INCOME TAX E-FILING
INCOME TAX E-FILING FORMS
| Return Type | Applicability | |
|---|---|---|
| ITR-1 | ITR-1 form can be used for individuals who have less than Rs. 50 lakh of annual income earned by salary or pension and has one house property only. | |
| ITR-2 | ITR-2 form must be filed by individuals who are NRIs, Director of companies, Shareholders of private companies or having capital gain income, Income from a foreign source, Tow or more house property, Income of more than Rs. 50 lakhs. | |
| ITR-3 | ITR-3 form must be filed by individuals who are professional or a person who is operating a proprietorship business in India. | |
| ITR-4 | ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income. | |
| ITR-5 | ITR-5 form must be filed by the partnership firm, LLPs, associations, and body of individuals to report their income and computation of tax. | |
| ITR-6 | ITR-6 form must be filed by companies registered in India. | |
| ITR-7 | ITR-7 form must be filed by entities claiming exemption as charitable/religions trust, political parties, scientific research institution, and colleges or universities. |
GUIDE FOR INCOME TAX E-FILING
Here, the Income Tax Return is a form for reporting Gross taxable income from different sources and claiming a tax deduction and declaring net tax liability to the income tax authority. As, ITR is filed to the income tax department, and the process of filing the ITR is referred to as income tax filing. And, the taxpayer can file the ITR online on the e-portal of the income tax department. And, the process ITR online filing is referred e-filing.
ITR (Income Tax Return)form
It is mandatory for every individual, Those individuals whose income exceeds up to Rs.2.5 lakh per annum has required to file an income tax return. In case if you do not file your ITR in time, heavy penalties ranging between Rs.5,000 and Rs.10,000 is levied and applicable. All companies and LLPs has required to file the return mandatory.
Here, Virtual Auditor provides income tax e-filing service with dedicated tax expert support.
Here, Upload your Form 16 sit back and relax.
Our expert will file your income tax return and provide you the acknowledgment within 1 or 2 days.
What are the documents required to e-file Income tax return?
You must have the document mentioned below, before e-filing income tax return.
Here, are some documents you must keep in hand.
- PAN card
- Aadhar Card
- Bank details (i.e bank name, account number, IFSC code)
- Form 16
- Investment detail which has made by you.
What are the different types of Income Tax Return form available?
- Form ITR 1- It must be used by individuals who earn an income up to Rs.50 lakh.
- ITR 2- It should be used by individuals who do not earn an income from business or profession.
- Form ITR 3- It has to be used by individuals who earn income from business or profession.
- ITR 4- It must be used by individuals or HUF, who makes income from business or profession that is presumptive.
- Form ITR 5- Firms, LLPs, AOP, BOIs must select this form.
- ITR 6- Companies that are not claiming any deduction under section 11 has to choose this form.
- ITR 7- Individual and companies that provide this form under section 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E), and section 139(4F) must opt for this form.
Why ITR has to file?
Here, the conditions has mentioned below to file ITR
- Only, if your gross income is Rs.2.5 lakh and above for every individual, below 60 years.
- Only, if your gross income is Rs. 3 lakh and above for every individual, below 80 years.
- Only, if your gross income is Rs.5 lakh and above for every individual, above 80 years.
- if you have more sources of income like capital gain, house property, etc.
- if you want to claim an income tax refund from the department.
- Only, if you have earned or invested foreign asset.
- if you wish to apply for loan or visa.
- if a taxpayer is a firm or a company irrespective of profit and loss.
Who should file Income Tax Return?
Below, mentioned individuals only can file ITR
- Individuals who earn income from a fixed deposit, interest, capital gain, rent from house property has to file this form.
- If you have changed job during the year.
- Individuals who are earning income from the foreign asset can file an income tax return.
Due Date
The Due Date for filing Income Tax Return is 31st July of every year for every individual taxpayer. And, Due Date for filing (ITR) for companies and taxpayer requiring tax audit is 30th September.
Penalty for the late filing fee
A taxpayer who does not file an (ITR) on time are subject to pay penalty and charged interest on the late payment of income tax. Also, the penalty for late filing (ITR) has been increased recently.
and, The penalty for late filing (ITR) has followed
- Late filing between 1st August and 31st December is Rs.5000.
- Late filing after 31st December is Rs.10,000.
- Penalty, if taxable income is less than Rs.5 lakh is Rs.5000.
Benefits of E-filing
The benefits of E-filing (ITR) has mentioned below
- Quick processing
- Easy to use
- Past data has accessed
- convenient
- Accuracy is better
- Receipt proof
- Electronic banking
- confidentiality
- Faster refunds
- security
Procedure for filing (ITR)
To upload ITR, Please follow the below step
step-1: Download the ITR software, which is relevant to your assessment and “Download” page from PC/Laptop.
step-2: Prepare the return using download software.
- Gather all information regarding income, tax payment, deduction, etc.
- Pre-populate the details of tax payment, TDS by clicking “Pre-fill button“.
- Ensure that no information has left out
- Enter all the data and click on “calculate“
- Generate and save the return, and place it on your PC/Laptop.
step-3: Visit https://www.incometaxindiaefiling.gov.in/home
step-4: And, log in with your user ID, password, DOB of incorporation.
step-5: Enter the captcha code.
step-6: And, Go to “E-file” and click on “upload return”
step-7: Here, Select the appropriate ITR assessment year, and XML file previously saved in step 2.
step-8: Upload Digital Signature Certificate only, if it has registered with E-filing.
step-9: Now, Click on the “Submit” button.
step-10: Updation of income tax return is complete now.
This is the end process of preparing and submitting, ITR online by the taxpayer.
Modes of E-Verification
Here, are below options which verify the return electronically
- Option-1: E-Verification using “OTP”, Only if total income is below Rs.5 Lakh
- Option-2: E-Verification using “Net Banking“
- Option-3: E-Verification using “Aadhar OTP” Validation
- Option-4: E-Verification using “Bank ATM” (i.e central bank, axis bank, etc)
- Option-5: E-Verification using “Bank Account Number” (PNB, ICICI bank)
- Option-6: E-Verification using “Demat Account“
In case of any help or assistance in filing your Income Tax Return in Chennai, Income Tax Return in Mumbai, Income Tax Return in Bangalore contact Virtual auditor support team on 9962 230 333/9513 93 9333/044- 48560333 /mail us [email protected], our team will guide through the entire process and help you comply
