On 7th June 2021, Income Tax launched its new portal www.incometax.gov.in to file returns and to carry out all other related tasks in a seamless and simplified manner. This article provides a brief of various key features of the new portal and the things which a taxpayer is required to do to start with the new tax portal.
Table of Contents
Features of the New Income Tax Portal
- Faster Processing of Returns
The new income tax portal shall immediately process the return and will generate intimation. This shall help in quick refunds as well as quick tax demands. Thus it shall be beneficial for both taxpayers and the department.
- Integration of Tax Payment in the Same Portal
Earlier all the payments were made through a different portal i.e. NSDL. The new income tax portal shall provide multiple payment options like credit cards, UPI, payment wallets like Paytm, QR code, etc. For small business owners looking to optimize their tax liabilities, our blog on tax planning offers valuable strategies tailored specifically for small businesses in India. Understanding these can significantly reduce your tax burden and enhance profitability. Dive deeper into these tactics by visiting Tax Planning for Small Businesses in India. Therefore, it makes the payment of taxes more hassle-free.
- Pre-filled Returns
While preparing your tax returns, don’t miss out on the numerous deductions under Section 80C that can reduce your taxable income. Our blog explains how to maximize these benefits and lower your tax liabilities. Learn more about these opportunities at How to Benefit from Section 80C Income Tax Deductions.
Details like dividend, capital gains, salary income, savings interest, FD interest. etc., shall be auto-filled. Grasping the complexities of how income tax is calculated and understanding the different tax slabs can significantly ease the filing process. For a detailed breakdown of the income tax calculation process and the applicable slabs, check out our guide at Income Tax Calculation Process & Slab in India. This knowledge is crucial for efficient tax planning. Thus, it will help small taxpayers to file their own returns at much ease.
- Guide In Itself
The new income tax portal comes with various videos, FAQs and explanatory user manuals, and live chatbox for all the categories, which in itself is a guide. Thus, it makes it easier to adapt to the new portal.
- Better Support System
The new portal comes with a call centre facility that helps in quick and immediate response to the queries.
- More User Friendly
The face of the new income tax portal is so user-friendly that it provides the pathway to the next step. Furthermore, it is categorized on the basis of the assessee that is individual, HUF, company, etc.
- Mobile Application
A mobile application is expected to be launched very soon. It shall provide all the necessary functions that can be accessed from anywhere via a mobile network.
- Single Dashboard Interaction
A taxpayer can see all the details like pending actions, interactions, uploads, follow-ups, etc., through a single dashboard.
- Free ITR Preparation Software
Currently, free software is available for ITR 1 and ITR 4 online and offline. Very soon it is to be launched for other ITR forms also.
Things To Start With on New Income Tax Portal
There are various details that are required to be updated by the taxpayers to completely shift to the new portal. These are:
- Registering Digital Signature on the new income tax portal
- Updating basic details like user id, contact detail, address, etc.
- Linking PAN and Aadhaar
- Pre validating bank accounts
Conclusion
To conclude, it would not be wrong to say that the new portal is much more user-friendly, more advanced, faster, simplified as well as modern. It is also constantly updating and coming up with new applications and software for user’s convenience.
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FAQs
The new portal offers faster processing of returns, integrated tax payments, pre-filled returns, user guides, a better support system, a user-friendly interface, a single dashboard for interactions, and free ITR preparation software.
It integrates tax payments directly into the portal, offering multiple payment options like credit cards, UPI, payment wallets, and more, making the process hassle-free.
Taxpayers need to register their digital signature, update their basic details, link PAN and Aadhaar, and pre-validate their bank accounts.
Yes, the new portal includes FAQs, user manuals, videos, a live chatbox, and a call center for quick assistance.
A mobile application is expected to be launched soon, allowing users to access the portal’s functions via their mobile devices.
The single dashboard allows taxpayers to view all details like pending actions, interactions, uploads, and follow-ups in one place, making it easier to manage their tax activities.
