What is an Income Tax Return?
An Income tax return is an individual or entity’s self-assessment of their income
for a particular financial year. The Income Tax department leaves it to the individual
to declare his or her income for the year by reporting the incomes from all avenues
such as Income from Salary, Interest or Fixed Deposit income, Income from Shares,
Capital Gains, and income from House Property and Business Income. The individual
has to calculate the total of all the incomes and report them in the various sections,
along with deductions such as 80C and 80D.You also have to declare
the amount of tax that may have been deducted from these incomes so as to get the
appropriate tax credit. You then have to
calculate your income tax based on the prevalent tax slabs and compare that
to the taxes that you have already paid via TDS or Advance taxes and then check if you still owe more
tax or if you have a refund. The declaration of your income, deductions and taxes
is an Income Tax Return.
What is eFiling of Returns?
Using the brilliant and easy system built by Makemyreturns.com to electronically
submit your income tax return to the Income Tax Department is called eFiling Income
Tax Returns. Online tax filing has been made mandatory by the IT Department.
How is eFiling different from regular filing of returns?
IT Returns that are filed electronically are usually processed faster than manually
filed returns. All IT Returns are processed by the Central Processing Centre in
Bangalore but the efiled returns receive preferential treatment. Efiling also makes
life easier for the Income tax officers in the Income Tax, India Department.
Benefits of Online Filing with Makemyreturns.com:
- Income Tax efiling is super easy with Makemyreturns.com
- Get the assistance of an expert Chartered Accountant during your ITR eFiling.
- We also assist you with making Online Income Tax Payments.
- After using our ITR eFiling solution, we stand by to support you when any intimation or notice
is sent to you by the Indian Income Tax Department in relation to your Income Tax
Also read: -Things to keep in mind while efiling of Income Tax