It is mandated by the government that individuals who have more income than the exempted amount, must file income tax returns. This is applicable even when they do not have any tax liability. Income return e filing in a procedure that allows an individual to indicate the various sources of income they have had in the current financial year.
If an individual does not file their returns on time, it can lead to penalties. But that does not mean one should file to avoid penalties. As a citizen of the country, it is a duty that should be fulfilled by everyone who comes under the threshold. But filing income tax itself is a tiring process if you do it using the traditional method.
That is why, filing returns using the online method is much more preferred as it offers various advantages and benefits over the regular method. Here are eight advantages that you should not overlook.
Faster Processing
When you file income tax returns using an online method, it gets processed much quicker compared to the case when you file using paper documents or traditional methods. In addition to that, online methods also yield refunds much quicker than physical methods.
Accurate
When you file an income tax return using the regular method, i.e., using physical documents, there is a high probability of making mistakes. This can lead to starting the process all over again. Further, each paper entry has to be eventually converted to a digital system, where the possibility of human error is quite high. Whereas when you file using an online method, such issues never occur.
Better Security
When filing online, you do not have to worry about prying eyes, as you are the online one who gets to see the information. Which isn’t the case when you submit the documents using paper files, as it passes through multiple individuals, there is always a chance of confidentiality compromise.
Convenience
With an online method, you can file for returns from the comfort of your home. Yo do not have to stand or wait in queues to submit your documents. Further, there is no time constraint with the online method, as it’s available at all times throughout the day.
Find Past Submissions
Another major benefit of filing online is the ability to access the previous returns that you filed. This is barely possible using the traditional methods, even when it is, it could take a long time to recover them.
Receipt
When you file returns using paper documents, it’s difficult to get confirmation right away. Whereas this isn’t the case with online methods, since you recipe prompt confirmation as soon as you finish, and the same receipt is delivered to your email as well. Perfect method when you need the proof of receipt much quicker.
User Friendly
Filing income tax returns online is much more user friendly compared to filing it using the regular method. Further, there is always some sort of instructions available for any individual to understand the next step. This would not be possible with paper filing unless you know the process already. Due to this benefit alone, an online method is much better for individuals who are filing returns for the first time.
Flexibility with Payments
Using the online method, you have the options to process payments from your account as per your needs. You can set up debit and credit for tax payments and refunds as per your convenience. There is also an option to set up the day you want the payment to be deducted from your account. These are one of many benefits of income tax return filing online.
