E - Filing Need of the Hour

      A need of the hour has an implication that it needs to be a high priority, a most recent need or the most pressing need.

     गेले कित्येक महिने, दिवस....जिथे तिथे एकच चर्चा धम्माल उडवून देत होती. 'Aadhar - Pan Card' लिंक केले का ? अरेरे....राहूनच गेले ! कसे करायचे, आज शेवटचा दिवस.....बापरे!!! 

     मग काय What's app, Facebook, Twitter सर्व Social Media तर्फ़े मदत मिळतच होती. 

     सरकारचे नियोजन ही असेच असते की मुदत वाढ आधी करत नाहीत. तोपर्यंत आपण भारतीय pressure ने का होईना खिंड लढवतोच ! आणि नंतर अचानक वाळवंटात पाणी मिळाल्या सारखे ह्या AADHAR-PAN CARD Link साठी सरकारने मुदत वाढवली. 

     याच वेळेस काही मंडळीं कडून प्रश्न विचारले गेले की आम्ही तर e-filing करतच नाही, मग आम्ही हे Link कसे करणार ? त्यासाठी Registration करावे लागेल का ? Registration  न करताही हे लिंक कसे करता येईल ?  

     या व यांसारख्या प्रश्नांमधून प्रश्न उत्पन्न करण्यापेक्षा सुगम, सहज, सोपी वाट काढणे कायमच सोईस्कर नाही का ? 

     म्हणूनच आजच्या ह्या लेखात आपण पाहणार आहोत E-Filing ही काळाची गरज का आहे ?

     The days have gone to stand in long ques at the Income Tax Department, Patiently wait to get over their lunch breaks, our travel time & cost, fear of loss of any document and stress of last minute rush for submission of I.T.Return.

    Now since 4-5 years, E-Filing become mandatory.

Why E-Filing is most needed, beneficial and Secured way?

 E-filing of income tax is a method of submitting the details of your income and other details through electronic media. This method is very popular due to its convenience. 

1. Filing returns is a sign you are responsible:
The government mandates that individuals who earn a specified amount of annual income must file a tax return within a pre-determined due date. The tax as calculated must be paid by the individual. Failure to pay tax will invite penalties from the Income Tax Department.

2. Filing returns are mandatory in some cases:

Even if your income level does not qualify for mandatory filing of returns, it may still be a good idea to voluntarily file returns. 

3. Useful document:
The document can be used to prove your Financial Credibility, support to get loans(Home Loan, Personal Loan, Vehicle Loan), essential to process VISA, For getting Bank Credit Cards, to carry forward and set off the losses, to claim Refunds (Bank deducts TDS), to get Higher Insurance Cover, For Govt Tenders, Evidence in Court of Law, etc.

4.Error free submission:

Real time error check is possible through income tax authorities. Validations are helpful to ensure the return perfect.

5.Quick refund:

Online filing enables the department to process the return with minimum time and therefore Refund procedures become very easy.

6. Acknowledgment receipt:

The online filing followed by an acknowledgment receipt with a summary of income and tax bearing a serial number becomes an authenticated document before any authority. It can be downloaded from the account at any time.

7. History and database:

Any time available database for any field years is an added advantage. At a glance, an assessee can refer the details of his income tax history.

8. Effortless and efficient:
Controlled and guided entry set by the utility, so proper and fast completion of IT return is possible. Filing in paper return always brings confusion and error, but a neat and clean return can be given through online filing.

9. Anytime Anywhere:

Paper filing of return always depends on the time of office, queues, spot self-correction, holidays, presence of officer, etc. Regardless of these matters, any person can file their income at anytime from anywhere.

10. Possible ways to reduce tax:

Real-time instructions of online utilities of income tax filing will help us to source all possible ways and means to avail possible deductions and exemptions. A common man is unaware of the provisions section 80C or so.

11.Go Green:

Minimizing paper will help us to keep our Green world as such. 

A procedure of Filing Income Tax Return:

1.Select appropriate type of Return Form

2.Download Return Preparation Software for selected Return Form.

3.Fill your return offline and generate an XML file.

4.Go to Income Tax Department website - https://incometaxindiaefiling.gov.in/

5.Register and create a user id/password

6.Login and click on relevant form on left panel and select “Submit Return”

7.Browse to select XML file and click on “Upload” button

8.On successful upload acknowledgment details would be displayed. Click on “Print” to generate printout of acknowledgment/ITR-V Form.

9.In case the return is digitally signed, on generation of “Acknowledgment” the Return Filing process gets completed. You may take a printout of the Acknowledgment for your record.

10.In case the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an    acknowledgment cum verification form. The tax payer has to fill-up the verification part and verify the same.

11.Update: Now you have to send ITR-V to the “Income Tax Department , CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka”. They’ll send the acknowledgment receipt at your email address. 

               

Courtesy: news18.com