Posted on 31 July 2010.
The new e-filing system, that has been brought in by the Income Tax Department, has confused a lot of tax filers around India. It can be explained this way, Submission of tax returns can be done in three simple steps, one with the digital signature that one has been registered in advance, second without the digital signature, by filing the ITR with the verification by the IT department, and the third way is to personally do it or mandatory.
Now the first step to file an e-return is a person needs to register his user name and password by the IT department, for the person needs to approach the IT office personally. Then a file containing instructions needs to be downloaded from the income tax website, along with the software that will generate the e-filing process.
Once the download has been completed, the software would direct you how to fill the form, once filled the form will come up in an XML format,which will indicate the form would be submitted electronically.
If there was a usage of a digital signature then an acknowledgement receipt is needed to be printed and if signature is not used then the form has to be filled and printed out and then submitted to the IT Office.
Read More Sources: Asia Bizz
Posted in Business, Featured, World
Posted on 30 July 2010.
Income Tax efiling – The Income Tax Department of India has taken a new step in technological advancement, as they have launched a new service of filing returns through the Internet, called e-filing or e-returns. For anyone who wants to avail the facility should visit the website and download the web services manual and follow it accordingly.
New modification have been added into the tax calculating software, so it is advised to the tax payers and brokers to download the software and use it as told in the manual. The new facility called “My Account” has been added for the existing e-filers to view their tax credit statement as per form 26AS.
The new ‘My Account’ facility will help the user to view and check that the payments have been made correctly or not, TDS deductions from the salary, and interests charged etc. This system has helped the Department modify its tax payement mechanism, from the conventional procedure which took hours and to file statements along with mile long queues which in itself took lot of time, to moving to the web system which is time efficient and accurate.
Posted in Business