Who Are Required To Submit their IT Returns?
Citizens with earnings of more than Rs 5,00,000 must submit their income tax returns online, with or without an electronic signature.
Although it has made ITD’s job easier, taxpayers have left no stone unturned to fill out ITR forms on their own consequently feel the need to consult experts such as CAs, etc.
Nevertheless, with technological advancements, many portals and websites have evolved to assist those taxpayers in cost-effectively filing their ITRs.
What is the e-filing of ITR?
At the point when you record your Income Tax Returns (ITR) on the web, the practice is known as e-Filing, and it is becoming more common due to its simple design. ITR filing is required for all Indian people with certain annual earnings because you will not need to travel to the Income Tax Department to report your returns, unlike in the old days. Instead, you can e-file your taxes from the luxury of your very own house.
Taxpayers can complete E-filing from almost anywhere and at any time, which provides convenience.
Why Use The Online Method Of Filing ITR?
In particular, e-filed returns usually are handled quicker than manual returns.
E-filing income tax returns suggest that all of your records, including the bank loan acknowledgements and income certificates, are appropriately secured away in one specific place so that you don’t have to scramble for them in case of emergencies.
The income tax server will save your records, which you can view and print if necessary, by signing into your account on the income tax website.
If you are fully cognizant, the standard method of filing income tax returns requires you to enter accurate data, make estimates, deductions, and enter precise details, all of which will result in several errors of judgement. E-filing has a data authentication and tax estimation software that guarantees there are almost no or, as for that matter, very few mistakes.
Since the time limit for correcting the errors in just 15 days, e-filing is once again a more innovative option.
On the income tax department’s website, a new Grievance Redressal component has been presented.
It enables individuals to pose a question, and department officials can respond with feedback and quick fixes. Why subject yourself to the wrath of the income tax authorities by contacting them while you still can do so from the comfort of your own home?
Whether independent and online, many software is ready to support you file your income tax return in a jiffy.
Documents Required for ITR Filing Process
It is always advisable to Keep scanned copies of the following documents before beginning your ITR filing process:
- Aadhar card
- PAN card
- Bank account documentation
- Form 16 credentials
- Investment/Capital Gains Statistics
List of Standard Websites for Filing IT Returns
The following is a list of standard websites for filing IT returns:
Official Website of Income Tax India
It is the leading site of the Income Tax Department of the Government of India, from which any taxpayer can e-file their income tax returns. All Income Tax Returns, including all those provided by other software and e-filing portals, must be transferred to this website only at the end of the day.
The database allows you to schedule ITR-1 and ITR-4 returns online using a convenient GUI.
They provide customer service phone numbers for taxpayers that will be operational 24 hours a day, all the seven days available every week during the month of March. These benefits that are offered to all taxpayers bear no expense.
For all ITR types, the model also provides Excel and Java utilities. Users enter the required information, which is authenticated against predefined checks and then compiled to XML format. The customer will file the return online by uploading the XML file.
If you are a newcomer, you must first register or log while using the official portal.
Suppose you are a salaried employee or a company owner, regardless of whether you understand the fundamental terminology to follow when filing the ITR. In that case, you can conveniently file it via the online webpage.
Benefits of the Income Tax India E-filing Platform
- Highest possible Confidentiality: Since you do not have to reveal your salary or company records or credentials with others, you can document immediately from the department’s website, assuring privacy.
- Entirely free to use: The income tax department’s website is entirely free to access; therefore, you won’t have to spend a dime to file your ITR.
Under the circumstance where you have the littlest familiarity with ITR filing and do not want to pay for help, this is the smartest choice.
Major Drawbacks of the Income Tax India E-filing Site
- For a beginner, it is challenging to use.
- When you upload an excel file to the server, you should allow specific excel options, including Macros.
Clear Tax
ClearTax, which was established in 2011, is the number one platform in 2021. ClearTax has become one of India’s best online tax filing portals, with over 40 lakh taxpayers relying on it to register their ITRs online. Besides this, it allows 20,000+ CAs and tax experts to aid their clients with all tax regulations through software and a website.
