: For Finance Professionals & Students

Cut-off date to file ITR 31st July : income Tax Deptt Reminder

Posted by  

Cut-off date to file ITR 31st July : income Tax Deptt Reminder

With less than a fortnight left to record the yearly ITRs by using people and other class of taxpayers, the income Tax branch has counseled assessees to choose e-submitting in their returns for a problem-free processing of the once a year returns submitting workout.

“with the aid of this time closing 12 months, you may have had already electronically filed your earnings Tax go back. this is a gentle reminder so that it will file your income Tax go back for evaluation 12 months 2016-17. E-filing is simple, easy and convenient as you’ll have experienced in remaining 12 months.

you are asked to login to incometaxindiaefiling. and down load the unfastened go back training software program with a host of latest capabilities that will help you in preparing the profits Tax go back and publish your return,” an advisory despatched by way of the department to the taxpayers stated.

The department has advised the taxpayers to opt for e-filing of their earnings Tax Returns (ITRs) and revel in a hassle-free processing of the once a year returns filing workout.

the brand new ITRs had been notified early this 12 months and taxpayers can e-report thier ITRs until July 31, for those whose debts aren’t chargeable for audit.

by way of validating the ITR via the Aadhaar-primarily based or financial institution account or ATM-based totally electronic verification code, the taxpayer is stored from sending the acknowledgement through post to the Bengaluru-primarily based Centralised Processing Centre (CPC) of the branch. Taxpayers can also take the help of Tax return Preparers (TRPs) to conduct this workout.

TR-1 can be filed via individuals having income from salaries, one residence belongings and from other assets consisting of hobby.

ITR-2 is filed by people and Hindu Undivided households (HUFs) no longer having income from business or career whilst ITR-2A by the ones individuals and HUFs who do not have earnings from business or profession and capital profits and who do now not keep foreign belongings.

a total of nine such ITRs were notified which consist of the Sahaj (ITR-1), ITR-2, ITR-2A, ITR-three, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and an acknowledgement form known as the ITR-V.

The simplest ITR-1 (Sahaj) for people having earnings from salaries, one residence assets or other assets, now capabilities a further column to mention the Tax amassed at source (TCS) and the form now has seven pages compared to the sooner 5.

The branch, this time, has not made any changes in columns seeking assertion of overseas assets and profits via entities and people, and smart capabilities like imparting Aadhaar number, non-public mobile smartphone number and email id were retained.

The requirement of furnishing general wide variety of financial savings and current financial institution debts held through the person or entity, at any time at some point of the preceding year, (except dormant debts) has been endured this time too.

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2014, all rights reserved at