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The clock is ticking. It is that time of the year when scores of taxpayers are scrambling to file their Income Tax returns (ITR). Tax filing is the logical end to all savings and investments done by citizens through the year and is an important recurring activity year after year.
Gone are the days when taxpayers would stand in long queues to file their ITRs or alternatively submit their Form 16 to a chartered accountant to get their tax-filings done. In the past 2-3 years, we have seen an emerging tribe of enterprising taxpayers who have taken the online route to file their ITR. This has paved the way for a number of tax filing portals and other financial intermediaries which offer online tax filing services to individuals.

E-filing gets a fillip:

 

E-filing of tax return is a win-win proposition for the taxpayers as well the Income Tax Department. On the one hand, the taxpayer can file the ITR from the convenience of home or office. On the other, the online push has reduced the processing time of applications for the Income Tax Department, which has resulted in faster tax refunds, ease and convenience.

In fact, the Central Board of Direct Taxes (CBDT) has made it mandatory for individuals earning in excess of Rs 5 lakh to file their ITR online, effective this financial year.

Tax portals are highly user friendly: E-filing of ITR definitely comes with its own advantages. The tax portals are very user friendly and they decode most of the technical details. These portals have inbuilt mechanisms. Once you upload your Form 16, certain details get populated by itself. Some portals also offer verified tax return service, which cross checks the details already known/available at the IT department database on a real-time basis as the taxpayer keys in the financial details. Thus a taxpayer can file an error free return.

Value-added services need of the hour: An investor essentially looks for a one stop shop for all his/her investment needs with convenience and simplicity in transactions. Hence it was a logical extension for many players to augment their products & services suite to accommodate tax-filing services with an aim to provide better, faster and simpler solutions to clients. Secondly every investment option has a tax connotation. So an avid investor or a trader's tax filing requirements can get complex. Hence what investors require today is a tax filing service bundled with value-added services, which will help them file tax returns not only in a jiffy but also in an aided manner.

So it is advised to avoid the last minute rush and untangle the tax web by filing your tax return online. And also try to keep it simple and error free.

COMMON TAX FILING MISTAKES
Non-reporting of interest income: Banks deduct only 10% TDS on interest income. If you fall in 20% or 30% tax slab, ensure you report the interest income.
Last minute tax saving investments: If your employer has cut excessive taxes due to non-declaration of such investments, you may be eligible for a tax refund, hence mention these investments in your tax return.
Non-reporting of exempt income: Dividends and longterm capital gains on listed securities are exempt from tax. But brokerages/ companies declare this information to the tax department, hence report this income.
Providing right contact details: Ensure you mention an accurate email ID and mobile number in your return since all the communication by the tax department is done via email or SMS.
Not-reporting income from previous employer: If you change jobs during the year, both the employers will give tax benefit of basic exemptions and deductions. Hence less TDS will be deducted from salary, which increases your tax liability at the time of filing the return.
Not submitting ITR-V: You have to send a signed copy of the one-page acknowledgment called the ITR-V within 120 days of e-filing. Otherwise, it merits to non-filing of income tax return

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online