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Easy Options Of Income Tax Payment

By Expert Author: Alex Mason

Why does one have to file tax?

Direct taxes are those that are levied on the individual directly, while indirect taxes are those that are levied on businesses and they in turn levy it on the final consumer such as the sales tax, Vat and service tax. Direct taxes involve taxes on the individual’s income, his property or his savings such as fixed deposit etc. Income tax payment is one such tax that is directly paid to the government by the individual based on his income. Why do you need to pay these taxes? The need to pay them is very simple if you pay taxes then the government has the funds to provide more and better services that can be utilised by you. These services could better infrastructure, roads, and other allied services. If everyone decides not to pay taxes then how would the government get the money to provide these services that are necessary for our livelihood? The best way for one to ensure that we are provided with better facilities each day is to diligently pay our taxes.

What are the options of filing for income tax?

There are four different ways available for your income tax payment. Digital signature is one way to ensure that you don’t have to visit the government offices while e-filing income tax. A digital signature would mean a virtual sign that you can use to sign the e-form on while paying your taxes online.
The second option would be e-filing of income tax without a digital signature. This option means that you need to take a print of the receipt cum verification form that you receive after completing the tax e-filing process online. This receipt has to be physically signed by the tax payer and then submitted to the income tax office closest to you.
The third option could be an E-return mediator; he or she could be an accountant or chartered accountant firm that completes the e-filing process for you and submits the receipt cum verification at the income tax counter on your behalf.

The last option is of course manual filing of income tax. Those taxpayers who are not quite comfortable with e-filing of income tax may decide to make their tax payment using the traditional method.

What are the benefits of e-filing of income tax?

Income tax payment online is the easiest, fastest, a reliable and secure method today. Some of the benefits of e-fling income tax are faster processing by the income tax department. The submission receipt for the income tax return is fast thereby enabling faster processing of income tax refunds too. The income tax payment done online can be filed anytime at anyplace. There is no restriction of office hours as e-filing is available all through the day on 7 days of the week allowing the taxpayer to file at his convenience. The online filing software that is used to compute your taxes has in-built validations with direct connectivity to the income tax department which enables a smooth flow of information while minimising errors that could happen manually.

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