More opting for online route to file tax returns

The process of filing income tax returns online is finding increasing favour with city residents.

Written by Ridhhima Mohan | Chandigarh | Published: July 13, 2012 3:50 am

The process of filing income tax returns online is finding increasing favour with city residents. Following directions from the Indian Revenue Service (IRS),The Income Tax Department started the facility over five years ago in Chandigarh. Electronically submitting income tax is faster,convenient and best of all available around the clock.

Filing via paper is considered a better option for those who have a fairly simple tax return or if they are not eligible for e-filing. There are seven Income Tax Returns (ITRs),ITR1,2,3,4,5,6,8 out of which only ITR-6 is mandatory. E-filing of income tax is compulsory for individuals earning more than Rs 10 lakh per year or whose books are audited and companies whose turnover is more than Rs 60 lakh per year.

“The biggest benefit of e-filing income tax is that I get a confirmation or a rejection notice within 24 hours of submitting my return. That way I’m able to detect a mistake,if any,and mend it so that it is acceptable by the IRS,” says Kishore Dutt,a regular tax payer.

How to file return online

An official from Income Tax Department in Chandigarh who helps the assessee file an income tax return said,“In case one wishes to file their income tax online,they can visit http://www.incometaxindiaefiling.gov.in. Every new user has to register at this website using their PAN number to avail the e-filing facility. One must then select the required ITR form and download ‘Return Preparation Software’ for the selected form and prepare his ITR offline. The software will generate the XML format of the return which will be uploaded on the website. After successful transmission of the return,a receipt will be generated in the form of a provincial requirement. Take the print of the acknowledgment form to complete the process,if the return is digitally signed. One can issue a digital signature from agencies like,Tata Consultancy Services for a particular period by making a payment. In case,the return is not digitally signed,take the print of Income Tax Return-V form and post it to,“Income Tax Department CPC,Post Bag No. ,Electronic City Post Office,Bangalore-560100,Karnataka” by ordinary post or speed post within 120 days to complete the process.”

It is mandatory for companies whose turn-over is more than Rs 60 lakh per annum to have a digital signature while e-filing an income tax. The due date for filing of ITR for salaried and non-corporate assessees whose accounts are not required to be audited is July 31. However,for all the companies/other assessees whose accounts are required to be audited,the due date is September 30.

In case there is any problem with e-filing an income tax. Individuals can contact SBI Contact Center at 18004259760 and if there is any refund related query you can contact Aaayak Sampark Kendra,Delhi at 0124-2438000.

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