Monthly Archives: July 2011

How To e-file Income Tax Return-Online Income Tax Filing-Advantages And Disadvantages Of e-filing Of Income Tax Return

Sahaj & Sugam – New IT Return Forms. Can download from the website www.incometaxindiaefiling.gov.in and print as per colour specifications. Due date – 31st July 2011.

I am sure, most of you must have got this group-message via email, which was sent by Indian Government to all tax-payers, whose had their mobile numbers updated with Income Tax Offices. Now we all are making our loan-payments online, paying the electricity bills online, so why should filing Income Tax Returns be an exception? Yes, You heard it right, you can e-file your income tax return !! No need to seek an appointment with a CA(Chartered Accountant) or standing in a long queue outside Income Tax Offices, you can do it sitting right inside your home. This article lists out the complete process on how to go about filing your income tax returns online.

E-FILING PROCESS:

  1. First of all, You have to select an appropriate type of Income Tax Return FormIt varies from individual to individual depending on whether you are a Salaried Individual or Business-Owner or a Partner in a Partnership Firm etc.
  2. Once you have selected the right type of Income Tax Return Form, please download the corresponding Income Tax Return Preparation Software. Please fill the Income Tax Return Form with all relevant details regarding your Income/Taxes/Losses etc offline. Once you are done, please validate your entries by clicking on “Check Form” button, provided at the end.
  3. Once you are sure about your Income Tax Return Form, that you filled offline, proceed to generate an XML File out of it by clicking on “Export to XML” button, provided at the end.
  4. If you are e-Filing your Income Tax Returns for the first time, you will have register as a user on https://incometaxindiaefiling.gov.in. Once you are registered by creating a user id and password, please log into the portal using your credentials. Please browse to select the XML files (generated out of your offline Income Tax Return Form) and upload it on the same site. Now you have to attach the digital signature for yourself. Once you do that, your return gets filed !!In case, you don’t have a Digital Signature of yours, you need to generate a PDF file for your Income Tax Return Form and send it via courier to to Income Tax Department – CPC, Post Bag No – 1, Electronic City Post Office, Bengaluru – 560100, Karnataka(You can check out the details of IT offices, where you need to submit your Income Tax Return Forms on the same website). The post can be sent by ORDINARY POST OR SPEED POST only and that too within 120 days of transmitting the data electronically.

So this way, your e-filing process gets completed. As you can see, this is very easy to use and time saving at the same time. In case, you get into any problems, you can always contact the PRO(Public Relation Officer) of the Local Income Tax Office.

Advantages And Disadvantages Of e-filing Of Income Tax Return: As you know, earlier tax-filing used to be a very tedious process. You have to stand in long queue but now it is faster and efficient process because of e-filing. In e-filing chances of getting error is also lesser than physically filed.There is no postage charge also,so it is money  saving also.

Thus it is faster,efficient and money saving process but it has also a black hole that is security concern. There may be chances of hacking of computer system and unauthorized access to taxpayer’s files. But, I am sure those concerns have been raised elsewhere too. We are hoping that huge usage of computer and internet will make e-Filing of Income Tax Returns grow as mushroom.

Last Date of e-filing your Income Tax Return Form has been fixed as 31st July 2011

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Track Your PF Provident Fund Account Balance Online

As you already know, it is too difficult and involves a lengthy process to enquire about your own PF (Provident Fund) Account. I have already mentioned it at length in one of my earlier blog posts. But, finally some good news for PF account holder. After first announcing it almost 2 years back, EPFO (Employee Provident Fund Organization) has finally said that starting 1st July 2011, PF (Provident Fund) Account related information is just a mouse click away from you, as it will be available online via an SMS to your mobile. PF(Provident Fund) related information will also include the latest transaction regarding your PF account like settlement/transfer-in/transfer-out, your current balance, employer’s contribution etc. However, this facility will be available only for a certain region of the country, at present it is available for Delhi North, Delhi South, Bangalore, Gurgaon, Laxmi Nagar (Delhi), Faridabad and Karnal.  Although, they have announced that very soon this service will be available for remaining PF offices as well.

For knowing the PF account details, please follow the following set of steps.

  • Go to site http://www.epfindia.com/MembBal.html.
  • Select the regional PF office, where your account is maintained.

  • Enter the establishment code (maximum 7 digits), extension field and account number(maximum 7 digits). If there is no extension it can be left blank.
  • Now enter the name and mobile number and submit. Once done, all the relevant information with regards to your PF (Provident Fund) Account will be sent to you by SMS.

Hopefully, this initiative will please the PF Account Holders, who for long have been crying for more transparency and accessibility from government offices, in this case EPFO (Employee Provident Fund Organization)