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E-filing of ITR is Easier

 


QUICK TAX Aadhaar can be linked for easier processing; fewer forms too
 
Last week, the finance ministry announced the commencement of the electronic filing of income tax returns for 2015-16. The department had notified the revised forms two weeks back, after the earlier forms were criticised for seeking unwieldy additional details on tax payers' foreign travel and dormant bank accounts.

However, some changes have been retained. For instance, starting this time, the ITR forms now have a space for Aadhaar card holders to provide their Unique Identification Numbers (see box). Linking Aadhaar with your ITR will eliminate the need of posting the duly signed ITR-V form to CPC, Bengaluru, after e-filing of the income tax.

The tax department has also introduced the new three-page simplified form called ITR-2A for those who may own more than one residential property , but do not have any capital gains. Earlier, a large numbers of salaried employees owning more than one house property, even though they didn't have any capital gains, had to file ITR-2. This year onwards they have a much abridged form to fill. Though the filing deadline has been extended to August 31, the ministry has requesting taxpayers to e-file their taxes earlier in order to avoid a last-minute rush.

Not just the government, even private e-filing platforms are ready with the updated ITR forms. Most of these sites have a freemium model, where the basic ITR-1 filing is free. However, for the more complicated filings such as for small businesses and personal CA assistance, you'll have to pay.

The I-T department site has the option of e-filing returns for free. Those who are savvy always can always choose that. But there are many exemptions and deductions a taxpayer might not be aware of and hence end up paying huge taxes. Some would still need assistance in optimising their returns and claim refunds. These paid packages are for them. Here are some new features these sites have added this year: Automatic ITR Form Selection The websites now automatically picks the correct tax form based on your income sources and data entry .

Uploading of multiple Form 16: These sites pick data directly from your form 16 to auto fill you ITR. However, if you had switched job and have more than one form, you had to manually enter the figures. This year we will support uploading of multiple Form 16 and assimilate data in the ITR form.

Automated deductions: You can also directly pick all your TDS and TCS deductions from your 26AS. This information is picked from the government's website at the click of a button to ensure all figures are accurate and you don't miss out on claiming any TDS.

Tax Optimization: Some standard deductions such as for property income and `10,000 bank interest income deduction under Section 80TTA have been automated. For some confusing tax calculations, there are inbuilt calculators.


Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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