Tuesday, 26 July 2011

Advantages of e-filing Income Tax Return

There is a lot of advantages while you e-file your income tax return. Most taxpayers selected e-filing of their income tax return this time. The Income Tax Department expects around 50% of taxpayers would choose e-filing this year. And the count will be higher and higher in the coming years. Last year itself around 91 lakh returns were filed through e-filing. This is around one third of the total income tax returns filed last year. Let us examine the main advantages of e-filing of income tax return.

User Friendly Software

The income tax India makes available user friendly software to submit income tax return through their website for e-filing. The Income tax India established an efficient automated centralized processing facility in Bangalore which facilitates more convenient electronic filing of Income Tax Return.

Speedy processing of ITR and Refund

The e-filing of Income Tax return allows the processing of Income tax return very quickly and the refunds could be received much faster. Long waiting can be avoided for getting refund.

Errors free income tax return filing.

Through the downloaded Income tax form (Excel format or pdf format) you can prepare your return more accurate and more easily. Tax will be calculated automatically when you give your income and other details.  So you can check the accuracy of TDS certificate and Income Tax calculation. There is a facility of verification and checking your entries electronically and the system itself will check the accuracy when upload the return to the income tax website.

E-filing can be done from anywhere at any time

This is one of the main advantages of income tax e-filing. You can file your return from any place where there is a computer and internet connection and the filing is allowed round the clock every day. Even Sunday also you can file income tax return electronically.

More secure than paper filing

Your data will be safe and confidential in the income tax e-files than keeping in paper files in income tax office and your e-filing id will be safe with a strong password.

Easy accessibility of data

Your income tax data will be stored along with your user id and password and you can verify anytime.

Reduce paper usage and save the environment

E-filing of income tax return reduces the usage of paper. Reducing paper means reducing the cutting down of trees and plants for making paper. So you are saving the nature and environment and the e-filing is environment friendly.

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