E-FILING OF RETURN

As the date for filing IT returns for individuals draws nearer, an obvious question is crossing through taxpayer's mind TO 'E' or NOT TO 'E'?
This article will discuss tax return filing for individuals not carrying out business / profession.
e-Filing As against the usual way of filling in the details manually and then submitting them on paper at respective ITOs e-filing is a smarter option where you can file your returns
with the convenience of operating out of your home or office. Well, electronic filing has become a norm for corporates since last two years and a common employee generally listens to all the big talks about the hassles that the office is facing every time. But still it is not touching his personal
life. Sooner or later, e-filing may become mandatory for the individuals too. The tax payer (filer) may again fall in one of the two categories:
• Tax payer is ready with the tax computation to be filled in the form properly
• Tax Payer needs assistance from an expert in computation of income and tax
Income tax Official Site
A tax payer has an option to go ahead and use the forms a v a i l a b l e o n t h e d e p a r t m e n t ' s s i t e www.incometaxindia.gov.in and submit it from there.
The procedure will be as follows:
• Create a user ID on the department's site with your valid PAN
• Download the free software to complete income and tax details
• Convert the information in the requisite XML format
• Submit this return file by logging on to your user ID on the department's site
• This transmission can happen with or without a digital signature
o If digital signature is used then mere submission electronically will be enough
o If digital signature is not used then the acknowledgement, known as FORM V will have to
be taken down as a printout in duplicate. This will have to be then submitted at the ITO after verification by the taxpayer. The Receiving official will return one copy with stamp as an
acknowledgement. Online Portals
• If a tax payer needs assistance in completing tax return , he can utilize services provided by online portals .

• Some of these portals are
www.taxsmile.com,
www.taxshax.com
www.indiataxes.com
• You get online assistance in the form of simple questions and answers for filling up the information to arrive at a filled form.
• These sites also provide optional online assistance or physical filing services. The charges for these services can range from Rs.150 to Rs.500. Tax Return Preparer
• Go to IT Dept notified Tax Returns Preparer who with a nominal charge of Rs.250 will prepare the returns for you.
• More information on this help can be obtained from the department's site. But generally, in every ITO, one of these official individuals can be found as the government has allowed them to carry out their workthere.
CA/ Tax Advocate
Go to your good old CA friend and utilize his expertise in return filing.
To 'E' or Not To 'E'
• E-Filing is not mandatory for ITR1 ,ITR2, ITR3 and ITR4.
• However , till 31st March 2008, out of 21.93 lakh
e-returns, over 14.41 Lakh returns (66%) have been filed voluntarily by taxpayers indicating the broader acceptance of the convenience of e-filing.
• As the government promises, this is a way in which your workload and time is saved a lot. It is much easier to see results like Online Acknowledgements. And if the government is to be believed, this will help in faster processing of refunds, that is most important
from your perspective; isn't it?