Again it is that time of the year when all your income for the current financial year is in and you need to file your income tax returns. By now, you, the salaried individuals, might have received your Form No 16 (salary certificate) and Form No 16A (tax deducted on other income). And, if you belong to the category of individuals involved in business and other professions, you too might have completed the adjustments and finalization of yearly accounts.

With July 31 just a few days away, Taxmantra.com brings to you the easiest and simple way to file your tax returns through online in a strict guidance of tax experts and will make you hassle free.

Filing of Income tax return can be perform in two ways –

•  Manual Filing

• Online Filing

It is always beneficial to choose online return filing process rather than opting for manual filing. The major reason behind exploration of this online option is that it is really convenient and very soon going to be mandatory for all just like corporate. But it is also very important to keep in mind that online filing with an authorized E-return Intermediary as it will be more accurate and chances of getting errors are next to negligible. There are multiple benefits of filing online return filing which includes accuracy, and tax planning cum saving, professional support after filing ITR and with other benefits as follows.

Due to the following reasons Online Filing is acceptable rather than opting for Manual Filing –

1.  Processing on valid time: E-filing ensures income tax is uploaded in the tax system instantly which helps in tax computations processing on a real-time.  If PAN details get matched with the income tax department then income tax return get filed, the taxpayers gets an acknowledgement on called ITR V. In case PAN card information is incorrect, the online returns get rejected and the taxpayer is intimated for failure i.e. the ITR V copy is not delivered.  This ensures the return has been submitted in time but the same is not followed in manual filing.

2.  Jurisdiction free: In case of manual filing of tax returns an employee needs to get transfer to other city than he/she needs to transfer his income tax return to the city where he is working presently. Whereas, e-filing is jurisdiction free. This means your PAN address will be the jurisdiction and same can be continued even if you move out of city or country.

3.  Faster refund: Refunds are generally received in 10 months in the case of physical tax returns.  Whereas, the refunds are getting cleared within 1-2 months in the case of return filed electronically. We want tax-payers to file electronically as that helps in faster processing of refunds.

4.  Revise return online: In case the return is filed online before the due date, and taxpayer has missed out on declaring any income or investment. He/she can revise the return online without visiting ITO. If the original returns have been filed physically then, then revised returns cannot be filed online. If there is refund in the revised return then, you will get the benefit of faster processing and refund.

5.  Rectification of the errors:  In case of physical returns, if there is an error at the time of filing, same cannot be rectified through online which means it will be more time consuming and costly too. The process of online rectification is faster and simplified. However, online rectification is allowed only for the returns which are filed electronically.

6.  Accuracy: E-Filing software with built-in validations and electronic connectivity to ITD are seamless and help minimize errors.  Paper based filing with self calculations can be prone to error. Also, when any paper based form is transferred to electronic system , there is always a possibility of human error in data entry.

We at Taxmantra.com have the expertise to guide you in lowering your tax outgo and thus enhancing your total take away. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning through online which will allow you to avail benefits as mentioned above.