Taxspanner.com: Online Income Tax Preparation and Filing Website for India

The online payment of income tax is very easy and convenient way for taxpayer. www.taxspanner.com is online income tax preparation and filing website for India. Taxspanner.com help you to pay your income tax online by its various definitive products which based on current laws and provides good quality customer support and an enjoyable user experience.

Taxspanner began to offer e-filing of returns to the income tax department server through authorized e-return intermediary on 10th April, 2010. E-filing is being popular ways of printing and submitting your return at the income tax counters. Taxspanner helps you for tax preparation and filing tax return. Tax preparation means to provide an online tool to the salaried employees to understand and compute the tax impact of various financial actions like home loan, house property income, salary composition, sale/purchase of assets, investments, gifts, and interest-bearing deposits.

Mostly during the December to March, employees make the 80C investments. For other tax planning decisions such as house property, asset sale/purchase is made throughout the year.

At taxspanner’s official website, you can view demo of online e-filing, e-file by email, hyperlink in Form 16 or payroll portal, how to pay TaxSpanner fees. There are three types of products available for tax planning. You can get free trial for tax planning.

Products of Taxspanner for tax pay:

1. File through TaxSpanner Quick:

• Supports multiple Form 16 from different employers
• Add sources of income other than business
• Indian or NRIs can file
• Generates new return form Saral II (ITR1) or ITR2 in PDF and XML
• Quick links  to navigate the site
• E-file by Email
• E-filing of Saral II (ITR1) or ITR2
• Price: Rs. 249

2. File through TaxSpanner Advanced:

• All the features of TaxSpanner Quick  listed above.
• Calculation of capital gains from shares, mutual funds and property sale
• Determine your income from multiple house properties through most user-friendly interview session
• Detailed Deductions Analysis to maximize tax benefit
• Professional review of your ITR
• E-filing of Saral II (ITR1) or ITR2
• Price: Rs. 449

3. File through TaxSpanner Professional:

• All the features of TaxSpanner Advanced with Income from business and profession
• Step-by-step questions based on your status
• Preparation of books of accounts: Balance Sheet and P&L account
• Makes income and expense entry simple by providing all expense categories and tax deductions
• E-filing of ITR4
• Price: Rs. 749

Who should file income tax return?

Every individual has to furnish the return of his income tax if his/her total income before allowing deduction under Chapter VI-A (i.e., if his gross total income in the return form) exceeds the maximum amount which is not chargeable to income tax. For e.g., a non-senior male having annual income above Rs. 1.1 lakh should file return, even if he can claim the entire Rs. 1.1 lakh in deductions.

The not-chargeable amount of gross total income for income tax:

• Women (below the age of 65 years): Rs. 1,45,000
• Any other individual (below the age of 65 years): Rs. 1,10,000
• Any individual (65 years of age or above): Rs. 1,95,000

How to prepare your return on TaxSpanner?

• You have to choose one product out of three either TaxSpanner Quick, or TaxSpanner Advanced or TaxSpanner Professional.
• You can proceed even registering or without registering.
• Then, provide required information. If you don’t have any information handy, you can skip it.
• Preview your income tax return (ITR1, ITR2 or ITR4). Automatically, TaxSpanner chooses the return form for you.
• TaxSpanner will present a review and will consider all the missing pieces of information. Then fill up them and make payment.
• Review your draft ITR created by TaxSpanner.
• Lastly E-file your return through Income Tax Department approved e-Return Intermediary by clicking “Efile My Return” button on the last page. Or, download and print your final ITR and submit it at the nearest income tax office.

Due date of filing income tax return:

The department prescribes the due date as the last date of filing return. For Individuals who are not liable to be audited the due date prescribed for filing return and extended by a separate notification. Through issuing a public notification, the income tax department may any time extend the due date for filing Return of Income. In that case, an extended date shall be considered as Due date of filing income tax return.

Even though, the person can not file return of income by due date, he/ she can still file return up to 31st March of the next financial year. That time no penalty will be imposed for not filing the return by due date. For example, if a person whose due date for filing is 31st July 2010, and could not file return by the due date, then he can file the return up to 31st March 2011. All losses are allowable to be carried forward to next year only if the return is filed within due date, except when there is loss under the head house property.

