Monday, 18 July 2016

Taxpayers Asked To File ITRs Before July 31 Deadline

New Delhi: With less than a fortnight left to file the annual income tax returns (ITRs) by individuals and other categories of taxpayers, the Income Tax Department has suggested assessees to opt for e-filing of their returns for a hassle-free processing of the annual returns filing exercise.

"By this time last year, you may have had already electronically filed yourIncome Tax Return. This is a gentle reminder for you to file your Income Tax Return for Assessment Year 2016-17. E-filing is simple, easy and convenient as you would have experienced in last year."

"You are requested to login to incometaxindiaefiling. and download the free return preparation software with a host of new features to help you in preparing the Income Tax return and submit your return," said an advisory sent by the Income Tax Department to taxpayers.

The department has suggested the taxpayers to opt for e-filing of their ITRs and enjoy a hassle-free processing of the annual returns filing exercise.

The new ITRs have been notified early this year and taxpayers can e-file their ITRs till July 31, for those whose accounts are not liable for audit.

By validating the ITR through the Aadhaar-based or bank account or ATM-based electronic verification code, the taxpayer is saved from sending the acknowledgement through post to the Bengaluru-based Centralised Processing Centre (CPC) of the department. Taxpayers can also take the help of tax return preparers (TRPs) to conduct this exercise.

Form ITR-1 can be filed by individuals having income from salaries, one house property and from other sources including interest.

Form ITR-2 is filed by Individuals and Hindu undivided families (HUFs) not having income from business or profession while ITR-2A by those individuals and HUFs who do not have income from business or profession and capital gains and who do not hold foreign assets.

A total of nine such ITRs have been notified which include the Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and an acknowledgement form called the ITR-V.

The simplest ITR-1 (Sahaj) for individuals having income from salaries, one house property or other sources, now features an additional column to mention the TCS (tax collected at source) and the form now has seven pages as compared to the earlier five.

The department, this time, has not made any changes in columns seeking declaration of foreign assets and income by entities and individuals, and smart features like providing Aadhaar number, personal mobile phone number and email id have been retained.

The requirement of furnishing total number of savings and current bank accounts held by the individual or entity, at any time during the previous year, (excluding dormant accounts) has been continued this time too.