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Income tax efiling: Watch how to file returns using ITR-2 on website in 30 minutes

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Income tax efiling: Watch how to file returns using ITR-2 on incometaxindiaefiling.gov.in website in 30 minutes

Income Tax efiling: It s Sunday, and just two days are left for the July 31 deadline for filing your returns. In case you are dreading spending your Sunday in filing tax returns, we have good news for you. It takes just about 30 minutes, if you have to file returns using the ITR-2! But first things first, let s understand who all have to use the ITR-2 form to file their tax returns.

In case your income exceeds Rs 50 lakh, you will have to use ITR-2 this year. ITR-2 form is meant for those who have income from salary/pension; income from capital gains or loss on sale of property and investments; income from more than one house property; income from other sources such as lottery; income from foreign assets/foreign income; agricultural income of more than Rs 5000.

Also, according to the Income Tax Department s website, the ITR-2 form is to be used by an individual or an Hindu Undivided Family that is not eligible to file Sahaj ITR-1 and those whose income chargeable to income-tax under the head Profits or gains of business or profession is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. However, ITR-2 should not be used by you if your total income for the assessment year 2017-18 includes income from business or profession under any proprietorship, says the Income Tax department s website.

The ITR-2 form has multiple tabs and to help you better understand the process of filing them, Financial Express Online has got Kuldip Kumar, Partner and Leader for Personal Tax at PwC to take you step-by-step through the extensive process on the Income Tax website. Watch the video above make sure you get everything right.

After opening the Income Tax website, click on the ITR download option available on the RHS. Make sure that you download and fill the latest updated form from the I-T department. The website gives you the option of downloading in Excel Utility format or the Java Utility format. It is advisable to go through the instructions list given beside the option to download each form.

As advised by Kumar, make sure that you e-verify your income tax return and also save a copy of the filed returns for future reference, in case the need arises. We hope that this video helps solve most of your queries. Happy filing!


Income Tax efiling: Here – s what you need to disclose now in tax return

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Income Tax efiling: Here s what you need to disclose now in tax return forms for Financial Year 2016-17

Amidst all the GST excitement and curiosity, there has been a lot of focus on ‘taxes’ in the past few months. Tax-related discussions seem to be the flavour of the season. The timing for this couldn’t be better – with 31st July as the personal Income-tax Return (ITR) filing deadline. The government is hoping for a better ITR filing compliance this year. However, for an individual tax payer, income tax efiling or filing an ITR can be a complicated process with all the detailed reporting requirements. To help you understand these requirements, below are a few important details that need to be provided in the ITR:

Reporting of bank accounts

Irrespective of the residential status, there is a mandatory requirement for taxpayers to report all bank accounts (whether savings or current) held by them in India at anytime during the period 1 April 2016 to 31 March 2017 in the ITR for the Financial Year 2016-17.

However, details of any dormant bank account, i.e. an account which is not operational for more than 3 years, is not required to be reported in the ITR.

Until last year, non-resident taxpayers were not required to provide details of bank accounts outside India in the ITR. However, in the new ITR forms for the Financial Year 2016-17, there is a mandatory requirement to provide details of bank accounts held by non-resident taxpayers outside India if such non-resident taxpayers do not have Indian bank account.

Bank account-related details required to be provided in the ITR are IFSC Code of the bank (SWIFT/IBAN in case of foreign bank), name of the bank, account number and country of location (in case of foreign bank).

Tax payers are also required to indicate the bank account in which they would like to receive the tax refund if any from the department.

Cash deposited 9 November 2016 to 30 December 2016

Post demonetisation, as a follow up step towards greater tax transparency, taxpayers are required to report cash deposited in Indian bank accounts during the period of demonetisation (i.e. from 9 November 2016 to 30 December 2016). However, the said disclosure is required if the aggregate amount of cash deposited by the taxpayer during the period of demonetisation is Rs 2 lakh or more.

