On an average, an individual tax return prepared on paper requires around 20 sheets of paper for photocopies and print-outs. Physical (paper) filing not only involves queues and waste of core productive hours, it also involves huge wastage of paper. E-filing brings a refreshing savings of lakhs of rims of papers. Moreover, e-filing process does not require any physical helpdesk, and hence it completely eliminates physical queues.
E-filing of returns
Do you still stand in line to submit your IT return? Not anymore! Whether it is the queue at your office to meet the tax agent or the queue at the income tax office to deposit your tax return, you do not need to stand in line, if you are e-filing your return. An individual typically spends 10-20 productive hours to get his or her tax return filed. E-filing process saves tens of thousands of productive man hours.
This process does not require any physical helpdesk and hence completely eliminates physical queues, which tend to consume most productive hours. Physical (paper) filing not only involves queues and waste of core productive hours, it also involves huge wastage of paper. Printouts and photocopies typically run into 10-15 pages per employee. E-filing brings a refreshing savings of lakhs of rims of papers.
Now you can file your returns online in just few minutes. Either logon to any e-filing portal of an authorised e-return intermediary (such as www.taxspanner.com) or simply email your Form 16 by visiting www.taxspanner.com/ts/efilebyemail. You just need to enter a few details and return is e-filed automatically. This way, you can be sure that you're filing the accurate tax return - fast, easy, and convenient, giving you the peace of mind when most others are struggling with their tax returns, standing in the queues or running after consultants and signing blank return forms. Since the income tax returns are e-filed, you do not need to attach any investment receipts or any other document with your e-return. All electronically filed returns are processed on priority basis at the I-T department's centralised processing centre at Bangalore so that refunds can be issued faster.
Make sure that you file your return through an authorised e-return intermediary, registered with the Income Tax Department. When you provide your personal income tax information to unauthorised agents, your confidential data may be disclosed to agents or companies who may mis-sell financial or other products (such as insurance, mutual funds, ulips etc) to you. Unsolicited sales calls and spam emails are generally a result of compromising the confidentiality of your data. Availability of your income data gives these companies an opportunity to manipulate the sales process and to convince you to buy products which may not suit your actual financial needs.
By virtue of being an authorised e-return intermediary, registered with the Income Tax Department, Government of India, such companies adhere to strict confidentiality compliance provisions prescribed by the law. Under such provisions, such companies ensure the confidentiality of the information that comes to their possession, and do not part with, disclose or share the whole or part of the information with anyone. In particular, an authorised E-RI has to ensure: confidentiality, storage of data, timely filing of e-return, infrastructure, and, receipt and format of data submitted to income tax department's servers.
Common mistakes
A lot of people commit mistakes while filing their income tax returns (ITR) every year. While some of these mistakes would end up in you getting a notice from the income-tax department, others would expose you to risks. Some of the most common mistakes made by individuals while filing taxes are: not reporting income from previous employer, not reporting bank interest income, signing blank ITR forms, not reporting exempt income, and, not filing returns at all.
Penalty under the Income Tax Act is imposed for concealment of particulars of income or furnishing inaccurate particulars of income. It is advisable to disclose the same, as income tax authorities may take a stringent view in the matter.
Authorised e-filing intermediaries offer 100 per cent accurate electronic tax returns. While the computation is based on the data provided by the tax payer, there is no need to worry about the accuracy of computation, selection of appropriate return form, completeness, security, and confidentiality.
"Taxpayers are advised to file their income tax returns early to avoid the last minute rush. Taxpayers are also requested to use the e-filing facility of the Income Tax department to get faster and error-free services. It is easy, secure and can be availed of from anywhere anytime", as per the press release of Ministry of Finance.
"Efforts should be made to further popularise and increase electronic filing of tax returns and electronic payment of taxes to reduce paper-work and make taxpayer services environmentally friendly", said the Finance Minister in his speech on June 9, 2010.
So, why wait for July 31. File your tax returns online in just a few minutes and enjoy your weekends! u
Source:http://in.news.yahoo.com/
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