Income Tax Return (ITR) is a form for reporting gross taxable income from different sources, claiming tax deductions and declaring net tax liability to the income tax authority. ITR is filed to the income tax department by a salaried or self-employed individual, Hindu Undivided Family (HUF), companies or firms. The process of filing the ITR is referred to as income tax filing. A taxpayer can file the ITR online on the e-portal of the income tax department. The process of filing ITR online is referred to as e-filing. The following article will explain important aspects of e-filing Income Tax Returns.
How to File Income Tax Returns Online?
The IT Department has released an e-filing software for all ITR forms for the financial year 2017-18. Out of this only ITR-1 or ITR-4, can be filed completely online without downloading any software in Excel or Java. After keeping the required documents ready, file tax returns completely online by following these steps:
Who is required to file ITR?
As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds income tax exemption limit (Rs. 2.5 lakh for FY 19) is liable to file the income tax return. Apart from that any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.