Thursday, 13 July 2017

Your Guide for e-Filing of Income Tax Return (ITR) Online

  As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR). The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other 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 easy and can be done by most assessees. Assessee with a total income of Rs. 5 Lakhs and above. Individual/HUF resident with assets located outside India. An assessee required 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. Assessee required to give a notice under Section 11(2) (a) to the assessing officer. A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5). An assessee required 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.   Read More.. Unsubscribe

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