To further curb corruption and black money, income-tax authorities intend to create a single database for all its taxpayers. As a step forward, with effect from 1 July 2017, it is mandatory for all taxpayers who are eligible to obtain Aadhaar to report their 12 digit Aadhaar number in the ITR. Taxpayers who have applied for Aadhaar but have not been allotted the Aadhaar number till the ITR filing are required to quote 28 digit Aadhaar enrolment ID in the ITR.

Income-tax authorities have also made quoting of Aadhaar number mandatory while filing an application for allotment of Permanent Account Number (PAN).

Reporting of assets and liabilities (Schedule AL)

Taxpayers having total income of more than Rs 50 lakh have to report specified assets and corresponding liabilities held by them at the end of the year (i.e. 31 March 2017) in the ITR.

Until last year, the taxpayers were only required to disclose assets such as immovable properties, cash in hand, jewellery, vehicles etc. However, this year the income-tax authorities have widened the reporting requirements taxpayers are now also required to report assets such as bank accounts (including all deposits), archaeological collections, shares and securities, insurance policies, loan and advances given etc.

Such assets are required to be reported at the cost price of such assets to the taxpayer. However, where wealth-tax return was filed by the taxpayer and the asset was forming part of the wealth-tax return, such asset is required to be reported in Schedule AL of the ITR at the value such asset was reported in the latest wealth-tax return (in which the asset was disclosed) as increased by the cost of improvement incurred after such date.

Also, where asset became property of the taxpayer under a gift or will, the cost of such asset to be reported will be the cost for which the previous owner of the asset acquired it, as increased by the cost of improvement incurred by the previous owner or the taxpayer.

Reporting of foreign asset (Schedule FA)

Taxpayers who qualify as Resident and Ordinarily Resident (ROR) are taxable on their worldwide income in India. It is mandatory for the taxpayers qualifying as ROR to disclose assets held by them outside India anytime during the year in the ITR.

Foreign assets to be disclosed in the ITR include foreign bank accounts, immovable property, financial interest in any entity, other capital assets, etc. Taxpayers are also required to disclose the income from such assets along with its nature and the head of income under which the income has been offered to tax.

Also, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for ROR taxpayers, huge penalties and other implications may be applicable for any under-reporting or non-reporting of foreign income or foreign assets. Thus, it is essential to report complete details of foreign income and foreign assets in the ITR to avoid such penal implications.

Hope the above information makes it easier to file your ITR this year.

(The author is senior tax professional, EY India. Views expressed are personal.)


E-file: Income Tax Return Electronic Filing – TurboTax Tax Tips & Videos, tax return efiling.#Tax

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E-file: Income Tax Return Electronic Filing

Updated for Tax Year 2017

Forget that paper tax return! Electronic filing (efiling), online tax preparation and online payment of taxes are getting more popular every year. If you ve wondered about efiling, here are the answers to frequently asked questions, including why efiling is a good idea, which states let you efile, how much efiling costs, and how soon you ll receive your refund.

Why e-file?

Here are some reasons why electronic filing makes sense for most taxpayers:

  • Fewer mistakes Using tax software such as TurboTax substantially reduces errors. According to the IRS, 20 percent of income tax returns prepared on paper have mistakes, such as missing information or taxes calculated using the wrong tax tables; half of those errors cause folks to overpay their taxes. But only about 1 percent of returns prepared electronically contain errors. If there is a mistake on your return, the IRS can detect it and send back an error report in as few as 48 hours so that you can quickly fix the problem.
  • Speedier preparation You can get the job done a lot faster if you tackle it with your computer. Filing from your computer saves you the trip to the post office, too.
  • Faster refunds If you send in your return by mail, you can expect to wait up to six weeks for your refund. Efiling your return and electing to have your refund deposited directly into your bank account is the fastest way to get your tax refund. If, however, you still prefer to send the IRS a paper return, TurboTax gives you that option.

How will I know that the IRS has received my tax return?

