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The deadline to file Income Tax Return (ITR) for the financial year 2016-17 is just around the corner — July 31. The government had announced in Budget 2017 that it would impose fine of up to Rs 10,000 for those who do not file their ITRs on time.
However, the imposition of fine for delayed filing will be effective from April 1, 2018, i.e., for the fiscal year 2018 or assessment year 2018-19.
For online filing of income tax return, one can fill the form here: http://incometaxindiaefiling.gov.in/eFiling/.
But here's a list of documents you need before filing your returns:
> PAN card and Aadhaar details. Linking PAN to Aadhaar card has been made mandatory this year
> Bank details and activities such as interest earned on bank deposits, fixed deposits, interest paid on loans, etc.
> Filling the correct ITR form
> Declaring TDS (tax deduction at source) certificates by filling form 26AS
> All pending tax dues need to be paid off for claiming TDS
> Proof of deductions as per sections 80U and 80C
> All sources of income. For instance, if one is earning via rent, interest earnings or investments
> Salaried employees should keep their payslips ready
Apart from the basic documents, one is required to file relevant forms according to their source of income and income brackets.
Here's the list of the forms one is supposed to fill before July 31 -
> If one is employed by an employer, he or she will be known as salaried employee. The employers will ask their employees to file Form 16. If the employers do not provide them with form 16, there is another alternative to file ITRs.
> Other sources of income like for those who earn income through a salary or pension or from a property or from other sources, has to file ITR-1 (Sahaj) form. If the individual is earning an income from more than one property, they are not eligible to file this form. Other eligibility norms are mentioned below —
(Source: http://incometaxindiaefiling.gov.in/ )
> For people who are partners in a firm, they will be required to file for ITR-2.
> If an individual is carrying out a proprietary business or a profession, he has to fill ITR-3.
> If one runs a business or is a part of a partnership firm, they are required to file for ITR- 4 (Sugam). Other specifications include —
(Source: http://incometaxindiaefiling.gov.in/ )
> The above mentioned ITRs have to be filed not only by individuals or partners running businesses, but also if the income is earned by Hindu Undivided Families (HUFs). HUFs are joint families who own properties, businesses under the family name.
> The firm, representative of the firm, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), has to file for ITR-5.
> Companies have to file form ITR-6, except for the companies which are exempted from section 11.
> Companies and persons who fall under this spectrum — trusts, political parties, institutions, colleges, investment fund, etc. — will have to file for ITR-7. In legal terms, if companies or persons fall under sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) or 139(4F), they will have to file for this return.
If the correct ITR is not filed for, one can get a notice from the department, asking to file the ITR again within the stipulated time.
Also read: Why e-filing of income tax returns is necessary for taxpayers
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