Filing IT returns is an obligation for every citizen of India. There are also many other reasons why you should file your returns.
By filing your Income Tax Returns, you are creating a record of your finances with the tax department. Your tax history may be used by banks or financial institutions when you apply for any kind of loan or credit card or even for a Visa.
Further, failure to file Income Tax Returns within one year from the end of the financial year may attract a penalty of Rs. 5000 even if the tax payable is nil under Section 271F.
Individuals, whose gross total income is more than the Basic Exemption limit, are required to file Income Tax Returns even if the tax payable is nil under Section 139(1). If you have foreign assets, it is mandatory to file your Tax Return even if you may not have any taxable income.
Filing your income tax returns may appear complicated. However, it is not. You also don’t always need the help of a CA to file your returns. The interface provided on http://incometaxindiaefiling.gov.in/ is fairly intuitive and easy to use. However, you can also use other websites to file your returns. These websites provide better assistance and also expertise of CAs. Here are the best websites to file tax returns in India:
1) clearTax: ClearTax is one the best ways to file your returns. The interface is very simple and makes it very straightforward to prepare and file your returns. ClearTax is authorized by the Government of India for e-filing. With ClearTax, filing your returns is as simple as uploading your form 16. The website automatically detects the details and fills the necessary fields.
The pricing of ClearTax is very affordable. The service is free for women, senior citizens and persons working in the Armed Forces. You can also get your e-filing done by expert chartered accountants (CAs) through ClearTax. For salaried individuals ClearTax offers three plans (Rs. 499, 799 & 1799). ClearTax also offers plans for businesses and professionals. If you are an NRI, it can become very difficult to manage your taxes. ClearTax simplifies this process and helps you with your investments, refunds and liabilities and e-file your returns. The plan for NRIs costs Rs. 3100.
2) myITreturn: myITreturn is an authorized e-return intermediary registered with the Income-tax Department, Government of India. It was started in the year 2006. It makes filing IT returns very simple and easy. It offers different packages according to your tax size and return needs. myITreturn allows you to upload your form 16 directly and will automatically import your data automatically. If you have more than one form 16, you can upload all of them. myITreturn also provides assistance with notices and refunds post tax filing. The service is free if your salary/pension income is less than Rs. 250000. Paid plans range from Rs. 199 to 3999.
3) Taxspanner.com: Taxspanner.com allows you to e-file your returns easily and conveniently. It also does automatic calculations and provides online guidance and faster processing. You can either upload form 16 directly or use your PAN. Taxspanner.com also offers in-house experts to ensure compliance with the relevant tax rules. Self filing costs Rs. 249 while assisted filing costs Rs. 499. Costs of CA assisted filing range from Rs. 699 to 4999. Taxspanner.com also offers IT Department followup service which is priced at Rs. 999. If you are a customer of State Bank of India (SBI), you can avail the Do-it-Yourself (Un-assisted) offering provided by Taxspanner.com for free. Other plans are also available at a discounted rate. It also comes with income tax related tools to make your filing easy.
4) H & R BLOCK: H & R Block offers an intuitive online interface for preparing and e-filing IT returns. The online interface also auto-reads your form 16 and pre-fills the form fields, thereby saving time. It also offers live chat and call support throughout the process. If you want to have your Income Tax preparation done by tax experts, the services range from Rs. 499 to 4199. The service provides a dedicated tax expert who will work to maximize your tax savings and guarantee accuracy.
5) VitteTax: VitteTax is an income tax e-filing platform that offers seamless and hassle-free filing. It is an authorized e-return intermediary of Government of India for return filing. It offers a cloud based tax planning and filing management tool that makes incoming tax management very easy. VitteTax allows you to consolidate all incomes and savings and provides a systematic way to plan and fulfill your income tax. VitteTax offers an intuitive interface to make tax filing very simple and straightforward.
6) HamaraTax: HamaraTax is online portal that allows users to e-file their income tax returns. The portal allows users to file their returns on different sources of income such as salary, house rent, capital gains, etc. HamaraTax checks for errors before the tax return is sent to the income tax department and ensures that the calculations are 100% accurate. The portal also includes all available deductions. Standard deductions are available as per eligibility. The portal also provides investment, expenses, eligible, statutory and standard deductions for maximum refund. The portal also calculates and displays taxes in real time. Verification of documents is also done. HamaraTax provides three plans: Bronze (Free), Silver (Rs. 150) and Gold (Rs. 299).