How The Changes In Tax Law Impact Online Income Tax Filing

Like most Indians, income tax filing might be hectic for you. But these days, Online Income Tax Filing is becoming as simple as ordering from Zomato. That's because our tax software smartly adapts to India's ever-changing tax laws. Let's see how these changes are making your online tax journey smoother. If you are looking for professional help with this process and with Online Income Tax Registration, contact Eazy Startups today.

 

Now, let's have a look at the discussion-

 

●     GST Meets Income Tax

●     New Tax Regime, Your Choice

●     Form 16 Goes Digital

●     Home Loan Joy for Joint Owners

●     Bank Statement Magic

●     Senior Citizens' Digital Ease

●     Rent Receipts? What's That?

 

GST Meets Income Tax:

Remember the buzz when GST (Goods and Services Tax) launched? Well, it's now chatting with your income tax. If you're a business owner, your GST returns auto-fill parts of your income tax form. This integration in online filing means less manual entry and fewer mistakes.

 

New Tax Regime, Your Choice:

In 2020, India introduced a new tax regime with lower rates but fewer deductions. Confused about which to choose? Your online tax software has your back. It calculates your tax under old and new systems, showing which saves you more. Some even offer a side-by-side comparison. So, whether you love your LIC policies or prefer the new flat rates, the choice is clearer online.

 

Form 16 Goes Digital:

Remember wrestling with paper Form 16s from each employer? Those days are gone. Now, your Form 16 is digitally uploaded to the income tax portal. When you start online filing, voila! Your salary details are auto-populated. Multi-job hoppers, rejoice! The system even consolidates info from multiple Form 16s, simplifying your life.

 

Home Loan Joy for Joint Owners:

Many Indian families buy homes together. Earlier, claiming interest on a joint home loan was a bit tricky. Now, the Online Income Tax Filing system is smarter. It helps correctly distribute the tax benefits among co-owners. So, whether you bought a flat with your spouse or siblings, the software ensures everyone gets their fair tax break.

 

Bank Statement Magic:

With demonetization and digital India, our financial lives are more transparent. Your bank transactions now smoothly integrate with online tax filing. Interest from savings accounts, FDs, or RDs? Dividends from stocks? They often appear automatically. The system even flags potential tax-saving investments you made, like ELSS mutual funds, ensuring you don't miss any deductions.

 

Senior Citizens' Digital Ease:

Our respected elders often worry about Online Income Tax Filing. But recent changes make it easier for them to go online. There's a higher basic exemption, and those over 75 with only pension income might not need to file at all. Online platforms now have senior-friendly interfaces and even support in regional languages. Plus, pension details often auto-fill, making the process much simpler for our seniors.

 

Rent Receipts? What's That?

Many young Indians in cities pay hefty rents. Claiming House Rent Allowance (HRA) refers to hoarding rent receipts. You just enter your landlord's PAN, and rent is paid on the tax portal. The system cross-verifies this info, often eliminating the need for physical receipts. This digital shift in HRA claims is a big relief for many urban professionals.

 

Closing Words

Whether it's GST integration, the new tax regime choice, or smart data use, these changes simplify Online Income Tax Filing. Contact  Eazy Startups for the best help with this or Online Income Tax Registration process.