After the conventional process of income tax return filing has earned much attention than the traditional method of filing ITR, many tax filers started filing their returns through various applications. These applications allow you to upload your documents and personal details without waiting too long. Thus, it has made tax filing procedure very efficient and convenient for the users without paying extra charges. However, Income tax return filing deadline for the submission is approaching rapidly i.e. July 31. Hence, the taxpayers require to get attentive this time to avoid last minute errors and other consequences.
How Tax Filing works-
If you’re a beginner and new to ITR Filing process, here you can get a brief about how the tax filing work on application-
- First, you need to register yourself on All India ITR App.
- On successful registering, the OTP will be sent to you.
- Afterward, you can start with a new filing user.
- The next step is to click on the e-filing process.
- After clicking on the e-filing process you will be asked to fill necessary details such as Name, address, phone number, email id, PAN, Aadhaar card and bank details.
- Select the source of income from where you get the income it can be from salary/Pension, House property, Business/Profession, Capital gains, others sources and or any foreign income.
- Upload your Form 16 if you’re a salaried employee or enter the mandatory details in case you earn income from other sources.
- Verify ITR V
- On submitting your ITR form, an acknowledgment number is generated. In case the return is submitted using a digital signature, you just have to preserve this number. If the return is submitted without t a digital signature, an ITR-V is generated and is sent to your registered email ID.
What are the benefits of e-filing Income Tax Returns?
Quick processing: You will receive the acknowledgement and ITR- V updating quickly.
Convenient: You can e-file your returns at any given time without facing inconvenience.
Easy to use: The process to efile ITR is easy and you can go through the instructions that are provided online.
Accuracy: There are less chances of any mistakes, hence the process to e-file ITR is smooth and error-free.
Receipt proof: You will receive updates regarding your ITR at the time of filing your tax returns
What are the documents required to e-file Income Tax Returns?
You must have the below-mentioned documents before e-filing the ITR-
- Details of the investments that have been made by you.
- Form 16
- Bank account details such as account number, bank name, and IFSC code.
- Aadhaar Card
- PAN Card.
Earlier, Income Tax efiling was a tedious process and many of us used to call a tax consultant to file our returns for the year. However, a start-up with the mission to “to simplify the taxation process for the common individual” has launched a mobile application to help salaried individuals and businesses to file tax returns.