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Tips to file income tax online

Last updated on: June 9, 2010 09:37 IST

Filing of income tax returns online has been restored after a temporary suspension for a day by the Finance Ministry on account of a lapse in renewing the security certification.

The last day for filing Income Tax returns is 31st July and many are contemplating whether it's worthwhile shifting from the old fashioned method of filing returns physically to a modern method i.e. e-filing which was introduced in the assessment year 2006-07.

What is E-Filing of returns?
It means filing your Income tax returns electronically through the internet. It's a simple, easy and convenient process. The steps that have to be followed include the following

If tax needs to be paid, you can also do an e-payment through the Income Tax website if you have a net banking account with any of the authorised banks. You will get a printable acknowledgement having the challan identification number which you have to quote while filing the returns.

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Tips to file income tax online

Last updated on: June 9, 2010 09:37 IST

Advantages

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Tips to file income tax online

Last updated on: June 9, 2010 09:37 IST

Disadvantages

The Income Tax authorities are trying to make it simpler, easier and convenient for us to file returns and hence e-filing has been introduced and there is no doubt that the advantages of e-filing make it a more favoured option. However, your objective should be to make sure that your income tax returns are filed in time, so adopt the means whether physical or online as is suitable to you, so that that you're not in trouble if your returns are picked up for scrutiny.


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