Income Tax is one of the most crucial aspects of an individual’s economic profile. It’s a mandatory process for salaried and self-employed people where you need to file the income tax returns as per the government’s rules and regulations according to your age group and income profile.
With the internet being in demand and covering every sector of industrialization and finances, it has reduced the paperwork and provided hassle-free services to the people in order to carry out the official documentation process and even the filling of your income tax returns.
Recent reports show that the entire tax filing process has been made available online and you need to re-fill your income tax return which is a mandatory process. In order to file your income tax returns online, there is a requirement to submit your income tax returns on the portal. The concept of E-filling of taxes is a transparent and hassle-free process that does not create any issue or misinterpretation of your details.
Under the Income Tax Act, 1961 as per the section 139(1) of our country, individuals possessing their previous year income exceeding the maximum amount not chargeable to the tax, are the ones who require filling of their income tax returns (ITR).
The process of filling the income tax returns electronically, i.e. by means of the internet is known as e-filling. E-filling of the income tax return has come up with comforts of filling your returns at your homes itself by registering on the income tax department websites or other web portals which offer the same kind of facilities. The due date for filing the tax returns is by 31st of August.
The concept of E- Filling:
E-Filling is basically a facility that allows you to fill your income tax returns online. The filling can be done in two possible ways one is the traditional way which involves visiting the Income Tax Department and carrying out the formalities in pen paper format while the other is filling the same online. In today’s era where internet is ruling almost every sector, so the concept of E-Filling has gained due popularity all over India, and one can quickly draw positive comparisons of it against the conventional method of filling the income tax returns. It’s easy to deal with and can be done within the corners of your home without giving a visit to the income tax office and wasting your time unnecessarily.
Types of e-Filing
E-filling can be done by using the Digital Signature Certificate (DSC) to e-file. It is compulsory to file IT forms using the (DSC) by an authorized Chartered Accountant.
If you e-file without DSC, ITR V is being generated, which has to be printed, signed and duly submitted to CPC, Bangalore by a simple post or speed post within a span of 2 months from the date of your online registration
You can file your IT returns through an E-return Intermediary (ERI) with DSC or even without DSC as there is no compulsion for that.
Benefits of E-Filing:
E-filing today is one of the easiest options for the taxpayers to file their income tax returns in India. Let’s have a recap of some of the major points that make e-filling a better option as compared to the old conventional methods.
- Quick Processing: when you go for the online process of filing your income tax, you will be acknowledged quickly by the income tax department. One of the major advantages of e-filling is that if there is any kind of refund, the online system will process it much quicker in comparison to that which is filled on paper.
- Convenient Processing: We can call it as a convenient process because you can carry out the process any time anywhere if you have a mobile device or a laptop along with an internet connection. Its open 24/7 for your convenience making it easier to carry out the process as and when you feel, keeping the due date in mind.
- Accuracy: the software created for the re-filling of returns comes with built-in electronic features of connectivity and validations thus making it seamless. The software also decreases the chances of having errors to a considerable extent. Since filling your returns manually can cause a bunch of errors in your documentation so to maintain a curriculum and have accuracy in the report of yours prefer filling the returns through e-filling.
- Confidentiality: When you opt for filing your returns on paper there can be chances of your details getting leaked. The online process is however much safer in comparison with manual filing as your data will not be accessible by chance or design.
- Easy Usability: The e-filing portal has been patterned in such a manner that it is really easy to file your returns by following the online process. There is a set of detailed instructions that you can follow to ensure the complete and smooth processing the filing.
- Proof of Receipt: Filing the income tax returns through the online process clearly means that the confirmation will be sent to you through email on the e-mail registered with your application. Since the process is an automated one, there will be no wastage of time in getting your confirmation.
- Electronic Banking: In case if there are any refunds which are due to you, they will be directly given to your bank account. In case you have any tax payments remaining, they will be directly debited from your bank account. You also have the option to file your returns now and pay the taxes afterward. You can accordingly choose to design your bank account in a balanced way and enjoy the benefits offered to you by this facility.
- Accessibility: All the information about your past data can be accessed with greater ease when you are opting for the online procedure. The data you have entered is stored with uttermost accessibility keeping your data safe for all time which can be accessed by you according to your needs and requirements.
|Car Loan||Gold Loan||CIBIL Score|