Ever worry that your return might get lost in the mail? Efiling lets you rest easy. When you send a return by mail, you have no way of knowing if the IRS received your return unless you pay extra for certified mail with a return receipt. It could take weeks for you to get that receipt.

But if you file electronically, the IRS notifies you by email within 48 hours that it has received your return. And if the IRS detects any errors, it will send an error code that TurboTax will translate into a text message telling you what the problem is, how to fix it, and how to retransmit your return.

Can I avoid having to file anything on paper?

You can save more trees than ever using efile. You can now file a completely paperless return, right down to your signature. You can use a self-selected Personal Identification Number (PIN) just as you would at a bank ATM. The PIN is your electronic signature.

Can I efile my state tax return, too?

The following 37 states and the District of Columbia allow you to e-file your state return at the same time you file your federal tax return online from your personal computer. This is called the Federal/State E-file for Taxpayers program. Essentially, you send both returns to the IRS, and the IRS electronically forwards your state return to the tax authority in your state.


Income Tax efiling Online in 6 Simple Steps for Free, tax return efiling.#Tax #return #efiling

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Income Tax efiling Online in 6 Simple Steps for Free

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Tax return efiling

Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:-

  1. Income Tax efiling by downloading the ITR Java utility or the ITR Excel Utility and furnishing details in the excel utility offline and then uploading it on Income Tax Website
  2. Income Tax efiling without downloading the Java Utility and furnishing all details online itself.

Procedure for Income Tax efiling using ITR Java Utility/ ITR Excel Utility

The Income Tax Department releases an updated income tax software for free every year for income tax efiling online. The Income Tax Software is released both in the form of Excel as well as Java Utility.

The Java Utility is a new type of utility and is much easier to file than the Excel Utility. Earlier, only the tax utility was released but now the Govt also releases a Java Utility which is much easier to file than the Excel Utility as it fetches a lot of details automatically and uploading the returns through the Java Utility is also much easier.

The following Article are the steps involved for Income Tax efiling by downloading the Java/ Excel Utility:-

  1. Logon to https://www.incometaxindiaefiling.gov.in and select the Income Tax Return Form for your type of Income. There are various different Income Tax Return forms for different class of assessees. Recommended Read: Which Income Tax Form should you use?
  2. Download the ITR Java/ Excel Utility which pertains to your Income Tax Form and furnish all details in the ITR Java Utility and also cross check the same with the figures as mentioned in your Form 16/ Form 16A/ Form 16B and Form 26AS.
  3. After furnishing all details in the ITR Utility and validating the same, you can directly upload your Income Tax Return through the Java utility by logging in your account on the income tax website through the Java Utility itself. Alternatively, you may create a xml file of the Income Tax Return and then upload this file on the income tax website. (If you ve forgotten your income tax efiling password, refer this article on How to recover income tax efiling password).
  4. On successful upload of your income tax return, an Acknowledgement Details would be displayed. An ITR-V would also be automatically generated and sent to your registered email id.
  5. In case while efiling income tax return you used your Digitally Signatures to digitally sign the Income Tax Return Form, the whole process gets completed on generation of Acknowledgement .
  6. However, in case while efiling income tax return , you didnt use Digital Signatures , on successful uploading of e-Return, the ITR-V Form would be generated and sent to your registered email id. This ITR-V Acknowledgement form should be signed by the Tax Payer and sent to the Income Tax Office.
  7. From the Financial Year 2014-15 onwards, the govt has also extended the option of linking the Aadhar Card with the ITR Form. Once the Aadhar Card and the ITR Form have been linked, the taxpayer wont be required to physically send the ITR Form to the Income Tax Office even if he didn t use the Digital Signature to sign the form.

