What is efilling in income tax

Efilling means electronic filling of your income tax return via internet to the tax authority. Submitting your IT return by e-file or in paper format at IT office are the only two options available in India. Efilling in India is faster, safer and will speed up the process of getting refund.

All companies registered in India and business persons having turnover of Rs. 1 Crore from business or Rs. 25 Lakhs from profession is compulsorily required efilling of IT return.

As per the recent requirements, efilling of IT return is also mandatory for those individuals who have taxable income in excess of Rs. 5, 00,000. In our view IT department in future will make it mandatory for all individuals to e-file their IT return. 

Where to e-file IT return

Several different options are available to e-file your IT return. You can prepare your tax return by yourself or you can avail professional services who can prepare IT return on your behalf.  You can avail following services to upload your IT return to IT department online.

Paid services

There are various portals in India assisting in efilling of IT return. You need to register and fill up the details as asked for and these peoples will take care of the rest. Most of these portals are providing services only for individuals except few who are also rendering services for business persons. Services of these peoples come at a cost and it depends from portal to portal.

Followings are few efilling portals which can be used for efilling of your IT return;

  1. taxsmile.com
  2. taxspanner.com
  3. taxshax.com
  4. taxyogi.com

Free Services

Efilling of IT return can also be done by using the free services available at https://incometaxindiaefiling.gov.in/. This is government of India’s own site which provides facility of efilling of IT return for free. All types of assessee including business persons and companies can use this service.

To e-file your IT return for free you need to download the correct IT return form as applicable to you and then upload the xml file that is generated out of this form after filling it.

We suggest you to use IT efilling website for efilling of your IT return as you never know how your financial data are used by these portals who are offering efilling services.

If you have decided to use paid services as discussed above then make sure that the financial and other details are not misused by anyone as you will be providing your bank account and other details online at this website. Please remember with all the details that you share online can be used to reset your net banking password if you are using net banking facility for that bank account.

Benefits of efilling

  • Refund is likely to be processed faster in compare to paper filling
  • Lesser possibility of human error as your file will be saved electronically at tax server.
  • You can always download your ITR acknowledgement copy and IT return form IT site for loan or other requirements.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.