Recently, the Income Tax Department has launched a new income tax filing portal. The said income tax portal can be accessed via URL: www.incometax.gov.in. Further, the new portal has been in effect since 7th June 2021.
The basic objective and purpose behind the launch of the new income tax portal is to provide more convenient yet modern seamless experience to eligible tax payers.
In this blog, we will discuss the key features and updates of the new income tax filing portal.
Concept of Income Tax and Income Tax Return
The term Income Tax depicts a direct type of tax in India by which the Central Government charges on the income generated or earned during the previous financial year. The same is applicable for both by the businesses and individuals. For salaried individuals, income up to Rs 2,50,000/- is exempt. That means up to this amount there is no need to file any Income Tax or ITR to the Income Tax Department.
Key Features and Updates of New Income Tax Portal
The newly tax payer friendly portal is integrated with both immediate processing of the filed Income Tax Returns (ITRs) and to issue quick refunds to taxpayers. That means now there is no need for tax payers to worry and be anxious about delays that happen in the tax refunds. Also, tax refunds will be issued much faster now.
Further, it shall be noted that dashboard view is offered to the tax payer, by which he/ she is able to see all the pending actions on a single dashboard, including the follow up actions by him/ her.
Further, the new income tax portal provides a tax free preparation utility both for online and offline that, too with, interactive questions to assist taxpayers while filling the ITR even without having any tax knowledge, with pre-filling, for minimizing the data entry effort.
Furthermore, ITR 1 to ITR 4 can be filed with both online and offline options. Also, the portal has come up with live agent and chatbot. That means a tax payer can easily ask his/ her queries and get assistance with FAQs and provided online tutorials.
The new income tax portal also comes with a mobile application. That means now the eligible tax payers have the facility of accessing income tax return filing portal, both from desktop as well as mobile.
Moreover, tax payers are easily able to make their online tax payment on the tax filing portal. The new portal also provides multiple payment options to the tax payers, such as net banking, UPI payment, credit card, and RTGS and NEFT that, too, from any bank for easy payment experience.
Now, tax payers are able to fill up their profiles and provide required details, such as income from salary, house property, profit and gain from business profession. All these asked details are then used for filling the pre-filling ITR form.
Once the SFT and TDS statements are duly uploaded all the details including interest, dividend, and capital gains are then made available for filling up the respective ITR form.
In a nutshell, the newly launched income tax filing portal is a welcome move by the central government. Further, the newly launched portal has eliminated all the previous limitations and has an aim to provide an easy yet tech-savvy experience to tax payers. Lastly, the effectiveness of the said portal is the talk of the town nowadays.