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Income Tax Returns; How E-Filing Is Made Easy?
With passage of time, the E-governance has evolved significantly and in recent times
we witnessed the launch of Digital India Programme with the vision to transform India
into a digitally empowered society and knowledge economy.
Progress
Statistics
Income Tax Department stats show that total number of returns e-Filed during FY
2013-14 was 29.68 million as compared to the 21.48 million during FY 2012-13, which
shows staggering growth rate of more than 39%.
This number grew by almost 16% during FY 2014-15 and is expected to grow by 20% in
FY 2015-16.
Financial Year Returns E-Filed Rate
2012 – 2013 21.48 million
2013 – 2014 29.62 million 39%
2014 – 2015 16%
2015 – 2016 20%
File Electronically, Take Control
• With Government's efforts, the processing time of returns has shortened drastically
which has also resulted into faster processing of refunds. And if you e-File, processing
time would reduce even further.
• E-Filing transfers your tax returns to Income Tax Department instantaneously, which
prevents it from being misplaced, lost or even forgotten.
E-filing is hassle free
If you are filing your taxes for the first time, you don't have to pay
thousands of rupees to have them prepared. You are most likely one of
the 3 Crore Individual Tax filers in India who has a straightforward tax
return (ITR-1/2A/2/3) so there is no reason to pay someone your hard
earned money.
E-Filing process further, two updates (Update 1)
1 • First major update was the introduction of the ITR 2A. So far, the
individuals with multiple house properties or exempt income
exceeding Rs. 5000 had to file the lengthy ITR 2 instead ITR 1.
• To counter this issue, department has introduced ITR 2A which
can be filed by an individual who has multiple house properties
and exempt income exceeding Rs. 5000.
• Department also reduced the basic form size to 3 pages for ITR
2A and ITR 2. You can select the additional schedules if
applicable to you and the rest will be eliminated.
2 • Second update came recently with the introduction of EVC
(Electronic Verification Code) mechanism. So far, tax filers had
send the signed ITR V (Acknowledgement) to CPC at Bengaluru
within 120 days of e-Filing.
• This was an added burden and sometimes resulted into non
processing of the returns and further missing out on the
precious refunds.
• But with introduction of EVC, the tax filers can generate EVC
through different mediums like incometaxindiaefiling.gov.in,
Automatic Teller Machines (ATMs) & even Net Banking facilities
of specified banks.
• You will receive the EVC on your registered mobile or email with
Income tax. You simply have to provide it while filing your return
or you could even apply the same for the returns you've already
e-Filed.
E-Filing process further, two updates (Update 2)
To Conclude
No more paper trails. No more sending the physically signed copy to CPC
Bangalore. And what more? Before you even know it your return would be
processed and you'll get the refunds in your bank account without any
hassle.

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Income tax returns; how E-Filing is made easy

  • 1. Income Tax Returns; How E-Filing Is Made Easy?
  • 2. With passage of time, the E-governance has evolved significantly and in recent times we witnessed the launch of Digital India Programme with the vision to transform India into a digitally empowered society and knowledge economy. Progress
  • 3. Statistics Income Tax Department stats show that total number of returns e-Filed during FY 2013-14 was 29.68 million as compared to the 21.48 million during FY 2012-13, which shows staggering growth rate of more than 39%. This number grew by almost 16% during FY 2014-15 and is expected to grow by 20% in FY 2015-16. Financial Year Returns E-Filed Rate 2012 – 2013 21.48 million 2013 – 2014 29.62 million 39% 2014 – 2015 16% 2015 – 2016 20%
  • 4. File Electronically, Take Control • With Government's efforts, the processing time of returns has shortened drastically which has also resulted into faster processing of refunds. And if you e-File, processing time would reduce even further. • E-Filing transfers your tax returns to Income Tax Department instantaneously, which prevents it from being misplaced, lost or even forgotten.
  • 5. E-filing is hassle free If you are filing your taxes for the first time, you don't have to pay thousands of rupees to have them prepared. You are most likely one of the 3 Crore Individual Tax filers in India who has a straightforward tax return (ITR-1/2A/2/3) so there is no reason to pay someone your hard earned money.
  • 6. E-Filing process further, two updates (Update 1) 1 • First major update was the introduction of the ITR 2A. So far, the individuals with multiple house properties or exempt income exceeding Rs. 5000 had to file the lengthy ITR 2 instead ITR 1. • To counter this issue, department has introduced ITR 2A which can be filed by an individual who has multiple house properties and exempt income exceeding Rs. 5000. • Department also reduced the basic form size to 3 pages for ITR 2A and ITR 2. You can select the additional schedules if applicable to you and the rest will be eliminated.
  • 7. 2 • Second update came recently with the introduction of EVC (Electronic Verification Code) mechanism. So far, tax filers had send the signed ITR V (Acknowledgement) to CPC at Bengaluru within 120 days of e-Filing. • This was an added burden and sometimes resulted into non processing of the returns and further missing out on the precious refunds. • But with introduction of EVC, the tax filers can generate EVC through different mediums like incometaxindiaefiling.gov.in, Automatic Teller Machines (ATMs) & even Net Banking facilities of specified banks. • You will receive the EVC on your registered mobile or email with Income tax. You simply have to provide it while filing your return or you could even apply the same for the returns you've already e-Filed. E-Filing process further, two updates (Update 2)
  • 8. To Conclude No more paper trails. No more sending the physically signed copy to CPC Bangalore. And what more? Before you even know it your return would be processed and you'll get the refunds in your bank account without any hassle.