Procedure for Income Tax efiling without downloading the Excel Utility

Income Tax efiling can also be done without downloading the Income Tax Software and simply by furnishing all the details online. For efiling Income Tax Return without downloading the Java Utility, a person would be required to login to his account on https://www.incometaxindiaefiling.gov.in and then go to e-File Income Tax Return Prepare and Submit Online

If the Income Tax Returns have not been Digitally Signed, the taxpayer would be required to take a print out of the ITR-V Acknowledgement Form, sign it and send it to the Income Tax Department

The Address for sending duly signed ITR-V form is “ Income Tax Department – CPC, Post Bag No 1, Electronic City Post Office, Bengaluru 560100, Karnataka ,” by ordinary post or speed post only, within 120 days of transmitting the data electronically. In case, Form ITR-V, is furnished after the end of 120 days from the date of filing of Income Tax Return , it will be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the Tax Payer to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within 120 days. This completes the income tax efiling process for non-digitally signed Returns.

Tax return efiling

Other Relevant points regarding Income Tax efiling

  1. The Self Assessment Tax computed as per the Income Tax Slabs (after deducting the TDS and Advance Tax paid) is required to be fully paid before filing the Income Tax Return. (Recommended Read: Income Tax Slab Rates).
  2. In case excess tax is paid by the taxpayers, he can claim a refund of income tax by disclosing all facts in the income tax return. (Procedure for claiming Income Tax Refund)
  3. The due date for Income Tax efiling is 31st July of the Assessment Year for taxpayers not required to get their Tax Audit done. For all taxpayers who are required to get their Tax Audit done, the Due Date is 30th September . (Category of Taxpayers who are required to get Tax Audit done by a Chartered Accountant)
  4. If a taxpayer is unable to file the income tax return before the income tax filing due date, he may file a Belated Income Tax Return along with Interest and/or Penalty.
  5. In case any error is recognised in the income tax return by the taxpayer himself, he may file a Revised Return of Income u/s 139(5) before the expiry of 1 year from the end of the relevant assessment year or before the completion of assessment (whichever is earlier).
  6. There are several other softwares of private vendors which are authorised by the Income Tax Deptt for Income Tax efiling online.

In case of any query with respect to income tax efiling, please post them on Chartered Club Q A Portal and we would be happy to answer.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and loves to help people with their Tax Queries.

Tax return efiling


Income Tax e-filing: Here – s how to do it online, The Indian Express, income

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Income Tax e-filing: Here s how to do it online

Income tax efiling

The deadline to file your income tax return for 2016-17, for your income in the year 2015-16, has now been extended to August 5, 2016, by the government, because of the strike at public sector banks. The deadline is August 31, 2016 for Jammu and Kashmir, in view of the ongoing turmoil in the state.

The return mandatorily has to be filed if your taxable income is above Rs 2,50,000.

The Revenue Authorities have introduced new reporting requirements for FY 2015-16 for Assets and Liabilities for individuals with income above Rs 50,00,000. In case of this, the individual has to disclose the cost value of all the assets above the specified amount, in the tax form, as well as disclose the debts associated with these assets- land, building, cash-in-hand, jewellery, bullion, vehicles, yachts, boats and any aircraft owned. It is advisable that you retain the purchase receipt of any of these assets.

Here is an easy guide to file your income tax return, online or offline:

The selection of the tax form depends on your source of income.

ITR-1 is for salaried individuals whose source of income is either from a salary or a pension, from house property or from other sources, except for example, winning a lottery. This form should not be used if the individual has multiple house properties, if he/she was income from winning a lottery, income earned from agriculture above Rs 5000, income from a business, or by a tax payer who is filing for double tax relief.

ITR-2A was introduced this year. This form is similar to ITR 1, one of the differences is that if an individual has income from more than one house property, then he/she is to fill out this tax form.

ITR-2 is for individuals who don t have any income from a business/profession.

ITR-3 is for an individual who is a partner in a firm, but this form cannot be used by an individual who is earning income from a proprietorship form.

ITR-4 is for an individual earning income from a proprietorship firm.

ITR-5 and 6 are for companies.

