Taxation

Benefits That Comes Along with Online Filling of Income Tax Return

Getting online for every job has become the new trend today and the latest addition to that lifestyle is online income tax filing process. Doing tax return online offers quite a number of benefits that are enough to attract your attention towards this new process. It is faster, better and more accurate than manual tax calculations.

The first thing to mention is the time efficiency of this system which takes just few minutes to file income tax return online. It is available 24×7 which allow you to do this job whenever you get time where the physical filling was strict to working timings. Not only submitting the return form is easy with online system but also processing tax refund is quicker with this system. Not only this but online income tax filing allows you to keep track of your refund status regularly.

Next benefit to mention is its high data efficiency that minimizes all chances of calculation blander and errors. The e-filling software has in-built data validation that left no chances to make errors in the calculation like paper-filling.  The chances to get notice for defective returns and data error from the tax department get zero with using this income tax return online filling system. Also with e-filling system, you get a chance to make rectifications up to 15 days from the day of submission.

Moreover, according Income Tax Act, person who have income more than 500000 rupees a year are liable to file tax online. Also, the person who files ITR3, ITR4, ITR5, ITR6 and ITR7 are liable to file income tax return online. This helps in maintaining big record safe with the department and also for your personal records. It is also environment friendly as it reduces paper usage and saves energy.

Lastly, the added benefit you get with e-filing is you get proof of your income status which can be useful to get a visa or to sanction a loan from banks. It is also the easiest way to escape the chances of get penalize and being a good citizen to the country. You can get more information about online income tax filing process from the internet with easy search.

Source :  http://allindiaitr.blogspot.in/2016/12/benefits-that-comes-along-with-online.html

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