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How You Can Save Money by E Filing Income Tax Fy 2017-2018?

February 6, 2018 by admin in Money Advice, Saving Tips, Tips

 

In the past 10 years or so, the Indian government has brought in major changes in the Indian taxation system. The rate of taxes has been streamlined and the filing procedure has been simplified drastically to help the taxpayers. As a result, individuals are getting to understand the procedure better, which eventually ease out the whole process of tax payment.

These changes have enabled the taxpayers to file their ITR in large numbers; however, paying taxes have been always seen as a burdensome task because nobody likes to part with her/his hard-earned money. Thankfully, there always some ways out to help you save money while paying your taxes as a responsible citizen.

By e-Filing Income Tax FY 2017-2018, you can easily save your money in multiple ways. There is also a quick refund offer for those who file online as it allows the income tax office to access your tax form ready online. It eventually means a quick and thorough checking of every document and completing the verification procedure.

You can further go for income tax filing returns. Filing tax returns is a quicker process than tax refunds. Most tax payers (like service holders, etc.) will get a paycheck from which taxes are deducted. The deducted amount is called TDS. Once you complete the e-filing of tax return, returns are made pretty quickly.

Do you believe in the phrase “Time is Money”? If yes, e-filing Income Tax will save your money at least 5 times and that too in lesser time:

  1. Time spent on your way to an Income Tax Office
  2. The time you will have to wait there
  3. If few of your papers are missing, you’ll have to travel all the way back and repeat the whole procedure of visiting the income tax office again.
  4. Waiting time to submit your documents and getting them verified
  5. Finally on the way back from income tax office

There can also be come other scenarios such as over-crowded offices, waiting time of 3-4 hours (which you can’t afford most of the times, as you have other jobs too, to take care of). What would you do in such cases?

Besides, direct visit to income tax office, manually filling up the income tax documents and getting the output takes more time than that of filling an online form. The form you will fill up manually will be uploaded by a computer operator at the income tax office, and then it will go through the process of delivery. However, if you follow the online procedure of filing your ITR, you do not have to wait for the office to produce its soft document and so on.

How else it saves your time and money?

Almost at every other instance, we need proofs of income tax clearance, acknowledgement of bank loans (or rather lack of it), proof of company or personal income, etc. If you go on collecting them physically through traditional process, it may take several days.

Such delays can also lead to your loss in business, job, etc. People often fail to drop a tender, grab a new business or any other such opportunity due to lack of clearance on such terms. However, if you have an online income tax account, you simply have to log into the website and you can get every related document at one place with the help of few clicks.

Hassel free cost saving procedure

What would happen if you make any mistake while filing your ITR physically? You most certainly cannot undo it once you have submitted your documents. For important documents such as that of income tax filing, if you make any major mistake your hard work is all wasted as you will have to repeat the whole process again and fill up a new ITR form.

However, when you opt for e-filing, you can edit the details you have filled in your form as every time there will be a mismatch between your credentials, you will receive an error from the website. It will not only help you save your time and efforts but also the cost associated with it.

Besides, even if there is no error, you always have to follow the latest updates on income tax slabs and the other changes introduced. Every year, you need an updated status of your income and e-filing your income Tax FY 2017-2018, you can simply update the changes online and get everything updated.

You do not have to pay people for their wise advice

There are many of us who do not know on what and how they should pay income taxes. If you visit the income tax office or any other such financial consultancy firm to get the job done, there is always a chance that you can fall in trap of people who are looking for individuals like you to scam out money on the pretext of filing up your ITR. Again, there is never a guarantee that they will fill the forms correctly for you and you will get your refund credited to your account

However, going online will help you get right answers for the questions you might have. You can also find there several questions already answered. In case, you have a new enquiry, drop it to their enquiry box (in the ‘ask a question’ or ‘contact email’ box) and you easily might get an answer without paying a charge for the financial assistance.

In short, you’ll not have to pay any taxes twice or invest your time for verification, when you follow the online procedure for e-filing Income Tax FY 2017-2018 website.

 Keep the world Green

The less you use papers, the more you contribute to the world to keep it green by saving trees. Filing taxes and its verification procedure require a lot of paper work. If you can do it all online, if everyone like you can do the same, millions of pieces of papers will be saved. So, let us keep the world green and also make our life easier at the same time.