This is a form you get from your employer. If you have changed jobs over the last year, then you will have more than one Form 16. This form has all the information required to prepare your tax return. It has two parts, Part A and Part B.

Other than Form 16, you should also have your bank statements, interest certificates, and your housing loan certificate (in case of housing loan).

Also, download Form 26AS from the e-filing website (http://incometaxindiaefiling.gov.in/). Form 26AS shows the income for which taxes are deducted at source, it is an annual tax credit statement. You can show your actual income in your return and claim the amounts that are taxes deducted at source. These deductions include life insurance, fixed deposits for at least five years, fees paid for children, etc. You should look at your investments and determine which of them can be a deduction.

After completing the tax return forms, it has to be uploaded on the e-filing website. E-Filing of a tax return is compulsory for individuals with income above Rs 5,00,000. Once the return is successfully uploaded, an auto-generated acknowledgement is sent to you. This needs to be verified, either by signing and submitting the acknowledgement, or by submitting it online. It is advisable to do the e-verification. Once this is completed, the process of filing your return is complete.


Income Tax efiling Online in 6 Simple Steps for Free, efiling income tax.#Efiling #income #tax

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Income Tax efiling Online in 6 Simple Steps for Free

Select your email service Close

Efiling income tax

Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:-

  1. Income Tax efiling by downloading the ITR Java utility or the ITR Excel Utility and furnishing details in the excel utility offline and then uploading it on Income Tax Website
  2. Income Tax efiling without downloading the Java Utility and furnishing all details online itself.

Procedure for Income Tax efiling using ITR Java Utility/ ITR Excel Utility

The Income Tax Department releases an updated income tax software for free every year for income tax efiling online. The Income Tax Software is released both in the form of Excel as well as Java Utility.

The Java Utility is a new type of utility and is much easier to file than the Excel Utility. Earlier, only the tax utility was released but now the Govt also releases a Java Utility which is much easier to file than the Excel Utility as it fetches a lot of details automatically and uploading the returns through the Java Utility is also much easier.

The following Article are the steps involved for Income Tax efiling by downloading the Java/ Excel Utility:-

  1. Logon to https://www.incometaxindiaefiling.gov.in and select the Income Tax Return Form for your type of Income. There are various different Income Tax Return forms for different class of assessees. Recommended Read: Which Income Tax Form should you use?
  2. Download the ITR Java/ Excel Utility which pertains to your Income Tax Form and furnish all details in the ITR Java Utility and also cross check the same with the figures as mentioned in your Form 16/ Form 16A/ Form 16B and Form 26AS.
  3. After furnishing all details in the ITR Utility and validating the same, you can directly upload your Income Tax Return through the Java utility by logging in your account on the income tax website through the Java Utility itself. Alternatively, you may create a xml file of the Income Tax Return and then upload this file on the income tax website. (If you ve forgotten your income tax efiling password, refer this article on How to recover income tax efiling password).
  4. On successful upload of your income tax return, an Acknowledgement Details would be displayed. An ITR-V would also be automatically generated and sent to your registered email id.
  5. In case while efiling income tax return you used your Digitally Signatures to digitally sign the Income Tax Return Form, the whole process gets completed on generation of Acknowledgement .
  6. However, in case while efiling income tax return , you didnt use Digital Signatures , on successful uploading of e-Return, the ITR-V Form would be generated and sent to your registered email id. This ITR-V Acknowledgement form should be signed by the Tax Payer and sent to the Income Tax Office.
  7. From the Financial Year 2014-15 onwards, the govt has also extended the option of linking the Aadhar Card with the ITR Form. Once the Aadhar Card and the ITR Form have been linked, the taxpayer wont be required to physically send the ITR Form to the Income Tax Office even if he didn t use the Digital Signature to sign the form.

