFs who do not carry any business under any proprietorship and is being a partner in the firm.
ITR 4- HUF/individuals who has income from proprietorship profession or business.
ITR 4S- Individuals or HUF who has income from presumptive business.
ITR 5- Firms, BOIs, AOPs and LLP
ITR 6- companies except companies claiming deduction under section 11.
ITR 7- Individuals as well as companies required to deliver return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).Income Tax Act, 1961
So these are some of the important points that should be kept in mind while e-filing income tax return.