a complete guide on e filing income tax online
TRANSCRIPT
A COMPLETE GUIDE ON E-FILING INCOME TAX RETURNS ONLINE
• As an honest citizen, there are two integral duties that you need
to fulfill – pay your taxes and file your returns. The month of July
is the time when you need to concentrate on filing your tax
returns since the deadline is approaching. Not sure how to go
about it? Read on to find out…
E-FILING
INCOME
TAX
RETURNS
ONLINE
• As a taxpayer, you have to declare all your taxable income (and even tax exempt income in some cases)
INCOME
TAX
RETURN
FILING
DEADLINE
• For the previous financial year (1st April to 31st March) and
file your tax return before the specified date. In the present situation, you
need to account for your income earned from 1st April 2014 to 31st March
2015 in your tax returns.
• Unless you are a business organization or a business owner / partner /
director whose accounts need to be audited under section 44AB of the
Income tax Act 1961, your deadline to file your tax return is the last
working day of July. For the others liable to undergo the statutory audit, it is
the 30th of September.
INCOME
TAX
RETURN
FILING
DEADLINE
You need to categorize your income under the following 5 income heads (as per the Income tax Act):
• Income from salary / pension: Salary from employment and pension income.
• Income from house property: Rent earned from your property that you have let.
• Income from business / profession: Your income from a business or a profession (doctor, lawyer, architect or chartered accountant etc.)
• Income from capital gains: Gain (or loss) on the sale of an investment like shares, debentures, mutual funds, gold, real estate etc.
• Income from other sources: This would include interest income from investments, lottery winnings, income from horse races etc.
WHICH
FORM TO
USE FOR
FILLING
TAX
RETURNS?
• Depending on the composition of your income, you need to file your tax return in the appropriate form. Unfortunately, using the wrong form could make your return invalid even if you have paid all your taxes and filed the return within the due date. Hence, make sure you pick the right form for your return. Some e-filing websites spare you of this hassle by automatically selecting the right form based on your sources of income.
• Here is a compilation of the various forms and the sources of income that these are utilized for:
• Form ITR V is the acknowledgement generated when you file the return.
• Online or offline:
• If your taxable income is less than Rs 5 lakh, you can file your return online or in offline mode. However, if your income exceeds Rs 5 lakh, you have to e-file your return online.
WHICH
FORM TO
USE FOR
FILLING
TAX
RETURNS?
• It is always better that you file your tax return within the above period. But
if, for some unavoidable reason, you miss the above deadline, you can still
file it before the end of the assessment year i.e. before 31st March 2016.
WHAT IF
YOU MISS
THIS
DEADLINE
?
DOCUMENT
S NEEDED
TO FILE
YOUR TAX
RETURN
You would need the following documents to furnish the details asked for in the tax return form:
• Form 16: This would be provided by your employer detailing your salary income, perks, PF, tax deducted etc.
• Form 16A: If TDS has been deducted on your interest income, professional fees, contract payments, rent receipts etc, this document would detail the date, amount paid and the tax deducted on the same.
• Form 26AS: This is a statement downloaded from the website of the income tax department (TRACES). This would show all the advance tax, self assessment tax, TDS deducted and deposited by the deductor as per the records of the IT department.
• Other documents: Apart from the above, you also need details of your capital gains / losses during the year, tax saving investments made, housing loan account statement, documents to support exemptions like 80C, 80D, 80DD, 80G, 80CCE etc.
FILE YOUR
RETURNS
NOW!
Fulfil your responsibilities as a citizen – file your income tax return. Do it now.
Now that we have understood the need for filing your taxes before the
deadline, lets read more on how to get your pending income tax in case of any
delays from income tax department.
