Technology makes work easy for new age taxpayers
by Sophie Grace What New When You Have Forgot to File Tax Return?
are the days when filing tax returns was a Herculean task. Preparing necessary
documents, filing forms, standing in long queues and other paraphernalia are
things of the past. So, what exactly has changed in these years in the process
of filing income tax returns?
Plenty, to say the
least. Briefly, technology has brought immense changes in the form of speed,
accuracy and convenience for taxpayers.
Online filing of
income tax returns (ITR) is more relevant for new-age
taxpayers who spend around 90 minutes a day on smartphones for online
activities. The time spent increases to 130 minutes with premium segment users,
according to a 2018 Nielsen data.
major advantage of online filing is that taxpayers need to upload the necessary
documents on an ITR mobile app where the platform reads the documents and moves
forward with the rest of the process.
Online tax filing
platforms have also done away with having to remember important information
pertaining to your ITR filing. They send push notifications to clients
registered on their platform regarding important updates, including date, new
policy and number, among others.
Intelligence (AI)-backed chat-bots help solve customer queries and issues.
However, the biggest benefit is that because of technology, it is now easier to
file the ITR online on-the-go. With current lifestyles, where everyone is
pressed for time, technology has brought the much-needed ease in filing ITR
are portals that ensure you file the income tax return in just seven minutes.
How cool is that! With smart processes like auto-reading of Form-16, this is
really a time-saving technique for taxpayers, especially for those who have to
constantly travel for work. Online ITR filing is more secure than
paper filing, since the data is not accessible to anyone — either by design or
by chance — as portals use encryption technology. With the paper filing, there
is a good chance for income details to be accessed easily. For example, someone
at the chartered accountant’s office or in the income tax department can easily
see any document filed as returns. Most e-filing platforms save data in a
secure way and provide access to it at the time of subsequent returns filings.
Hurray! Your online
ITR filing has been accepted — this email is valid proof that you have
completed the filing process. The confirmation is prompt and is sent to the registered
email ID at the time of filing and during subsequent filing.
Though online filing
is very simple, detailed instructions pop up on the screen while completing the
process, making it trouble-free even for those that are not internet-savvy.
filing ITR online, it is easy to make a direct deposit of the refund and direct
debit for tax payments. Furthermore, there is also the option to file now, pay
later or even decide the day to make the electronic tax payment from your bank
online are processed quicker than paper-filed returns. There will be a prompt
acknowledgement of the ITR as well.
The e-filing software
with built-in validations and electronic connectivity works seamlessly, thereby
minimizing errors considerably. Neither is there any time or place constraint
in filing returns online because the filing facility can be accessed 24x7 from
filing platforms keep financial records secure, which can be used in the
future. In case there is a need to show tax records, a taxpayer can just go
back to the old record and do the needful.
While e-filing, it is
easy to check the accuracy of the returns filed. There are many online tax
return programmes available that can do the income
tax return calculation and guide a payer with selecting the correct ITR
form or what steps are needed to take next.
Created on May 29th 2019 05:12. Viewed 358 times.