E-filing Income Tax Online is essential compliance to be done every year if your total income is above the Income tax exemption limit (Section 139 (1) ). An income tax return is a statement where you have to disclose all your income sources and state the amount of total income you received from those sources in a particular financial year. An income tax return is filed online with ITR forms made available on the Income tax portal. F-Filing of Income tax online requires the help of a professional, who after seeking all your details of Incomes received during the year, expenses /transactions made, and investments did - will help you file the Income tax return online. Every year, a return of income to the tax department is furnished before the due date of 31st July of the relevant assessment year. Non-compliance to this due date, the taxpayer has to face specific penalties or might even receive a tax notice from the department.

What is E-Filing of Income tax return?

Filing of Income tax to the department has been made completely online. The E-filing utility has made it easy for the taxpayer, to register on the Income tax portal website to report his income for a particular financial year and submit his return of income online. You can now register on the Income tax portal using your PAN and Aadhar details to file your Income tax return.

For e-filing of Income tax return, Income under the following sources is calculated :

1.Income from Business/ Profession
2.Income from Salary
3.Income from House Property
4.Income from Capital Gains
5.Income from Other Sources (Interest / Dividend / Commission etc ).

For filing of Income tax – the total taxable income from the above sources is reported through different ITR Forms.

How is E-filing of Income Tax done with ITR Forms?

For filing of Income-tax, the tax department provides different ITR forms based on their source of income and their representation as entities taxable under the Act.

The following forms are to be used for different tax entities :

1. For Personal/ Salaried Return Filing- ITR1
2. For Individual/HUF with Business Return Filing- Proprietorship- ITR4
3. For Individual /HUF Business Return Filing- Proprietorship- ITR3 with Audit.
4. For Company Return filing Private limited – ITR 6
5. For Partnership/LLP Return filing- ITR-5

As per the filing entity, the above forms are used and filed before the Income tax filing due date.

The tax department also provides special audit provisions for taxpayers with the applicability of Income tax Audit rules. Under this, the assessee has to get all his accounts audited before the submission of ITR.

What Income Tax Provisions are there for Income tax Audit?

For better transparency and disclosure of information, the Income Tax Act provides rules for an Income tax audit of taxpayers under Section 44AB.

For Income tax Audit, a specific category of taxpayers including those with businesses and entities maintaining books of accounts can get their accounts audited before filing their Income tax return.

The entities must get their accounts audited through a CA (Chartered Accountant ) or a Firm of CAs . E-Filing Income tax returns with an audit can be done with the preparation of separate audit reports using Form 3CA/ Form 3CB/ Form 3CD and Form 3CE.

E-Filing of Income Tax return with Taxgoal.in

If you are facing issues in the calculation of your income or e-filing of the tax return in the right way, then you can consult our team of experts working at Taxgoal. in.

We assist you on all issues and compliances related to income tax e-filing including advisory and support on :

1. Handling Basic ITR Filing / TDS Compliances
2. Handling Tax notices with Income Tax Notice Reply.
3. Handling ITR Filing for Shares and Securities.
4. Handling ITR Filling with Capital Gains
5. Handling Income Tax Audit Provisions and Report Preparation.
6. Filing all related forms and documents with ITR including Form 15CA – CB.

To know how we get you through an easy way of e-filing income tax returns online , you can connect with us at info@taxgoal.in

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