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As the last tax filing date (RTID) approaches, accountants and accountants often urge taxpayers to file their tax returns by July 31 and not wait until the eleventh hour. In case you already have the form number 16 in your possession, and you have already paid your tax debts, the filing of the tax return (ITR) remains a simple formality. In such a case, the filing of income tax return (RTI) online can be done very conveniently on the website of the Ministry of Income Tax: incometaxindiaefiling.gov.in. It is worth noting that the portal is very user friendly and allows you to calculate up to 30 components of income tax / exemptions on its income tax calculator.
Before filing the income tax return (RTI), one must be informed of the seven different income tax forms that have already been downloaded by the Ministry of Income Tax. To reduce your tax exemption, you can also make certain investments that include the Equity Linked Savings System (ELSS), the National Pension System (NPS) and Fixed Tax Savings Deposits. (FDs). However, it must be remembered that these savings will help you save on income tax during the 2018-2019 financial year while you must file your income tax return (RIR) for the year. financial year 2018-2019.
The Seven Income Taxes The forms and their benefits are as follows:
ITR-1 (Sahaj): This is intended for people who are residents and who have income from wages, with a property and d & Other sources of income (interest, etc.). Individuals can have a total income of Rs 50 lakh. For example, Miss X working as an engineer in an IT firm and also having income from investments in mutual investments, term deposits must file her tax return via form ITR-1
. . Form number 1 is also known as Sahaj.
ITR-2: This form is intended for people who do not engage in any activity or profession under any property. People who do not have paid income but who have other sources of income abroad or as a partner in a business must complete their income tax return (ITR) using the form. RTI number 2. This form is only offline.
ITR-3: The Income Tax Form Number 3 is also very common just like Sahaj. This is supposed to be used for filing the tax return when the taxpayer has income from a business or profession. Any small-scale contractor or professional such as a physician or an architect or lawyer should use form number 3 for filing the tax return. Form number 3 is also in offline format and not online, according to the website of the Ministry of Income Tax: incometaxindiaefiling.gov.in.
ITR-4: When the taxpayer has a presumptive income from business and occupation, s / He is supposed to file a tax return under form number 4. The form is available online and offline, all like Sahaj.
This form is intended for businessmen and professionals who are too small to keep books of accounts and have them audited. There are three income tax provisions under which professionals can benefit from the presumption of income.
The first is Article 44AD: For business people who are not required to keep accounts or have them checked. for professionals. Professionals who can use the form include legal, medical, engineering or architecture, accounting, technical consulting, interior decoration and any other profession as notified by CBDT
Section 44AE is intended for small businesses engaged in the business. Rental company, plying ITR-5: This is intended for persons other than individuals, the HUF family (undivided joint undivided family), the company and the person filing form ITR-7. These include businesses, business badociations and individuals. This form can only be produced offline.
ITR-6: The ITR Form 6 only applies to companies that claim an exemption under section 11. Section 11 grants an exemption to charitable trusts. it can only be filed in offline mode.
ITR-7: Form 7 is intended to be filed only by persons, including corporations that are required to provide a declaration under section 139 (4A) or 139 (4B). ), or 139 (4C), or 139 (4D), or 139 (4E) or 139 (4F). Persons who are expected to file tax returns in the above-mentioned sections include trusts, political parties, scientific research badociations, universities, colleges and news agencies. Like form number 5 and form number 6, the ITR 7 form number can also be clbadified only in offline mode.
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