REPORT ON E-FILING PORTAL : AN OVERVIEW AND PROCESSES

Resource Person  - CA SHRUTI SHARMA

The objective of the workshop is to introduce students to the new income tax portal of direct taxes and brief them about  its working processs and procedure.

A one day workshop on e-filing portal was organized by the department of Accounting and Taxation for the students of  B.com(H) – ATG (SEM III AND V), AAF (SEM  III AND V), M.COM (SEM  III) AND COSD (TAX PROCEDURE AND TAX PLANNING ).

The gist of the workshop comprises of basics about e-filing which include how tax is estimated and paid to the government through the portal. The Speaker, firstly briefed about the history of the income tax portal that the first portal was created in 1998 and recently on 1^st June 2021 a new income tax portal is created whose speciality is that it links the assesses Pan number with its Aadhar number which helps the government to keep a check on the taxpayer i.e the details provided bytaxpayer are correct.

The main focus of the speaker was on AIS (Annual Information System) and form 26AS which are new tabs made available  to taxpayers only on the new portal. The objective of AIS is to dislay complete information to the taxpayer with  facility to capture online feedback, promote voluntary compliance and enable pre-filing of tax returns and deter non compliance. The information available in the AIS includes information available with the income tax department about the taxpayer. 

Form 26AS included all the information on tax deducted by TDS deductors, details of tax collected by TCS collectors, Advance taxes paid by the taxpayer, self assessment tax payments and details of refund received by tax payer during the year.                              

There was a brief about  the home page contents of the portal  like how to get registered, how to login in portal after registration and a complete explanation of dashboard in portal which comprises of updates, grievances, etc., what precaution should be taken while getting registered on the portal, how e-filing is done after getting registration, a brief on how an authorized person i.e. Chartered Accountant get registered on portal and what are the services that are available on the portal.

The speaker also explained that which type of return is filed by what type of person like, The ITR1 is filed by the taxpayers and the individuals being a resident  having total income up to Rs 50 lakhs, having income from salaries, one house property, etc., The ITR-2 is filed by the individuals or HUF not having income from profit or gains of business or profession and to whom ITR-1 is not applicable, it includes income from capital gains, etc., The ITR 4 is to be filed by the Individuals/HUF/ Partnership firm whose total income  includes business income under section 44AD or 44AE, income from profession calculated under section 44AD and salary/pension having income up to Rs 50 lakh, etc.

The aftermath of the workshop was that now students will easily be able to get themselves registered under the new income tax portal on their own, would be able to find various forms like 26AS, ITR1,etc., would be able to file income tax returns, file revise returns and would be able to understand  the structure, working process and procedure of the income tax portal.