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7 Things You (Probably) Didn’t Know You Could Do on the New Income Tax E-filing Portal
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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If you’ve been filing your own tax returns for a few years now, you may have gotten a tad bit attached to the old income tax e-filing portal. When the new portal was launched in June 2021, it may have taken a while to get used to. But since only two tax filing seasons have gone by, there may be a few things you’re yet to discover about the new portal. Or, if you’re new to filing your own tax returns, the portal may be a bit of a challenge to navigate.
Whatever may be the case, here are all the key things you need to know about the new income tax e-filing portal.
1. Pre-filled returns that make the job much easier
Many details in your income tax return are pre-filled in the new e-filing portal. This includes key information related to your salary schedule, income from FDs and other sources, TDS and tax paid details.. Most of this information is prefilled based on the data made available by tax deductors and other such entities. But the bottom line is that this feature makes it much easier to fill in the information required in your ITR.
2. Free software/ utilities for ITR preparation
The new income tax e-filing portal also offers free access to the software (aka Utilities) needed to prepare various returns either online or offline. Some ITRs, like ITR-1 and ITR-4, are available in the online and offline modes. Others, like ITR-2, ITR 3 are available for offline preparation. The free software on the new portal makes it much easier to complete these forms in barely any time.
3. One dashboard, many functions
The dashboard on the new income tax e-filing website is also very useful. It’s a one-stop destination for all the key information regarding your taxes. Here’s a preview of what you can find on the dashboard of the new portal once you log into your account.
4. Support for a wide range of payment options
If you have any tax liabilities due that need to be paid before you file your ITR, the new portal gives you different payment options to choose from. Some of the payment modes supported include the following —
You can simply choose the payment mode that is most convenient for you and pay the tax dues promptly, so there’s no delay in your tax filing.
5. Easy access to your AIS
Like the new portal, the Annual Information Statement (AIS) is also a new guy on the block. This document is a comprehensive statement that contains a great deal of information about your finances, like the different domestic and international incomes you’ve earned, the capital assets you’ve sold, and the TDS paid. You can easily access your AIS via the new income tax e-filing portal and ensure that you’ve disclosed all your incomes.
6. Near-instant ITR processing for faster refunds
When you file your ITR on the new income tax portal, the processing happens almost right away. This is particularly true in the case of ITR-1 for senior citizens with just pension income and interest or other income, and for salaried people. What this essentially means is that the process from filing to refund generation is fast-tracked. So, if you are eligible for a tax refund during the year, you can count on the refund being processed sooner than before.
7. Effortless tracking of filed returns
Speaking of returns and refunds, you can even easily track your ITRs from the date of filing to the date the return is processed. You get status updates when your return is pending for e-verification, when it is e-verified, when it is under processing as well as when it has been successfully processed. So, if you’re waiting for a refund, you can simply log into your account on the new portal and keep an eye on the status of your return.
Conclusion
The next time you settle down to file your tax returns on the new portal, make use of these features to speed up the process. Also, these functions help you fill your ITRs accurately and avoid errors that could lead to tax notices. And nobody likes receiving those things, isn’t it?
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