MUSINGS

e-Filing of Returns/Forms is mandatory for In the case of an Individual/HUF Where accounts are required to be audited under section 44AB; Where the above is not applicable and The return is furnished in ITR - 3 or in ITR - 4; or The individual/HUF being a resident (other than not ordinarily resident) has Assets, including financial interest in any entity, located outside India, or signing authority in any account located outside India, or income from any source outside India; Any relief in respect of tax paid outside India under section 90 or 90A or deduction under section 91 is claimed. Where an assessee is required to furnish an Audit Report specified under sections 10(23C) (iv), 10(23C) (v), 10(23C) (vi), 10(23C) (via), 10A, 10AA, 12A(1) (b), 44AB, 44DA, 50B, 80 - IA, 80 - IB, 80 - IC, 80 - ID, 80JJAA, 80LA, 92E, 115JB, 115VW or give a notice under section 11(2)(a) shall e-File the same. These Audit Reports are to be e-Filed and any person required to obtain these Audit ...

benefits of filing your returns online and the differences between online filing and manual filing of your income tax returns. Anytime Access to Records The greatest benefit of online filing of income tax returns is that all your documents are uploaded on one platform and therefore can be accessed at any time. With manual filing of income tax returns, accessing physical records in times of emergencies can be a tad difficult as you will have a lot of digging to do when filing your taxes. Simplicity of Preparation Following the online  efiling  of your income tax returns, the online portal will save all of your information, which makes it convenient for you to file your returns the next time as you can auto-populate from previous records. When income tax returns are filed manually, lengthy return forms will have to be filled in manually, which opens the risk of making errors which in turn can result in massive tax liabilities. Tracking of Status When you file your ...

Types of e-Verification of Returns There are three options to electronically verify the returns (as per income tax department website) e-Verification using e-Filing OTP e-Verification using NetBanking login e-Verification using Aadhaar OTP validation E-Filing Process Income Tax Department on its website :   https://incometaxindiaefiling.gov.in/  has given the following diagram which beautifully sums up the e-filing process / procedure, which we have tried to explain above.

What is e-filing : The full form of e-filing is “Electronic Filing”.  In view of expansion of internet, e-filing has not only been popular but is also mandatory in large number of cases.  E-filing is  The process of submitting tax returns over the Internet, using tax preparation software that has been pre-approved by the relevant tax authority. Who are Required to E-file their Tax Returns in India : There are number of cases where Income Tax Department has made it mandatory to e-file the returns.   However, we can in brief say that for individuals with salary income or so and using ITR1 and ITR2, e-filing is mandatory if the gross income exceeds Rs 5 lakhs or the individual intends to claim refund of the tax already deducted / paid.    In case you are not covered by this, you need to check the cases where it is mandatory to e-file the return. Procedure for E-filing or How to File Your Income Tax Return Online : The income-tax department...