The best attraction of this website is that females, retired people, and Indian Defense Personnel can file their income tax returns for free. Individuals who request CA assistance should pay a fee ranging from Rs 599 to Rs 1,800, based on the level of support required.
ClearTax will assist NRIs with their savings, sort out their refunds and obligations, and e-file their Income Tax Return.
And it also has the option to auto-import facts from your Form 16/Form 26AS (Tax Credit Statement) and updates your tax return, presenting guided assistance in the filing period.
ClearTax’s Benefits
- Convenient User Interface: Clear Tax has a simple software approach that allows you to file your ITR without any headache securely.
- Paid Assist – If you are experiencing difficulties figuring out your ITR, you can choose a paid package to get professional support at any point.
- Tax Saving Investing: To save funds, you will get instant investment advice on tax-saving instruments such as ELSS funds. You will also get an instantaneous invoice for your expenditure, which you can post as tax-saving evidence.
- You also can use a mobile application to execute your ITR.
ClearTax’s Shortcomings
- The primary assistance package does not provide for all the components of ITR.
- TaxSmile ITR Software
TaxSmile lets you practice your ITR in an elementary Question answer template, and it is relatively simple to interpret your ITR on your own.
Tax Smile would not overwhelm you with a slew of alternatives. You can either document the ITR manually for free or pay Rs. 500 to have the TaxSmile professional do the same for you.
The very first thing you’ll find in this portal is a huge sticky window with an email address for emergency assistance.
TaxSmile, on the other hand, charges you with some “Value Added Services.” As a consequence, you can pay an additional fee price for each service which you want to access.
You should submit Form-16 and keep the rest to Taxsmile for Rs. 500.
TaxSmile, similar to ClearTax, is a recognized e-Return Intermediary with the Income Tax Department, implying you can file your returns exclusively through their site without really checking into your Income Tax Account.
TaxSmile’s Perks
- Prompt Process – TaxSmile has a straightforward GUI that enables the user to prepare the ITR for free or have the team file the ITR.
- Value-Added Services – You can pay according to your needs. If you’d like some value-added services, including certain post-filing assistance, you must pay for those and those only. As a result, the benefits are very capable of adapting to the needs of the customer.
TaxSmile’s Shortcomings
- Only ITR-1 and ITR-2 programs were developed for limited form filing.
- There is no all-inclusive package; if a person requires all of the resources, he must pay for them on an individual basis.
MyITReturn Income Tax Software
MyITReturn is a famous digital ITR filing platform with over 26 lakh users that assists users in determining their taxes and compiling their ITRs online via their portal. The first income-tax return in India was registered using their app, which was created specifically for the Income Tax Department.
MyITReturn is an ideal substitute if you plan to initiate tax preparations in order to turn a profit on taxes.
Aside from their platform, the website also assists over 200,000 clients in calculating, paying, and uploading their tax returns using their android app for Android and iOS, making the operation very seamless.
Besides, English consumers can access over 9 Indian languages (Hindi, Gujarati, Marathi, Tamil, Telugu, Kannada, Malayalam, Bengali and Punjabi).
After completing the signup process, MyITReturn will contact you for professional tax preparation recommendations.
Not only can they help you prepare, but if you get a notice from the Income Tax Department for whatever occasion, they will also lead you through the process of resolving the matter.
They have over six different plans to meet the demands of their customers.
MyITReturn is also a licensed e-Return Intermediary with the Income Tax Department, authorizing you to send your ITRs immediately from their site to the IRS server.
MyIT Return’s Greatly Benefit
- Tax Preparation – With adequate preparation from a CA, MyITReturn assists you in tax planning and saves money in the long term.
- Affordable Cost – Should you need assistance with ITR reporting, you will be charged a very rational and relatively inexpensive fee. And if you belong to the elite group, with a gross income of about Rs.10 lakh, you will still just have to pay Rs.599 to have your taxes filed, which is a token amount.
- Disclaimer Comment back – You get professional assistance on how to write a sincere and accurate response in the event that you receive a warning from the income tax department.
- You can also fill up your ITR using a mobile app available in the Google Play store.
MyITReturn’s Inconveniences
- Not for professionals who prepare specific tax returns for clients.
