Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: articles on VAT and GST in India :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

Online platforms make tax filing easy, help fill details automatically
May, 15th 2017

The Income Tax department on May 4 activated an e-filing facility in which you can start filing returns. The department has also simplified the ITR forms to make it easier for individuals to file returns. If you still find filing this a tedious, you can approach online tax filing websites. These platforms are using technology to shorten the process and avoid errors.

Shortening the process: If you are a salaried person, in most websites you can upload Form 16 on the website. Their software automatically picks the details and fills all the fields, avoid hassle of an individual typing each and every detail manually. These platforms can also parse multiple Form 16s, if the individual has changed jobs, and compute the tax liability. “If all the required details are handy, a salaried person can file tax returns within 10 minutes,” says Chetan Chandak, head of tax research, H&R Block India. If you have capital gains on a house or shares, these websites can automatically tell you the tax liability, once you enter the date of buying and selling and price at which you bought and sold the asset.

It’s not only for the salaried. These platforms have also simplified filing returns for business owners and professionals. Explains Archit Gupta, founder of Cleartax.com: “The ITR Form for business is a lengthy form with multiple pages. To simplify, we just ask around five questions to the taxpayer. Using the answers, we fill all the relevant details automatically.”

chart
With passing time, these platforms are becoming one-stop for all income tax related needs. In most of the platforms, a business owner can generate tax deduction at source, or TDS. Individuals can check refund status. If you have received an income tax notice, you can use their consultation services and know how you should proceed further. If there’s a mistake, you can also file revised returns. When you enter details, these websites use tax optimisers to tell you areas where money can be saved. “We also offer a vault where you can store all tax-related documents for future reference,” says Sudhir Kaushik, co-founder, Taxspanner.com.

Catching errors: These websites also use multiple methods to verify your details at each stage. They can pull your tax deductions (Form 26AS) and cross check the details that you have entered. Many individuals enter the mobile number in the field where they are supposed to state their total income. The software can detect such errors and ask you to rectify. “We have over 250 validations to ensure correctness of tax return. Thus avoiding mistakes, notices and penalties,” says Vishvajit Sonagara, founder, Quicko.com.

Assisted filing: If you need help to file taxes, these websites can put you in touch with chartered accountants (CAs). Some connect you to independent CAs, like ClearTax.com, and some have in-house experts, like H&R Block India. If you are unhappy with the expert assigned, you can request for a change.

If you are self-filing returns using these platforms, some charge a small fee (between Rs 250-300) and other let you use it for free. The assisted filing plans change depending on the complexity of your returns. If your returns are simple, you can avail assisted filing between Rs 500-600. For complex cases, where there’s capital gains, multiple sources of income, one needs to shell out between Rs 1,143 and Rs 1,799. For professionals and business, assisted plans range between Rs 799 and Rs 6,500.

If you are not using assisted filing service but get stuck while filing returns, you can also opt for a plan where you can consult a CA on the phone. Such plans start at around Rs 500.

Who’s responsible for a mistake? Despite all the checks, there’s still possibility that there can be an error in filing. There has been a case where an online tax filing website made a mistake in punching the salary of an assessee. The assessing officer raised tax demand. When the case went to income tax tribunal, it said that as long as it was a genuine mistake and no mala fide intention of the taxpayer, he or she cannot be held responsible. However, always review your tax returns before it’s filed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions