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In34 million tax returns were e-filed. That's roughly a 7x jump in 5 years. While e-filing was electronic, there had always been a "paper" verification, where tax payers would have to sign and send a one page ITR-V by post to Bangalore.
Which income tax return should I select for e filing? Fling becomes headache to find Income Tax documents, when we actually needs for loan or some other purpose. In34 million tax returns were e-filed. Even, we also update you about your Income Tax Return status with notification on regular basis.
Ibt 25 percent of tax payers omitting this paper step, and the other 75 percent expressing a lot of grief while getting this step done, the Income Tax Department had been working away rfturn various strategies to phase out this paper based-step. These sites are often simpler to use than the website of the Income Tax Department of India, and also have better design, along with features like automatic fi,ing of the tax return using the Form taxpayers get.
ClearTax has tripled in in terms of the number of users employing its service every year since its inception, and this growth led to investors like Y Combinator making their first India-focused investment into ClearTax.
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The ClearTax platform has so far helped a million tax payers with tax related filings and compliance items. Tax payers after filing can now e-verify themselves instead of signing a physical piece of paper. The IT department devised lkgin clever mechanisms. The first was using Aadhaar. The tax department usage is possibly the largest use case of the Aadhaar system, where, if the taxpayer has linked their PAN number to Aadhaar, then they can e-verify this via a one-time password.
The second method used by IT Department was riding on netbanking. The IT Department tied up with all major national banks net banking systems. In this tie-up, taxpayers can login to the IT Department website to e-verify using the bank's netbanking credentials.
In general user once e-File return forget where he store the Income Tax Return Acknowledgement and other tax related documents. For instance, if you want to get a tax break on tuition expenseeither under the tuition expense deduction or the lifetime learning credit, the tuition you put in the tax return should match the number on the that the school sends directly to the IRS. We are authorize e-Return Intermediary. The click here tax return is also a very useful document when it comes to applying for a loan or visa. ITR-V is a 1-page document that you receive after e-filing your income tax return. This means that no supporting documents need to be sent along with your tax return. Do I still have to file my tax return? Upload your Form 16 Every company in India issues Form 16 for all its employees, typically in the last week of May and first two weeks of June. While e-filing was electronic, there had always been a "paper" verification, where tax payers would have to sign and send a one page ITR-V by post to Bangalore.
This e-verification has had great adoption reyurn though it is a bit confusing to understand bit game e filing income tax return login to e-verify. To solve this, we foling an infographic to show taxpayers what really needs to be done. E-filing is very interesting from a technology standpoint.
There is massive seasonality, gamme you get a huge spike in traffic where hundreds of Web-servers get deployed on the deadline, state of the art technology is used, CPU usage is massive in data centres for crunching numbers. For example, if you make a profit or loss on selling your house or stock, we just need you to specify sale and purchase price and dates and our system will do a bunch of complex calculations and prepare the biy form automatically.
We [ClearTax] invented automatic tax preparation where you upload your Form and taxes are instantly done. India's journey with its taxes is fascinating as it unfolds, and we as a nation have gone completely electronic eliminating paper for the first time in It has taken eight years since the launch of e-filing.
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Only four percent of India today files taxes, and the median age of Indians is 26, which means a lot of young people will get added to the tax system as years go by. ClearTax Founder Archit Gupta is very excited about the next ten years of innovation in India with finance technology, taxes, strong digitisation, and API-based trends. The opinions expressed within this article are the personal opinions of the bkt.
- Track your refund right here on ClearTax.
- The Income Tax Department is getting faster each year with processing your tax refunds.
- However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
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