ONLINE INCOME TAX RETUN

Income Tax Return is defined under Section 139(1) of the Income Tax Act, where an Income Tax Return is required to be submitted by every Individual where his income exceeds the minimum income chargeable to Income Tax.

E-filing or electronic filing is submitting your income tax returns online, using tax preparation software that has been pre-approved by the relevant tax authority.

 

WHO IS REQUIRED TO FILE INCOME TAX RETURN?

PROCESS OF FILING INCOME-TAX RETURN

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TYPES OF FORMS FOR DIFFERENT ASSESSEES

 

FORM SOURCE OF INCOME DUE DATES FOR FILING
ITR-1(SAHAJ) ·         INCOME FROM SALARY

·         OTHER INCOME SUCH AS INTEREST

·        INCOME FROM ONE HOUSE PROPERTY

·         31ST JULY
ITR-2 FOR INDIVIDUALS AND HUFs ·         INCOME FROM SALARY

·         OTHER INCOME SUCH AS INTEREST

·         INCOME FROM ONE HOUSE PROPERTY

·         INCOME FROME CAPITAL GAINS

·        INCOME FROM BUSINESS OR PROFESSION FOR HUFs, INDIVIDUALS AND PARTNERSHIPS

·         31ST JULY
ITR-3 FOR INDIVIDUALS  AND HUFs ·         INCOME FROM BUSINESS ·         31ST JULY
ITR-4 (SUGAM) ·         INCOME FROM SALARY/PENSION

·         BUSINESS INCOME WHERE INCOME COMPUTED ON PRESUMPTIVE INCOME BASIS

·         INCOME FROM NOT MORE THAN ONE HOUSE PROPERTY

·        INCOME FROM OTHER SOURCES

·         31ST JULY
ITR-6 ·         INCOME OF COMPANIES ·         30TH SEPTEMBER
ITR-7 ·         INCOME OF CHARITABLE AND RELIGIOUS INSTITUTE

·         INCOME OF POLITICAL PARTY

·         PERSONS CLAIMING EXEMPTIONS UNDER SECTION 10.

·         INCOME OF UNIVERSITY, COLLEGE OR INSTITUTION.

·         30TH SEPTEMBER

 

 

CONSEQUENCES OF NON-FILING OF RETURNS

Filing of Income Tax Returns helps an Individual to establish a standard proof of Income with the Income tax department. But there are certain consequences of Non-filing: –