Efiling or electronic filing is submitting your income tax returns online. There are two ways to file your income tax returns. The traditional way is the offline way where you go the Income Tax Department’s office to physically file your returns. The other way is when you efile through the internet. Over the past few years, efiling has become popular because it is easier, doesn’t require prints of documents and can be done for free.
It is mandatory to file income tax returns in India, if any of the below conditions are applicable to you, as per the Income Tax Act.
Want to check how much Income Tax you’ll pay or see how deductions affect the Income Tax you owe?
Efiling income tax returns for AY 2016-17, which is FY2015-16 has started. The Income Tax Department released the new ITR forms on 31 March and efiling for them is now allowed on their website. We have incorporated all the changes in the new ITR forms to make it easy for you to efile your returns.
Yes, it is advisable to efile your income tax returns even if you don’t pay taxes. A zero-return filing will be helpful when you need to get your tax refund or apply for a loan or visa.
The last date for efiling income tax returns for FY2015-16 is 31st July 2016. You can efile your tax returns any time before then, but it is always better to efile early to avoid the rush and heavy website traffic in the last month.
You don’t need to open different accounts efile multiple tax returns. You can efile for returns for the current as well as the previous year from the same account. What’s more, you can even efile tax returns for your friends and family.
After successfully submitting your income tax return, you get an acknowledgement from the IT department called the ITR-V or Income Tax Return-Verification. You need to submit it back to complete your e-filing.
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