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Filing an income tax return is not a choice but a responsibility of every citizen. It becomes a mandate to file ITR under the right assessee type along with its corresponding form depending on the profession and income. Thus, ITR Form-05 is the one out of 7 that is to be filed by the firms in partnership having income not only through business but also from the profession or even any other type of income, including LLP, AOP, BOI, Artificial juridical person, Estate of deceased, Business trust, investment fund etc. If you are still worried about how you can cope up with filing ITR on your own then Web-e-Tax is here to accompany you to get it all right in the first place. Webtel’s ITR filing integrated solution, i.e, Web-e-Tax is the one-stop solution for all ITR management and 'e' Filing needs along with the bulk upload utility, e-verification of information, ITR computation and calculation, user-friendly power-packed facilities, and expert's assistance.
Also Read: Everything about ITR-05
To avoid delaying in filing your ITR keep all the documents required at the ready.
Documents Required To File ITR-05 Are As Follows:
Profit & Loss Account and Balance sheet of the Previous Year.
Books of Accounts
Details of Chartered Accountant conducting Tax audit in case the person is covered under section 44AB
Now let’s start with the procedures of filing your ITR with Web-e-Tax.
Steps to File ITR-05 through Web-e-Tax:
In the first step create the assessee master details for which you want to file the ITR.
On the first page provide the basic information like Name, PAN, Address, and Date of Birth; select the Source of Income as presumptive to file an ITR-4.
On the 2nd page provide the Bank Details of the assessee/taxpayer and the details of the representative assessee if any.
And in the 3rd Page fill the following details:-
Fill in the acknowledgment details;
Select the Name of Auditor;
Fill the partners/members in case of firm/LLP/AOP/BOI/LOCAL AUTHORITY;
Select the Nature of business from the list.
After providing all the details click on Save.
In the next step select the created assessee master from the list (Shortcut Key-F3).
After the selection of assessee master, Click on the Balance Sheet to fill in the details of Assets and Liabilities of the Assessee.
After clicking on the Balance sheet, fill in the details of In the Balance Sheet we have provided an option related to manual data punching and tagging of the balance sheet and Profit & Loss Account data through excel.
Click on the Open Balance sheet Mode option to enter the details manually otherwise click on the Open Tagging Mode option to tag the data through Excel.
Enter the details in the Balance sheet manually.
In the Tagging Mode option to tag the data through excel template.
Similarly, fill in the details in the Profit & Loss Account.
Fill the details in the Profit & Loss account manually or Tag the data through Excel and then click on Save.
Fill other information & depreciation (if applicable).
After providing the details in the Balance sheet and Profit & Loss account fill in the income and deduction details of the assessee in the computation.
In the computation, double click on any head in which you want to fill the income details of the assessee like the Income from Business or Profession and other income heads.
To provide the details of the Schedule Business or Profession, double click on the Non-speculative Business (Including Specified Income) option under the Income from Business or Profession and fill in the details. Fill in the details related to Business or Profession.
Similarly, fill in the other income head details & investment details of the assessee, and as per the income and deduction details under chapter-VI A in the software, the tax will be calculated automatically.
Interest under sections 234A, B, and C will be calculated automatically.
After providing all the income and exemption details, go to the Generate & Upload JSON without DSC (Ctrl G) option to generate the JSON file and directly upload it on the income tax portal.
In case the Audit is applicable fill in the details in the Form 3CD and then generate the XML.
As you have just experienced that in no time without any technical or calculation errors, it is possible to file your ITRs hassle-free with our compliance solution Web-e-Tax. It is specially designed to simplify your income tax return filing experience.
Even after following all the steps mentioned above, you are still in a state of confusion and need assistance, in that case, feel free to reach us at firstname.lastname@example.org or have a word on 7303393220. In addition, to leverage the power of Web-e-Tax at its full potential read here more about Webtel’s Income Tax Filing Software, Web-e-Tax.
Also Read: Latest Updates about Income Tax Return