t is difficult to part with your hard earned money in taxes and could even more be pinching if there is hardship in filing the return. No wonder some say that while the government taxes your earnings, filing the tax return taxes your mind! While the thrust continues to be on simplification of income tax (IT) return, IT Department has also introduced a convenient way to file these returns online, saving the hassles of long queues and handling stacks of documents. It means filing your tax returns electronically through the internet. This is catching on fast and more and more tax payers are making use of e-returns.
With the due date for filing the IT return, i.e. 31 July, fast approaching, many people are contemplating shifting from the old fashioned method of filing paper returns to the contemporary method of electronic filling. Pre requisite fore-filing As a prerequisite, you are required to pay all your due taxes before you can proceed to file the IT return. Unlike the traditional process of payment of taxes in cash or cheque at the designated bank branch, you may also choose to pay taxes online using net banking facility. On successful payment of online taxes, a printable acknowledgment, similar to the challans provided by the banks, is generated. The details of the acknowledgment / challan are required to be mentioned in the IT return. Once the taxes have been paid and all the relevant income details are available, the next step is to fill the applicable IT return form.
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