With the end of every financial year, all of us (income earners) have one major and a common cause of worry and tension- filing Income Tax returns. Standing in the long queues, collecting sheets of important papers from multiple sources, filling up forms you barely understand, getting official signatures and stamps- the process seemed endless.
But now, gone are the days when filing the Income tax return was such a big hassle.
Thanks to the growing technology and the spread of online resources, filing our income tax return is now just a click away.
Websites like hrblock.in and others have made the task of filing income tax returns a cake walk. All you need to do is- have a copy of form 16 issued by your employer, your previous year’s IT return receipt, bank statements, TDS certificates and your PAN card details. All the complex calculations and other minute details are taken care of by the softwares designed. You simply need to register yourself on these websites and provide the basic details that they ask for.
Filing online tax returns have eliminated many malpractices and proven to be a blessing for all those taxpayers who couldn’t afford a chartered accountant.
Let’s have a look at the benefits of filing the income tax return online rather than using the traditional paper methods:
- Filing an offline return would mean that you have to stick to the office hours to do so. This necessity has been done away with, with the introduction of online filing. You can now file your return anytime throughout the day as per your convenience.
- Offline filing of returns involved a lot of man power which ultimately resulted in human errors and discrepancies in calculations and filling up of other details. With the growth of online filing system, calculations have become simpler and more reliable.
- Online filing of income tax returns has made the processes faster and simpler. An acknowledgment slip is immediately generated as soon as you complete the process. A copy of this acknowledgement is also sent electronically to your registered email account for records or any further use.
- The headache of standing in long queues has also been eliminated with introduction of online filing websites.
- Websites are committed to maintaining complete confidentiality of all the details you provide to them during the process of filing. Absence of this feature was one of the biggest drawbacks of filing income tax returns offline. All your information was accessible to the officials of the income tax department and other persons involved during the process.
- Online websites come with a complete user-friendly interface which makes it easy for the common man to file their returns well in time.
When filing your returns online keep in mind to:
- Give your CORRECT bank account and PAN details
- Tally the figures of your form 16 and form 26 AS. Form 26 AS shows the amount deducted by your employer and the amount with the Income Tax Department. Make sure there is no difference in the two figures.
- Claim deductions such as 80G (donations to charitable trusts) and other savings that you might be entitled for.
- Claim a deduction of an amount up to Rs.10, 000 on the interest earned on your savings bank account balance.
Make sure all your IT returns are filed before July 31st, in order to avoid any complications or penalties.
Photo credits: Google
You might also like to read:
Views presented in the article are those of the author and not of ED.