10 Reasons Why You should be E-filing Income Tax

Friday, April 28, 2017, 6:00 PM | Leave Comment

It’s that time of the year again! You’ll find everyone looking for ways to easily file their income tax and get done and over with their tax obligations.

Fortunately, Indian Income Tax authorities started of e-filing income tax online for individual taxpayers. The system of income tax e-filing was started by the Income Tax Department to ensure better e-governance and transparency.

Though income tax e-filing option is available to every individual tax payer in India, a vast majority of tax payers still do not use this mode. Why? This is because a lot of people believe that it is too much hassle and inconvenience filing the income tax online. But you’ll be surprised to know that it is utterly easy to e-file income taxes in India.

If you’re still apprehensive why you must go about e-filing income taxes this FY 2016-17, check out these 10 reasons to understand how it can make the process of filing of your income tax a breeze.

  1. It Saves Time

    E-filing income taxes online can help you save a lot of time and can spare you a lot of efforts. You don’t really need to find a chartered accountant, and make a trip to the income tax department to file your taxes.

    In addition, you won’t need to download or install anything on personal computer. All this can help you save a sizeable amount of time that can be used elsewhere for something more productive.

  2. It Saves Money

    Those who have been filing their income taxes offline will certainly agree that it takes money to file taxes. After all, no chartered accountant will help you taxes without a fee.

    Even if you wish to collect income tax forms and fill the form all by yourself, you will need to spend money on transportation and conveyance.

    However, if you choose to e-file your taxes, you’ll not need to pay anything to anyone, and the best part is that you will be able to e-file directly from your personal computer, without having to travel to income tax department to collect the form, fill it and travel all the way back to income tax department to deposit the form.

  3. It Gets You Refund Faster

    Income tax efiling is one of the best ways to get your refunds, rather quickly and conveniently. If you manually fill the form and choose to mail the form, it could take as many as 10 weeks to get the refund for your income taxes.

  4. It Gets Quick Tax Submission Confirmation

    When you e-file income taxes, you get an online receipt of your payment immediately confirming that your income taxes have been duly filed.

  5. It Gets Your Income Tax History

    To e-file your income taxes, you’ll need to login to your income tax account and this is where you can find income tax history. Compare it with the procedure of filling up different forms to get this information, and you’ll find it to be a much easier and convenient procedure.

  6. It Saves You From Troubles of Updates

    If you have been filing your income tax for some time now, you must be aware that income tax rules and regulations keep on updating and the forms keep on changing too. And it is too tedious and too daunting for a person to keep a track of all the updates rolled out by the income tax department.

    Filing a wrong form may cost you dearly and may end up burning a hole in your pocket. But when you choose to e-file your income taxes online, you automatically get to fill the correct forms, which ensures your chances of getting adequate returns and following the correct procedure; thereby, ensuring maximum savings and minimum hassles for you.

  7. It Keeps You Ready for Upcoming Tax Season

    When you file income tax manually through paper forms; there is no way you can retain your income tax related details for the next tax season. On the other hand, when you choose to file your income tax online, you wouldn’t need to re-enter all the personal and financial data.

  8. It Gets You Accurate Tax Calculations

    When you choose to file your income tax online, chances of making a calculation error are minimized. This helps you save any penalties that you may be forced to pay in case you’re filing the income tax manually.

  9. It Gets You Peace of Mind

    Filing an income tax form online can give you immense peace of mind as you’re not dependent on the post services for it to reach the income tax department.

  10. It Come Free of Cost

    This is perhaps the most important reason why you must file you income tax online. There are absolutely no charges for e-filing of income tax and you can use the electronic income tax filing method each year, without having to worry about paying anything.

There you have it 10 reasons why you must e-file your income taxes. We’re sure you ready to jump into action and use the e-filing system right away; but before you jump guns, do well to carefully read the rules stipulated to e-file income taxes.

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