HOW TO SUBMIT TAX RETURN SO EASILY?

HOW TO SUBMIT TAX RETURN SO EASILY?

You are well aware that, the last date to submit Tax Return is 31 st July. If you have paid more amount as tax, its the time for applying for reimbursement too. 

So, we have to get ready for submitting Tax Returns before the due date.

1. Which form is to be filled? 

Find out the form firstly, in which we should submit our tax returns. Giving here under the details of forms available.

click here for forms

ITR 1 - Income from Salary and Bank Interest.

(Sahaj)

ITR 2 - Income from Business and Profession / Hindu Undivided Family (HUF)

ITR 2a-Not having income from Business and Profession. Not having wealth in Foreign Countries,Hindu Undivided Family (HUF)

ITR 3 -Not having income from Proprietorship Business / Profession. Having income from Partnership Business, Hindu Undivided Family (HUF)

ITR 4- Income from Proprietorship Business/Profession / Hindu Undivided Family (HUF)

ITR4s-Those who choose presumptive tax / Partnership establishments

ITR 5- Those who are not filing as Individuals, Hindu Undivided Family (HUF), companies, those who file ITR 7

ITR 6- Companies not filed tax exemption under Sec 11

ITR 7 -Those who are eligible to file tax returns vide Sec 139 (4a)/ 139 (4b)/ 139 (4c)/139 (4d), 139(4e) and 139 (4f) (including companies) 

2. Why to collect Form 16 from employer?

The details of Form 16 is must to fill tax returns for salaried persons. 

3. Register your Pan

Those, who have annual income more than Rs.5 lacks, must have pan card for e-filing. Register your Pan Card now. (click here ) to find out how to register a pan card?

4. Calculate Income and Deposits

Calculate the income from various sources in the period 2015-16, deposits for tax exemption, gains and losses from mutual funds, shares . Calculate your tax here. 

5. What documents should be filed along with returns?

No documents needed. But one should ensure the custody of all documents and that must be submitted, if the department asks about. 

6. E-filing 

Those who have an annual taxable income of more than Rs. 5 lacks, Wealth in foreign countries, Bank account in Foreign countries, seeking tax exemption vide sec 90, 90a and 91 must submit documents through e-filing. After having the pan card, the next session is e-filing. You can download the prescribed form from website. 

7. Paper filing 

Those who are not eligible for e-filing, can file their returns in paper. Visit. www.incometaxindia.gov.in, download the prescribed form, suitable for you, fill it and submit at Income Tax office and get a receipt. Make sure that a sticker of ASK (aykar sampark kendra) number is there.