Income tax dept's new portal for easier ITR filing: Here are key things to keep in mind

Mini

The new e-filing portal, according to Kapil Rana, founder of HostBooks, will provide a user-friendly environment to the taxpayers with immediate processing of ITRs and the quick issue of refund.

Income tax dept's new portal for easier ITR filing: Here are key things to keep in mind

The Income Tax Department is preparing to launch a new e-filing web portal for taxpayers on June 7. Therefore, the existing income tax department’s e-filling web portal will be closed till June 6.

The new e-filing portal, according to Kapil Rana, founder and chairman, HostBooks Ltd, will provide a user-friendly environment to the taxpayers with immediate processing of ITRs and the quick issue of refund.

"Taxpayer will be able to check all interactions, uploads and pending actions if any from a single dashboard without navigating to any other page which will ultimately save the time of the taxpayer. It will save the cost of ITR filing as ITR preparation software will be available in both mode online as well as offline with FAQS which will help the taxpayer in filing ITR with basic tax knowledge," he said.

If a taxpayer is not able to understand anything in the ITR form, then the new e-filing portal will help the taxpayer in resolving their queries with FAQs, tutorials, videos and chatbot/live agent.

All the functions will be available on the mobile app which can be accessed anytime from anywhere.

"It will also provide ease in payment of taxes through multiple payment options such as net banking, UPI, Credit card, and RTGS/NEFT from any account of a taxpayer to any bank,” Rana explained.

Apart from the benefits, here are key things to keep in mind while using the new portal:

Selecting the right ITR form

According to Rana, a taxpayer will have to select the appropriate ITR form as wrong selection would result in receipt of defective notice from the Income Tax Department which needs to be rectified within a specified period of time.

Picking the right pre-filled information

The new e-filing portal will provide a pre-filing facility. So, the taxpayers will have to ensure that all pre-filled transactions belong to him/her and he/she must not forget to include all the incomes earned during the year whether it is in the form of interest income, exempt income, clubbing income, etc.

Checking the bank details

A taxpayer must ensure that the correct bank account number has been mentioned in the form. Also, taxpayers will have to ensure that the correct PAN and assessment year have been mentioned while making payments.

Market Movers

CompanyPriceChange%Gain
Power Grid Corp242.10 8.05 3.44
SBI Life Insura998.60 18.75 1.91
NTPC118.10 1.90 1.64
Titan Company1,730.75 18.25 1.07
Divis Labs4,267.45 26.25 0.62
CompanyPriceChange%Gain
Power Grid Corp242.00 8.00 3.42
NTPC118.15 2.00 1.72
Titan Company1,729.60 16.85 0.98
Asian Paints2,944.10 16.00 0.55
HCL Tech971.85 4.80 0.50
CompanyPriceChange%Loss
Tata Motors343.35 -9.40 -2.66
Adani Ports852.60 -21.60 -2.47
Larsen1,519.30 -29.85 -1.93
Shree Cements28,407.35 -548.00 -1.89
Reliance2,175.00 -39.60 -1.79
CompanyPriceChange%Loss
Larsen1,518.70 -27.90 -1.80
Reliance2,174.75 -39.95 -1.80
IndusInd Bank1,003.40 -16.65 -1.63
Bajaj Finserv11,558.65 -172.20 -1.47
Bajaj Finance5,674.15 -82.35 -1.43

Currency

CompanyPriceChng%Chng
Dollar-Rupee72.97500.08500.12
Euro-Rupee88.93000.14300.16
Pound-Rupee103.0300-0.2310-0.22
Rupee-100 Yen0.66570.00010.01