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Online filing of returns was introduced recently. This scheme involves filing of income tax returns by eligible individuals or companies electronically through authorized personnel on or before the due date. The authorized personnel or intermediaries digitize the data of the returns provided by the eligible candidates. They transfer the same electronically to the e-filing server of Income Tax Department under their digital signatures. The individual should furnish particulars like earnings immune from tax, assets and belongings of the individual, bank account and credit card details, any expenses exceeding the prescribed limits and other related particulars. The person should also provide information like the location and what type of business or profession and any such similar particulars. Reasons for paying tax returns • Income tax return is a standard income proof issued by the government. For higher education or employment opportunities abroad, income proof is very much needed. • Filing tax returns speeds the loan application process. When an individual has a good credit history and is regularly paying taxes, a speedier access to credit system can be achieved. • Visas are mostly issued if a person is financially stable. • Filing tax returns is mandatory. If the person irregularly pays the returns then he is not eligible to claim tax refund. Tax returns can be used to reduce the tax liability. Different means of online payment Some people can do online income tax return filing easily. It is expected by individuals earning an annual salary in tens of lakhs and above to file tax returns online. These people have difficulty in the electronic filing especially if that person has a complicated type of returns to file. Several people don’t even know about the types of income. House property, shares, capital gains, housing loan tax benefits etc., are some examples of the multiple sources of income. This is where the tax consultants backed by government or private firms come into the picture. They file the returns on behalf of the individuals. Another option is the tax return preparers. These people are registered professionals who assist individuals to file their tax returns. These services resolve tax payers' queries online. Benefits of Tax Return Filing • Getting refunds is much faster • Online status checking of refunds • Standing in queues can be eliminated • Fast Assessments ">Online income tax return is a much better option when compared other means of filing like bank deposits, cheques etc. A person can do this job sitting at one place. Otherwise he has to travel to banks and other necessary places to file returns and stand in long queues. What is online income tax return? Online filing of returns was introduced recently. This scheme involves filing of income tax returns by eligible individuals or companies electronically through authorized personnel on or before the due date. The authorized personnel or intermediaries digitize the data of the returns provided by the eligible candidates. They transfer the same electronically to the e-filing server of Income Tax Department under their digital signatures. The individual should furnish particulars like earnings immune from tax, assets and belongings of the individual, bank account and credit card details, any expenses exceeding the prescribed limits and other related particulars. The person should also provide information like the location and what type of business or profession and any such similar particulars. Reasons for paying tax returns • Income tax return is a standard income proof issued by the government. For higher education or employment opportunities abroad, income proof is very much needed. • Filing tax returns speeds the loan application process. When an individual has a good credit history and is regularly paying taxes, a speedier access to credit system can be achieved. • Visas are mostly issued if a person is financially stable. • Filing tax returns is mandatory. If the person irregularly pays the returns then he is not eligible to claim tax refund. Tax returns can be used to reduce the tax liability. Different means of online payment Some people can do online income tax return filing easily. It is expected by individuals earning an annual salary in tens of lakhs and above to file tax returns online. These people have difficulty in the electronic filing especially if that person has a complicated type of returns to file. Several people don’t even know about the types of income. House property, shares, capital gains, housing loan tax benefits etc., are some examples of the multiple sources of income. This is where the tax consultants backed by government or private firms come into the picture. They file the returns on behalf of the individuals. Another option is the tax return preparers. These people are registered professionals who assist individuals to file their tax returns. These services resolve tax payers' queries online. Benefits of Tax Return Filing • Getting refunds is much faster • Online status checking of refunds • Standing in queues can be eliminated • Fast Assessments
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