Income tax filing season will begin for the FY 2015-16. Filling income tax return is an important thing for any businessman or any individual. Income tax department has announced the due date for e filing income tax return FY 2015-16 and AY 2016-17 is 31st July, 2016.
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Due date for E filing Income tax return FY 2015-16
Income tax return filing is most important action for all the taxpayers. All taxpayer should be careful regarding proper filing his income tax return up to the due date. As per you conveyance you have to e filing your income tax return up to 31st July, 2016 for FY 2015 and AY 2016-17.
What is income tax return?
After complete the financial (1st April to 31st March) year all those person are liable to filing his income tax return whose gross total income is greater than or equal taxable income. You have to declare your total annual income which is earned from different sources and how much tax you have to pay on your income during filing income tax return. Most of the novice person are don’t know about the FY (Financial Year) and AY (Assessment Year). Let’s we have to discuss about this topic. If you want to file income tax return for the year of 2015-16 then your income tax return FY is 2015-16 and AY is 2016-17.
Who is liable to e filing income tax return?
If your annual gross total income is less than Rs. 5 lakhs after deducting all claims then there is no need for e filing income tax return. There are lot of benefits for income tax e filing return which we already discuss in previous article. It is mandatory to e filing income tax return for all those who fulfil given conditions:
1. Your Gross total income is greater than Rs. 5 lakhs or person who has to claim for any refund.
2. You have to claim for a refund. Those who’s age is greater than or equal to 80 years and are filling ITR-1 or ITR-2 can file a paper return to claim for a refund.
3. All those who are using ITR form 3,4,5 or 7 have to be mandatory for e filing.
How to e filing income tax return?
All we know very well that income tax department has charged tax on different sources of incomes from any individuals or taxpayers either any Company, Firm, HUF. E-filing provide quick way to submit your return without any extra effort. You just have to take few simple steps which helps you how to e filing income tax return.
During the e filing income tax return if you don’t choose EVC then you have to take printout of ITR-V, put your signature on the hardcopy and send it either from any ordinary post or speed post to registered office at Karnataka within 120 days. The address of income tax department to send your ITR-V is given below:
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Income Tax Department – CPC,
Post Bag – 1,
Electronic City Post Office,
Bangalore – 560100, Karnataka.
What is the EVC?
EVC stand for electronic verification. You have to use evc feature during e filing your income tax return. There are few benefits you have during using EVC feature for e filing income tax return.
1. There is no need to send ITR-V with signature to Bangalore office.
2. It is fully electronic system. There is no need for any paper.
3. Return process is much faster.
I hope after reading due date for e filing income tax return FY 2015-16 article there are lot of doubt are cleared. You have to submit your income tax return up to the due date for e filing income tax return FY 2015-16 otherwise income tax department charge penalty from taxpayers. If you have any query regarding please write us in the comment box. Thanks to all.