New Banks Added To The List Of Banks Through Which You Can E-File Tax Returns

Good news for taxpayers: The Income Tax Department has updated the list of banks available for tax payments through the e-pay tax service to include 30 banks. 

What Is E-filing Of Taxes

E-filing refers to the process of filing tax returns digitally. To do this, a taxpayer must have a net banking account with an authorized bank and provide their permanent account number (PAN) for validation purposes. Taxpayers have a wide range of payment options, including credit and debit cards, net banking, and UPI. 

Benefits Of E-filing Taxes With Banks 

E-filing with banks makes the tax filing process simpler. Banks integrate directly with tax authorities, thus the payment process is seamless. You will have the benefit of pre-filled forms which will help you reduce errors and save you time. Refunds are also processed quicker with a direct deposit to your bank account. Banks will also send you reminders and alerts, so that you do not miss deadlines. 

Steps to E-File Your Tax Returns Through A Bank 

Visit The Income Tax Portal

Visit the official Income Tax Department website: www.incometaxindia.gov.in. If this is your first time, you'll need to create an account. Otherwise, just log in with your credentials. 

Select The Right ITR Form

The next step is to select the correct Income Tax Return (ITR)  form. For example, if you're salaried, it is ITR-1 or ITR-2 if you have multiple income sources.

Link Your Bank Account

You have to then link your bank account with your PAN. Then you need to log in to the income tax portal and update the profile of your bank with the required account details.

Download Pre-filled Forms

Many banks offer pre-filled forms based on criteria like income, tax deducted at source (TDS) and other relevant details. Otherwise you can manually fill up your income and other details. 

Fill In Your Tax Information

The next step is to enter details like salary, interest, rental income, and so on. Add any eligible deductions. Then check whether the TDS details have been prefilled correctly. 

Check Tax Payable/Refund Status

Once you have filled out the form, you will be told if you need to pay taxes or if you are eligible for a refund. If you have to pay taxes, you can directly pay it via the payment gateway.

Submit The Return

After the payment is done, go back to the income tax portal and click submit to complete your filing. You will get an acknowledgement after the submission is complete. 

E-Verify Your Return

You’ll now need to E-verify your tax return. You can do this through Aadhaar OTP or net banking, or ATM. Your tax filing process is now complete.