The following forms are used for filing return:

• Now the forms Saral, Naya Saral, 2D, 2E are outdated and not used to file returns.
• The new ITR forms are annexure-less, i.e., you do not need to attach any documentary proof such as Form 16, investment proof, etc.
• Salaried employees should use either ITR1 or ITR2 to file returns.
• Form ITR1 is applicable for individuals having Income from Salary, Pension, and/or interest.
• Form ITR2 is applicable for all other individuals not having income form business and profession. I.e., if you have income/loss from house property, capital gains and/or other sources, you should use ITR2.

Digital Signature Certificate:

When you E-file your return without digital signatures, you will need to post one-page of E-filing acknowledgment (ITR-V) at the income tax PO Box. If you E-file your return with your digital signature, you do not need to deposit ITR-V. TaxSpanner has tied up with MTNL which is one of the most trusted names in India. So, while e-filing your ITR through TaxSpanner.Com, you be relax at your homes or offices. You obtain 2-years DSC at the most attractive price, along with 3-years of return filing at TaxSpanner.Com (For example: you purchase the DSC in May 2009, then your DSC is valid till May 2011. You can efile your ITR for AY 2009-10, 2010-11, and 2011-12, if you file your third year’s return by May 2011).

The procedure for obtaining DSC (Digital Signature Certificate):

• First you need to download DSC Application Form which gets in pdf file from Taxspanner website and print of all 4 pages.
• Fill up the DSC Application Form (fields marked by * are compulsory)
• Follow the page 2 instructions.
• To attach the 3 documents as mentioned in step 5 of instructions.
• Make sure that you sign on pages 1, 2, and 4.
• Post the complete application form and documents to: TaxSpanner.Com, G-12 Mall Apts., Mall Road, New Delhi 110054, India.
• Once you have posted the documents, send email at dsc.support@spanacross.com stating that you have sent the courier.
• After receiving all the documents, TaxSpanner will do registration on your behalf and issue DSC.

The process of E-filing income tax return:

E-filing is easy way of filing your income tax return and popular mode of printing and submitting your return at the income tax counters. To E-file your return, you have two options:

• To E-file your return at TaxSpanner.Com through E-Return Intermediary:
  • Authorize upload of your E-return: Click the “Efile My Return” button on the last screen of TaxSpanner application.
  • Receive ITR-V in email: You will receive one-page acknowledgment of your e-filing (named ITR-V) in your email. You have to sign and post/mail a signed copy of ITR-V to the income tax PO Box.
• To E-file your return yourself:
  • Use tax preparation software to prepare your return: Your income tax data is required to enter such as PAN, income, deductions, and TDS. Review your data for completeness and accuracy, and then download your electronic return (XML file) from TaxSpanner website and save it on your computer.
  • Upload your E-return: On income tax department website (www.incometaxindiaefiling.gov.in), upload your XML format return. When the successful uploading finished, it will download an acknowledgement form called ITR-V. If you do not use digital signatures, then you have to submit the ITR-V at the income tax counter. If you have DSC (Digital Signature Certificate), attach DSC along with your XML file.
  • If you do not want to e-file, then you can print your ITR1 or ITR2 and deposit it at the nearest income tax office or counter.
  • If you already register on Income Tax department website, you can login by using a username/password. Otherwise, create your login using your name, date of birth and PAN.

Get your Form 16 early:

Form 16 is a certificate issued by the employer at the end of the year and given to the employee. In this certificate, the details of the salary income of the employee and the TDS deducted from the employee’s income are provided.

If you have reported all your income to your employer, Form 16 is needed to file ITR. To get F16 from the employer in 15 days time after the end of the financial year is your right. The earlier you file, the faster you will get refund. So obtain your Form 16 early and file your return early. Your possibility of scrutiny reduces by filing early. Ensure that you have F16s from all the employers that you have worked for during the year.

Source: www.taxspanner.com