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Filing IT, the 'e' Way

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DQW Bureau
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For Shiv Shankar and many like him, it is that time of the year that he dreads the most: income tax filing time. What is so scary about income tax returns (ITR)? More than the pain of having to part with his money and its possible fruitful use, Shankar is bogged down by the ITR itself and the process of filing. Yes, he is not the lone case as there are many more of his class.

Take the case of filing returns by companies. Around 2006, it was made mandatory for companies to e-file returns under the ROC Rules and soon this rule will be applicable to individuals also. Companies failing to adhere to this provision are liable to punishment from the Ministry of Corporate Affairs. Trying to make the point clear, Sanjay Ruia, director, SBA Infotech explains, “Many CAs are not aware of this fact. Owing to this, CAs only file ITRs and do not file returns with the ROC. As a result of which the company attracts penalty.” Furthermore, consider the case that there are 4 lakh companies on a pan-India basis which are required to file such returns. But, now to solve the problem of Shankar and many more of his kind, SBA Infotech has developed a website, namely www.taxeworld.com.

About the Website

The site is built upon a proven scalable software solution framework which is very secure and reliable. The site is secured with 128 bit encryption SSL certificate from Verisign. “Since there is a lot of data involved in the entire procedure, the same is stored in two web servers at Navi Mumbai. Considering the fact that IT` involve a lot of sensitive data, Verisign ensures that the data submitted is securely stored,” says Ruia.

Easing the Procedure

The website is user-friendly and guides the taxpayer through each step of the process. “The IT returns are computed at our end as we help individuals in a formulated manner. First, we ask for details like investments made, investment in property and value of the property, house if owned, value of the house, any loan taken to purchase the house, EMI details, etc, online. Then based on the Form 16 details submitted, the ITR is computed for the individual,” says Ruia.

After filing the ITR online, a copy of the form submitted needs to be taken. After signing this hard copy, the same needs to be sent to the Centralized Processing Center (CPC) at Bengaluru for verification purposes. By following the second method, one can fill the form and upload a digital signature and then submit the form. This procedure negates the need to submit a hard copy for verification purposes. When companies file their returns, a digital signature can be added. The Central Board of Direct Taxes (CBDT) has made it mandatory for all companies to file income tax return electronically in Form Number ITR-6 with the digital signature. This website enables one to follow this rule.

Moreover, this site has been designed keeping in mind the fact that users' return calculations are generated exactly as per the income tax law. For speedier refunds from CPC of the Income Tax Department as per Vision 2010, e-filing of returns with digital signatures is the most preferred option. www.taxeworld.com has introduced 'e-form 16' for employers where they can digitally sign and send 'Form 16' by email. Various needs of the corporate and business community such as PAN card application, e-form 16, digital signature certificates have also been met with on www.taxeworld.com.

With all this ease of filing ITR even from the comfort of your home, hopefully more tax payers like Shankar will now willingly part with the rightful sum that the government is entitled to receive.

Shilpa Shanbhag

shilpas@cybermedia.co.in

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