his is July and filing tax returns is one of the most important things in your to-do list for the month. E-filing of tax returns is an easy, efficient and eco-friendly mode of filing tax returns.
E-filing is gaining traction day by day. The Centralized Processing Center of the Income Tax Department at Bangalore, which was established to mass-process Income Tax Returns, as on 30/06/2011 it has processed over 66.1 lakh e-filed returns of AY 2010-11 in all categories of ITRs including corporate returns and generated refunds in over 25.1 lakh cases. Besides refunds were reprocessed for 14,820 AY 2010-11 cases and 51,558 cases pertaining to AY2009-10.
E-filing through the income tax department site is free. Some private portals also offer free filing. Others charge for some services. Then, why do you stand in serpentine queues to submit your returns? Despite many conveniences of e-filing, many of us still prefer the old way of filing tax returns.
Many tax payers still have some misconceptions about the e-filing option. Income tax returns are scrutinised at random. It has nothing to do with returns being filed online or physically. Instead, e-filing portals reduce the chances of errors because the tax is calculated as you fill in the form. E-filed returns can also be revised in case of an error.
You don't need a digital signature to be able to e-file tax return. A duly signed ITR-V form should be mailed to "Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100, Karnataka," within 120 days of transmitting the data electronically.
E-filing through the income tax department site is free. Some private portals also offer free filing. Others charge for some services. Then, why do you stand in serpentine queues to submit your returns? Despite many conveniences of e-filing, many of us still prefer the old way of filing tax returns.
Many tax payers still have some misconceptions about the e-filing option. Income tax returns are scrutinised at random. It has nothing to do with returns being filed online or physically. Instead, e-filing portals reduce the chances of errors because the tax is calculated as you fill in the form. E-filed returns can also be revised in case of an error.
You don't need a digital signature to be able to e-file tax return. A duly signed ITR-V form should be mailed to "Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru - 560100, Karnataka," within 120 days of transmitting the data electronically.
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