Technical advancements have revolutionized human life in multiple ways. Every passing day, the world witnesses a new development that saves human time and effort. So, how come filing taxes is left behind?
Gone’s the time when everyone used to manually file income tax returns by filing numerous forms and navigating through complex calculations. Now, the process is simplified, and the e filing of income tax return is becoming the most preferred way. If you are new to ITR and seeking why e-filing is the next normal thing, you should read the article below.
What is E-filing?
E-filing of ITR is the modern way of filing your returns. This method allows you to submit your ITR electronically, unlike the traditional manual process of filing an ITR. Every method has its advantages and disadvantages. Let’s look at some of its benefits today.
E-Filing of Tax Returns – The Advantages
There is no one reason for going towards e-filing instead of manually doing your ITR. Some of the below reasons will help you understand the various benefits of e-filing.
1. Time Effective
Imagine going to a CA, submitting all your documents, and then waiting for them to file your ITR. Isn’t it a long and tiring process for something that you can do yourself in less time? You can file an ITR very comfortably online by entering your information step-by-step. You can easily find ITR filing tutorials and ITR calculators that can save you time doing complicated calculations.
2. No Human Error
No, people do not always make mistakes while doing their tasks manually, but there are chances of human errors. If you e-file your taxes, you will also eliminate those few chances. With various e-filing software, you will be sure your information is accurate. Such software allows you to recheck your information before submitting it. Whereas in the case of manual filing, nobody tells you to recheck and then submit.
3. Latest Updates
It is among the important criteria for you to consider for e-filing. There are changes that happen in the tax system quite often, and after the budget, these can be overwhelming for everyone to remember. If you manually file your taxes, chances are you may miss some or others. But in the case of e-filing, the software will be updated with the latest, thus, ensuring you are complying with the current regulations.
Remember the time when after manually filing the ITR and understanding how to file itr online, you would have to wait to receive a confirmation? With the technology change, the confirmation method has also changed. With e-filing, you get notified about your ITR being filled and under review. Knowing that you have submitted your ITR within the deadline is a relief and peace of mind. Moreover, no more worrying about getting a printout for the verification. You get the option to e-verify your ITR as well.
When you e-file your ITR, every document is with and without access. It means no one will have access to your financial information. If you do not have any complex calculations for ITR filing, you prefer doing it online to ensure no one knows about your finances. E-filing also promotes the confidentiality of your information since the login id and password will be used only by you.
It may be the last but the most appealing one. If you are given the option of not standing in the post office’s long queues vs filing your ITR in the comfort of your house, you will definitely choose the latter. Doing so will save time and energy and make others take on more critical tasks. Moreover, you won’t have to worry about bank holidays and weekends since you can file 24/7 at your convenience.
ITR filing is a vital government requirement and should be done within the stipulated deadline. If you can easily file the tax return, you can opt for e-filing. It is more convenient, saves time, and accurate than manual filing.