Efiling of your income tax return has become mandatory if your taxable income generated during the financial year 2012-2013 has crossed Rs. 5, 00,000. Earlier to this the limit was Rs. 10, 00,000. By doing this change central board of direct taxes has widened the scope of e filing of IT return. Due to this change a salaried person having taxable income of more than Rs. 5, 00,000 has to compulsorily file there IT return online.
Here are the top 5 misconception a common taxpayer may have before filing an IT return online;
Myth 1: I need a digital signature to file my income tax return
IT act provides you both the option of filing your IT return. You can file your ITR with a digital signature or without a digital signature. If you file with a digital signature then the ITR filing will be completed at the moment you upload the IT return file to IT website. In the case of filing without digital signature, after uploading your file you need to send the signed acknowledgement copy (ITR V) to IT office CPC, Bangalore.
It’s a lie to say that you can not file your IT return if you are not carrying a digital signature.
Myth 2: My Income Tax Return may get scrutiny
Efiling of your IT return will speed up the process and will help you in finalizing your return sooner than the manual filing. As far as scrutiny of your IT return is concerned there are equal chances of getting a notice if you file your IT return in paper format (manual filing of your IT return).
By filing online your refund process will be speed up and the refund will directly be deposited to you bank account if your bank account details are given correctly.
Myth 3: Efiling of my income tax return is costly
There are agencies which provide online services for filing your IT return at a price but you can avail the same service at no fee from efiling website which is very easy and convenient in filing your IT return.
Myth 4: ITR V may get lost in transit
After filing your IT return online you need to send ITR V (acknowledgement copy of your ITR) to IT office, CPC Bangalore through Ordinary Post. In transit there is very little chance of it getting lost. IT department now provides SMS alert service and email alert service. If you have given your correct mobile number and email ID then you will be getting updates through SMS and Emails.
You need to send the ITR V within 120 days of filing your income tax return online. If IT office did not receive your ITR V then they will intimate you through SMS and email. After getting that you can resend your ITR V. You can also check the status online by logging into your income tax account from efiling website. After receiving your ITR V, CPC Bangalore office will be sending you an acknowledgment through SMS and Email.
There is no need to be panic as there are ways to track your status of receiving ITR V.
Myth 5: I may have to travel Bangalore to revise or correct the defect in my IT return
You can revise or correct any defect online by using the efiling facility available at income tax website. If you want you can sent any request to get access to your demand notice and even your refund can be reprocessed in case it’s not processed for some reason. By using online facility you can do all this you’re your home and you need not visit Bangalore office.
With the increase in efiling of IT return now it’s your time to join in and file your IT return online. If you are using free online services of any web service provider except the services provided by IT department then be alert. Your mobile number, email ID and other personal information may get shared by this free IT return filing service provider with the telephone marketing executive to get you tons of spam mail and SMS.