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Introduction on Income Tax
In India, there are two types of taxes one is direct tax which is directly levied upon the income of the individual and another is indirect tax which is levied indirectly upon an individual. Example of direct tax is income tax and of indirect tax is Goods and Services Tax, service tax etc
Income Tax eFiling
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What is Income Tax Return
Income Tax Return is a form in which the taxpayer whether it be an individual or firm or Hindu undivided family, discloses details of its income, claims exemptions and deductions which are applicable on it and the amount of tax payable on such income. The Income Tax Return also reflects the amount of taxes paid by the taxpayer.
Income tax return is form in which the taxpayer files data and information regarding his income and tax payable thereon at the end of every financial year.
What is Income Tax eFiling
Income Tax can be filed by the two way i.e is the Online Method and another offline Method. Now as per the Government Instructions all the income tax return will be filed only through ITR eFiling Method.
So in the following cases, ITR Online eFiling is Mandatory –
Type of Income Tax Return Form
The form ITR 1 is for resident individuals who have total income upto Rs. 50 lakh. You will have to provide break up of your salary and house property.
The Form ITR 3 is for individuals and HUFs having income from profits and gains of business or profession.
The Form ITR 5 is for persons other than individual HUF company i.e. Firms, association of person and body of individuals.
The form ITR 2 is applicable for individuals and HUFs not having income from profits and gains of business or profession.
The Form ITR 4 is for presumptive income from business and profession.
The Form ITR 6 is for companies other than companies claiming exemption under Section 11.
The Form ITR 7 for person including companies which are required to furnish return under Section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act.
Following of the taxpayers can file online income tax return:
- Taxpayers having total income of Rs. 5 lakh and above
- Individual or Hindu undivided family resident with assets located outside India.
- Taxpayer who is 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 income tax act.
- Firm (not under provisions of Section 44AB), association of person, body of individual, artificial juridical person, cooperative society and local authority.
- Taxpayer who is required to furnish return under section 139 (4B) of the income tax return
- Resident who has a signing authority in any account located outside India.
- Taxpayer claiming relief under section 90 or 90A or deductions under section 91.
- All companies.
1 PAN Card Registration
2 Aadhar Number
3 Bank Account details
4 Form 16
5 Form 16A
6 Form 26AS
7 Investment details
8 Rent receipts for claiming house rent allowance
9 Bank Passbook
10 Fixed deposit statement
11 Proof of investment
12 Medical expenses receipts, if any
13 Proof of home loan interest, if any
14 Share transaction statement, if any
15 GST Registration Number Details if any
- Choose the correct income tax return form
- Clearly identify the heads of income under which it is taxable
- Declare all your assets if your income is more than Rs. 50 lakhs in a year.
- Keep all documents and proofs safe for any future reference.
- Should mention your Aadhar Number
- Study your Form 26AS i.e. tax credit statement
- Check your personal details
- Also add interest income earned from fixed deposits
- Don’t hide any of your source of income
- Report your exempted income
- Should verify your income tax returns