TaxSpanner
TaxSpanner is said to be India’s biggest and most trusted platform for online preparation and filing of individual Income Tax Returns (ITR).
This is the one website where there is no free support, and fees begin at Rs 449.
Customers dealing with the State Bank of India will benefit from approximately half of the total discount.
If you have foreign revenue, TaxSpanner is the best option. You should schedule a one-on-one consultation with a specialist. For freelancers, contractors, or writers with overseas revenue outlets, this is extremely helpful.
You must pick the alternative “ITR residents with foreign income properties.”
Second, the TaxSpanner computes taxes using sophisticated algorithms to provide you with precise data.
Salary e-file, Investor e-file, and Business e-file are the three categories. Charges vary depending on the plan, such as Plus, Supported, or Optimizer.
The Strengths of TaxSpanner
- Trustworthy Expert Opinion – If the primary source of revenue is overseas, you can get expert advice about filling out your international income correctly to break free fines.
- Tax Advice – Chartered Accountants will provide tax advice on financial issues to help you maximize your profits and expenses.
- Complete Accounting Service – Whether you have a tiny startup or SME (Small and Medium-sized Enterprise), you should apply to the comprehensive accounting plan to avoid the hassle of keeping payroll books, submitting GST returns, or looking for a nearby accountant.
TaxSpanner flaws Expert
- Advisory plans are more expensive.
- Since it is a cloud-based network, you must have access to the internet.
H&R Block
The H&R Block online policy is tailored to the client’s tax situation and facilitates unrestricted e-filing. The machine read Form 16 remotely, having saved your time. Other systems personalized to NRI, US tax filing in India are also available.
The interface helps you to plan your ITR on your own using an easy-to-use chrome browser.
It also requires the facility to auto-read Form 16 to populate the credentials relating to payroll income and the related TDS in your ITR, which keeps adding to the simplicity.
Notwithstanding that, the free bundle contains live chat and phone help and support during the Income Tax Return e-filing timespan.
Benefits of H&R Block
- The interface helps you to plan your ITR on your own using an easy-to-use chrome browser.
- It also requires the facility to auto-read Form 16 to populate the credentials relating to payroll income and the related TDS in your ITR, which keeps adding to the simplicity.
- Notwithstanding that, the free bundle contains live chat and phone help and support during the Income Tax Return e-filing timespan.
H&R Block’s limitation
- The biggest drawback of H&R Block’s operation is the cost of Online Assist. Any competitors’ features, such as TurboTax Live, offer less expensive one-on-one technical assistance.
- Accounting department support is more expensive than alternatives. If you need this amount of support, it will increase the average cost of the software.
- Provides a variety of tax preparation tools as well as numerous other outlets. These choices can be advantageous for others, but they can also be confusing for newcomers.
- Because there are different price tiers, you probably have to pay for features you may never use.
Gen IT Income Tax Return E-Filing Software
If you enter the cash flow statement data, the Gen Income Tax programme instantaneously measures income, self-assessment, advance tax, and interest calculation under section 234A,234B,234C of the Income Tax Act.
You can also integrate information from Tally or Busy accounting applications to assemble the income tax archives of several clients and file ITR into the system.
If you need additional functionality for annual expense calculation with cutting-edge highlights, such as unfulfilled obligations alleviation computation, pay allowance, deterioration guide, or converse assessment estimation, Gen IT is the best program.
The Perks of Gen IT Tech
- Gen IT senses the class of money and then induces the ITR form analysis of the financial group. Gen IT also continues to generate e-challans, transitions current data to the following year’s appraisal, adjusts losses, and continues to perform a wide array of functions.
There is no other program that can go so far as to cover anything relating to income tax return registration and maybe even more.
- Direct e-filing eliminates the need to download files and afterward upload them sequentially to the income tax department’s website. You can file your ITR directly only through the app.
- Comprehensive customer service team – SAG Infotech has the highest quality customer service in the industry. You can approach them primarily through email or phone, and they will do their best to overcome your issue at the earliest.
Inconveniences of Gen IT Software
- The user interface seems to be out of date.
- Its operation is somewhat challenging to decipher