The invitation to blog on the benefits of filing IT Return already brings out succinctly the advantages in filing the tax return and conversely the problems one will face in not doing so. And to explain the ease with which one can do so relaxing in our arm chair at the click of the button, I have an interview with a special person in my life, reproduced here for the benefit and understanding of my blogger friends here who have fallen prey to the tedium of manually filing returns – this spectacular individual is my father, an all India rank holder of 23 in the CA final , that too in the days of yore, when hardly a couple managed to clear one of the toughest exams held in our country. He has another feather to his cap, as a chartered accountant, he has the rare distinction of being a member in the Institute of chartered accountants for 50 years, a feat he achieved a week ago!
Excerpts from the impromptu tete a tete:
ME: Appa, can you tell me about Income tax returns filing
APPA : Suni, IT returns have to be filed every year by a citizen who earns an income-salary or any other source. Gone are the days when you have to run from pillar to post to obtain the appropriate Return form and with trepidation approach the tax consultant for filling up the personal details and income from various sources, claim various rebates and deductions and calculate the tax payable. One has to collect Form 16 and 16A from employers, banks, tenants etc. to ascertain the income received and tax deducted at source and cross check them with own records and enter these manually in the form.
ME: Ok what if I did not have a basic knowledge on finance and accounts?
APPA : Yes, this is exactly the problem. Irrespective of one’s background, it is expected of everyone to have rudimentary knowledge of Income tax laws and rules and the ever changing tax limits, rebates, deductions, basic exemption, tax rates, surcharges and cess !
ME: So what is the easier way out?
APPA : With the introduction of e filing, we need not run after forms (filling them in duplicate), engage the services of a tax consultant and stand in the queue at the 11th hour to file the return in person at the tax offices. With the click of the mouse you can access the appropriate Return form in the site https://incometaxindiaefiling.gov.in/e-Filing . Now, there is a fantastic platform available called the H&R block https://www.hrblock.in/which makes E filing extremely simple with its step by step approach, a dullard like you can file the returns with tremendous aplomb and dexterity. The flexibility and freedom of using the H&R block is really valuable and propitious and that too with utmost security and confidentiality!
There is no need to fill up laboriously your personal details as all this gets filled up automatically either from your PAN or from previously filed e returns. This takes away the hassle of filling up lot of repetitive information. Once you enter the income you have earned from different sources(listed in the form itself), the total income is automatically calculated, the eligible rebates and deduction and basic exemption limits are considered, and the tax due is calculated by the system itself. The taxes deducted at source are picked up from the quarterly returns filed by the employer, banks etc directly with the Income tax Department (all linked by the PAN) and the net tax payable/refundable is also worked out. If any interest is payable, the system works out the same. There is facility for e payment of net tax payable by accessing the appropriate chalan and such payments are immediately considered in the e return. After filling up the declaration, you can upload the return to the Income tax site. Deficiency in information, if any, in the form prepared by you is pointed out at that time and only after their correction, it is possible to upload it.
ME: Wow…this is as easy as 123..what is the next step?
APPA : After the above menu- driven simple exercise, one has to download ITR V ( Acknowledgement from the IT dept.) take a print out ( not necessary for those whose digital signature is registered) and the already filled up form is to be signed and sent to the address given therein ( CPC- Bengaluru) within 120 days of e filing. We will be getting acknowledgement of receipt of the IT return through the registered e mail within a week and later the acceptance of our Return after scrutiny. We can also view our filed Return in the IT site and the status of processing of the Return.
Refund of Income tax, due if any, is made promptly by NEFT directly to the bank account given in the IT return
ME: No more excuses for me, I am becoming a responsible citizen of India and will file my returns before 31st of July. You have opened my eyes with this remarkable piece of information about E filing and the adroitness one can do it with an interface such as H&R block. This is indeed child’s play for me!
APPA : Hope you are brain is unlocked with H&R block and free from the complexities normally associated with IT returns filing! Go ahead and enjoy the comfort of doing it on H&R block!
ME and APPA in unison: We are taking the #TaxPledge with H&R block!!! We are sure all the lovely bloggers and country men and women would do too!!!