Who should file income tax return online?

 

Filing of Income Tax returns is a legal obligation for every person whose total income for the previous year has exceeded the maximum amount that is not chargeable to Income tax under the provisions of the Income Tax Act, 1961. The process of electronically filing Income Tax through internet is known as E-filing of returns. This offers convenience of time and place to tax payer. This facility is available round the clock. Return can be made from any place in the world. It eliminates interface between individual and tax officials.

E-Filing mandatory for -  Income Tax department made it mandatory to e-file returns if any of the following case apply:-

  • If you are below 80 years of age and satisfy the below conditions
    1. When total income assessable during the previous year of the person exceed five lakhs rupees.
    2. Any refund is claimed in the return of income.
    3. Accounts are required to be audited under section 44AB of the Act.
    4. Audit report is required to be furnished electronically.
    5. If deductions under section 90, 90A, 91 claimed in return.
    6. A person, being a resident has asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • If you were 80 years or moreat any time during the previous year
    1. If you are filing ITR- 3, 4, 5, 6, 7
    2. Accounts are required to be audited under section 44AB of the Act.
    3. Audit report is required to be furnished electronically.
    4. If deductions under section 90, 90A, 91 claimed in return.
    5. A person, being a resident has asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • If you are filing ITR- 3, 4, 5, 6, 7 then tax return has to be mandatorily e-filed.

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For a detailed advise, you can contact info@onlineitreturn.com or visit www.onlineitreturn.comOnlineITreturn.com is an online portal for efiling your income tax return and advise, consultancy on taxation matters including Service Tax, TDS. All taxation matters are handled by Chartered Accountants.