Procedure for Income Tax efiling without downloading the Excel Utility

Income Tax efiling can also be done without downloading the Income Tax Software and simply by furnishing all the details online. For efiling Income Tax Return without downloading the Java Utility, a person would be required to login to his account on https://www.incometaxindiaefiling.gov.in and then go to e-File Income Tax Return Prepare and Submit Online

If the Income Tax Returns have not been Digitally Signed, the taxpayer would be required to take a print out of the ITR-V Acknowledgement Form, sign it and send it to the Income Tax Department

The Address for sending duly signed ITR-V form is “ Income Tax Department – CPC, Post Bag No 1, Electronic City Post Office, Bengaluru 560100, Karnataka ,” by ordinary post or speed post only, within 120 days of transmitting the data electronically. In case, Form ITR-V, is furnished after the end of 120 days from the date of filing of Income Tax Return , it will be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the Tax Payer to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within 120 days. This completes the income tax efiling process for non-digitally signed Returns.

Efiling income tax

Other Relevant points regarding Income Tax efiling

  1. The Self Assessment Tax computed as per the Income Tax Slabs (after deducting the TDS and Advance Tax paid) is required to be fully paid before filing the Income Tax Return. (Recommended Read: Income Tax Slab Rates).
  2. In case excess tax is paid by the taxpayers, he can claim a refund of income tax by disclosing all facts in the income tax return. (Procedure for claiming Income Tax Refund)
  3. The due date for Income Tax efiling is 31st July of the Assessment Year for taxpayers not required to get their Tax Audit done. For all taxpayers who are required to get their Tax Audit done, the Due Date is 30th September . (Category of Taxpayers who are required to get Tax Audit done by a Chartered Accountant)
  4. If a taxpayer is unable to file the income tax return before the income tax filing due date, he may file a Belated Income Tax Return along with Interest and/or Penalty.
  5. In case any error is recognised in the income tax return by the taxpayer himself, he may file a Revised Return of Income u/s 139(5) before the expiry of 1 year from the end of the relevant assessment year or before the completion of assessment (whichever is earlier).
  6. There are several other softwares of private vendors which are authorised by the Income Tax Deptt for Income Tax efiling online.

In case of any query with respect to income tax efiling, please post them on Chartered Club Q A Portal and we would be happy to answer.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and loves to help people with their Tax Queries.

Efiling income tax


FreeTaxUSA – FREE Tax Filing, Online Return Preparation, E-file Income Taxes, efiling tax.#Efiling #tax

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Income Tax return efiling: How to report cash deposited during demonetisation period – The Financial

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Income Tax return efiling: How to report cash deposited during demonetisation period

Income tax return efiling

Income Tax return efiling: Help eradicate Black Money, join the Clean Money drive Make correct disclosures and file your return on or before 31st July 2017 – this was the Income Tax Department s recent campaign on its website, which urged taxpayers to disclose the information of cash deposited in bank accounts from 09.10.2016 to 30.12.2016. As per the campaign, taxpayers are required to disclose details of cash deposited in bank accounts aggregating to Rs 2 lakh and more in the income tax return (ITR). As the deadline for tax filing has been extented, you can disclose the amount till today, ie, August 5.

“The information will be matched with the information in the possession of the Income Tax Department. Ensure that the ITR is compliant with the amount deposited in bank accounts during the period of demonetisation and while computing income, the amounts so deposited are considered/taken into account while paying taxes. Cash deposits made in the above period may thus be fully and truly disclosed in the ITR. It is also important to pay your self-assessment tax before filing your return,” it says.

According to tax experts, while filing their returns, assessees are required to provide the details of all the savings and current accounts held by them at any time during the previous year. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. It is important to indicate the account in which assessee would like to get his refund credited irrespective of whether he has the refund or not. The account number should be as per Core Banking Solution (CBS) system of the bank.

“The amount of cash deposited during 9 November 2016 to 30 December 2016 in the said bank accounts should also be filled. In case cash is deposited during 9 November 2016 to 30 December 2016 in any account other than the current and savings account (viz. loan accounts etc.), the details of such account indicating the cash deposited in the said account during the said period should also be provided. It may be noted that details of cash deposited are to be provided, if the aggregate amount of cash deposited during 9 November 2016 to 30 December 2016 is Rs 2 lakh or more,” says Chetan Chandak, Head of Tax Research, H R Block India.

