If you have capital gains on a house or shares, they can automatically tell you the tax liability
If you are a salaried person, in most websites you can upload Form 16 on the website. Their software automatically picks the details and fills all the fields, avoid hassle of an individual typing each and every detail manually. These platforms can also parse multiple Form 16s, if the individual has changed jobs, and compute the tax liability. “If all the required details are handy, a salaried person can file tax returns within 10 minutes,” says Chetan Chandak, head of tax research, H&R Block India. If you have capital gains on a house or shares, these websites can automatically tell you the tax liability, once you enter the date of buying and selling and price at which you bought and sold the asset.
It’s not only for the salaried. These platforms have also simplified tax filing returns for business owners and professionals. Explains Archit Gupta, founder of Cleartax.com: “The ITR Form for business is a lengthy form with multiple pages. To simplify, we just ask around five questions to the taxpayer. Using the answers, we fill all the relevant details automatically.”
In most of the platforms, a business owner can generate tax deduction at source, or TDS. Individuals can check refund status. If you have received an income tax notice, you can use their consultation services and know how you should proceed further. If there’s a mistake, you can also file revised returns. When you enter details, these websites use tax optimisers to tell you areas where money can be saved. “We also offer a vault where you can store all tax-related documents for future reference,” says Sudhir Kaushik, co-founder, Taxspanner.com….(read more…)