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30 Jul 2013

India Tax filing - Online vs Offline (Non-Technical but imp for all)

Tax Filing for AY 2013-14: I just want to highlight few points as per my observation:-

1. Offline tax filing: Anybody who did offline, i would recommend please check your tax status online. I can say this because, in my case when i was filing return online I found (fetched from income tax database) that ICICI bank has submitted 2 TDS certificates and reported some tax due to interest in addition to my company TDS. Now if i don't show that interest in the income then this tax deposited by ICICI bank will become tax receivable and leads to incorrect filing. It can lead to tax notice and run into problems. So if any tax credit shown on the online TDS page, we should include the related income into our total taxable income. To avoid this problem, I shown that interest in the income which lead to some more tax liability, which i paid online in addition to my company TDS. This extra tax liability is due to the fact that ICICI bank cuts only 10% tax, but if total income falls into 20 or 30% bracket then rest tax we should deposit. This interest TDS can occur if we park some none-flowing fund in bank for longer period (90 day or more).
Online tax payment:

2. Please create one account at even if you are not filing online. Only offline step in this is to send signed ITRV form to Bangalore office within 120 days. This also can be made online by obtaining a digital signature which is just one time investment and it can be used many times in many ways.

3. It is mandatory to file tax return. In case anyone has not done yet, please do it online. It would take max 30 mins. If needed any help please let me know.
Online tax filing: After login you will get a new link in the left menu "Quick e-File ITR".