It is to be noted, however, that only reporting the cash deposited in bank accounts is not enough. For calculating the aggregated deposits, any cash deposited in any account including loan accounts needs to be taken into consideration. Moreover, individuals who have sold immovable property have to mention PAN of the buyer of the property.


Last date to file income tax return extended to Aug 5, The Indian Express, efiling

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Last date to file income tax return extended to Aug 5

Efiling income tax return india

The last date for filing income-tax returns has been extended to August 5.

Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5.

For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state.

In view of today s bank strike and disturbance in J K, the due date of IT return filing is being extended, Revenue Secretary Hasmukh Adhia said in a tweet on July 29.

For assessees across India liable to file I-T returns by July 31, the deadline is extended up to August 5, he said. For assessees in J K, this date has been extended to August 31, the secretary added.

Here is an easy guide to file your income tax return, online or offline:

The selection of the tax form depends on your source of income. ITR-1, ITR-2A and ITR-2 are for salaried individuals, ITR-5 and ITR-6 are for companies.

This is a form you get from your employer. If you have changed jobs over the last year, then you will have more than one Form 16. This form has all the information required to prepare your tax return. It has two parts, Part A and Part B.

Other than Form 16, you should also have your bank statements, interest certificates, and your housing loan certificate (in case of housing loan).

Also, download Form 26AS from the e-Filing website. Form 26AS shows the income for which taxes are deducted at source, it is an annual tax credit statement.

After completing the tax return forms, it has to be uploaded on the e-filing website. E-Filing of a tax return is compulsory for individuals with income above Rs 5,00,000. Once the return is successfully uploaded, an auto-generated acknowledgement is sent to you. This needs to be verified, either by signing and submitting the acknowledgement, or by submitting it online. Once this is completed, the process of filing your return is complete.


Income tax efiling: Watch how to file returns using ITR-2 on website in 30 minutes

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Income tax efiling: Watch how to file returns using ITR-2 on incometaxindiaefiling.gov.in website in 30 minutes

Income Tax efiling: It s Sunday, and just two days are left for the July 31 deadline for filing your returns. In case you are dreading spending your Sunday in filing tax returns, we have good news for you. It takes just about 30 minutes, if you have to file returns using the ITR-2! But first things first, let s understand who all have to use the ITR-2 form to file their tax returns.

In case your income exceeds Rs 50 lakh, you will have to use ITR-2 this year. ITR-2 form is meant for those who have income from salary/pension; income from capital gains or loss on sale of property and investments; income from more than one house property; income from other sources such as lottery; income from foreign assets/foreign income; agricultural income of more than Rs 5000.

Also, according to the Income Tax Department s website, the ITR-2 form is to be used by an individual or an Hindu Undivided Family that is not eligible to file Sahaj ITR-1 and those whose income chargeable to income-tax under the head Profits or gains of business or profession is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. However, ITR-2 should not be used by you if your total income for the assessment year 2017-18 includes income from business or profession under any proprietorship, says the Income Tax department s website.

The ITR-2 form has multiple tabs and to help you better understand the process of filing them, Financial Express Online has got Kuldip Kumar, Partner and Leader for Personal Tax at PwC to take you step-by-step through the extensive process on the Income Tax website. Watch the video above make sure you get everything right.

After opening the Income Tax website, click on the ITR download option available on the RHS. Make sure that you download and fill the latest updated form from the I-T department. The website gives you the option of downloading in Excel Utility format or the Java Utility format. It is advisable to go through the instructions list given beside the option to download each form.

As advised by Kumar, make sure that you e-verify your income tax return and also save a copy of the filed returns for future reference, in case the need arises. We hope that this video helps solve most of your queries. Happy filing!