sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ę News Headlines »
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it
 Received an Income Tax notice? Here is what you can do

Today is the last day to file Income tax return, know easy steps if you havent filed yet
August, 06th 2016

The last date for filing income-tax returns was extended to August 5, and it ends today. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline was extended to August 5. However, the deadline for Jammu and Kashmir will be August 31 in view of the ongoing turmoil in the state.

The return is mandatory if your taxable income is above Rs 2,50,000.

The Revenue Authorities have introduced new reporting requirements for FY 2015-16 for Assets and Liabilities for individuals with income above Rs 50,00,000. In case of this, the individual has to disclose the cost value of all the assets above the specified amount, in the tax form, as well as disclose the debts associated with these assets- land, building, cash-in-hand, jewellery, bullion, vehicles, yachts, boats and any aircraft owned. It is advisable that you retain the purchase receipt of any of these assets.

It has almost become a ritual for people to delay filing their income tax returns till the last date and for the government to extend the same due to “popular demand”. However, the long queues that used to be another annual feature of the tax filing week has become a thing of the past due to the growing popularity of income tax e-filing.

The incometaxindiaefiling.gov.in has made it really easy for people to file their returns from the comfort of their homes.

If you have not yet filled you returns, here are some easy and essential steps to do it before the time ends.

Step 1: Select the right form: You have to select the form based on your source of incomes. So ITR-1 is for salaried individuals whose get a salary or a pension along with income from a house/property or from other sources, things like lottery. This is not for those with multiple houses/properties, income from winning a lottery, agricultural income of above Rs 5000, income from business. Tax payers filing for double tax relief should also not use this.

ITR-2A, introduced this year, is for those individuals who have income from more than one house property. ITR-2 can be used by individuals with no income from business/profession. ITR-3 is for individuals partnering in a firm, but not for those earning income from a proprietorship form. ITR-4 is for those individual earning income from a proprietorship firm. ITR-5 and 6 are for use by companies alone.

Step 2: Get your Form 16 ready: This form given by your employer shows your saving as well as the tax deducted. There will be multiple forms if you have changed jobs over the assessment year/

Step 3: Additional documents: You might need your bank statements, interest certificates, and your housing loan certificate (in case of housing loan).

Step 4: Download Form 26AS from the e-filing website to see which taxes are deducted at source

Step 5: Filing/uploading: Individuals with over Rs 5,00,000 income have to e-file their tax returns. You will get an automatic acknowledgement once the return is successfully uploaded. Verify this and submit the acknowledgement online, ideally with e-verification. This completes the process of filing your income-tax return.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions