E-filing is filing your Income Tax Return online. The two ways by which you can file your Income Tax Return are Physically file your return at Income Tax Department’s office and the other way is where you can file your return through the internet. E-filing has become the most easier way as it requires less paperwork.

 

When do I need to file Income Tax Returns?


You are required to file Income Tax Returns in India if any of the following conditions are applicable to you as per Income Tax Act, 1961.

  • Your Gross Annual Income is more than: 

Particulars

Amount

Individuals age below 60 years

Rs.2.5 Lakhs

Individuals age between 60- 80 years

Rs.3.0 Lakhs

Individuals age more than 80 years

Rs.5.0 Lakhs

 

The Basic exemption limit may changes in each financial year.

  • You are registered as Firm or Company, irrespective of the income/loss during the current year.
  • You want to claim Income Tax Refund from Income Tax Department.
  • You want to carry forward your current year losses to next year.
  • You have earnings from and investments in Foreign Assets.
  • For applying VISA or Loan.

 

Due Date for E-Filing Tax Returns?


Due date for filing of tax returns is 31st July of the Assessment year. For FY 2018-19, you can file your income tax returns at any time on or before 31st July, 2019.


Should I E-file Income Tax Return if Income is less than Basic Exemption Limit?


It is always suggested to file your income tax return even if your tax liability is zero. You can file a Nil/Zero return.


Income Tax Return Form applicable to me?


For Individuals/HUF

ITR-1, ITR-2, ITR-3 & ITR-4

For Company

ITR-6, ITR-7 (Trust)

Other Than Company &Individual

ITR-5 (Firms/AOP/BOI)