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Online Options For Filing Income Tax Returns

With online tax filing catching on over the past couple of years, a number of private websites are offering these services.

In financial year 2010-11, a little over nine million people filed their returns online. This number is expected to rise to 20 mn in 2011-12 and touch 70.5 mn in 2016.

The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month." Obviously, private players see this space as an opportunity. There is a government website, www.incometaxindia.gov.in, where one can file returns free of cost. Some of the private portals providing e-filing help are Taxsmile.com, Taxsum.com, Taxspanner.com, Myitreturn.com and Taxshax.com. These help you file by making you fill some basic forms and asking questions about your income and investments.

On completing these forms, your income and tax statement will automatically be computed.

Any queries one may have can be emailed or you can be asked to chat with tax experts. There is also pop up-guidance, video demos and telephonic help.

Also, features such as filing part of your form at one time and continuing the rest of the process as and when you want to make these products more user-friendly. The portals also have an edge over desktop income tax filing software in convenience (in terms of not being bound to use one computer only to file).

The cost, though higher than the government site, is cheaper than hiring chartered accountants. Sanjay Kapadiaa, Chairman, SNK ETax Solutions (TaxSum), says: "Online portals are a lot cheaper than going to a professional chartered accountant, and the extra cost charged on added benefits like selling digital signatures is not much. We charge

`140 for a six-month digital signature accessible straight off the net, as compared to pendrive signatures which cost `600-800." In comparison, a chartered accountant would charge in excess of `500 for filing returns. There are other advantages as well. Filing returns online is a convenient way of filing returns from anywhere. The portals offering such options all seem high on security measures to protect one's information. And, the entire filing process is a lot faster online, enabling one to know how much tax they need to pay or receive.

Getting back refunds is a lot faster with e-filing, while your taxation amount, too, can be paid off easily using debit/credit cards.

One of the portal owners said: "People, by and large, are more worried about their returns and refunds. This is made easier in efiling, for one can track the return online through the income tax department web links and this centralisation has made getting refunds faster." For those who have yet to begin filing any return because of the cumbersome process, starting through e-filing would be a good option. I-T returns act as a customary income proof and help you get a good credit history, if you wish to pursue working or studying abroad. In fact, even visa applications for short holidays abroad, getting a loan or higher insurance policy or getting a solvency certificate is a lot easier if one files tax returns.
 

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Also, know how to buy mutual funds online:

 

1) DSP BlackRock Mutual Funds:

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2) Reliance Mutual Funds:

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3) Sundaram Mutual Funds:

http://prajnacapital.blogspot.com/2011/07/buying-sundaram-mutual-funds-online.html

 

4) Birla Sunlife Mutual Funds:

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5) UTI Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-uti-mutual-funds-online.html

  

6) SBI Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-sbi-mutual-funds-online.html

 

7) Edelweiss Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-edelweiss-mutual-funds-online.html

 

8) IDFC Mutual Funds:

http://prajnacapital.blogspot.com/2011/06/buying-idfc-mutual-funds-online.html

 

 

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