Looks like the citizens of India are gradually jumping on to the web – wagon! According to recent reports, online filing of tax returns or e-tax has increased by great numbers. This was revealed by SNK ETax solutions, a company which specialises in corporate and individual taxation.
The figures are some thing like this:
In the year 2009-10, the total number of tax returns filed were 3.4 crores approximately. Out of this, the number of returns that were filed online were 51.06 lakh. Whereas in 2010-11, the total number of tax returns filed was 4.4 crore and out of this the number of tax returns filed online was 91.57 lakhs. If we compare just the online returns, there has been almost 80% growth.
The number of online tax returns filed is expected to touch 7.5 crores within next five years which is going to be a tremendous growth indeed. The website of the Income Tax department of India has a lot of information how to file your tax online, and detailed information about various tax laws.
There is also a Tax Calculator application on the website using which you can find out your tax liabilities according to your net taxable income. People generally hire a tax consultant in order to manage their taxes and filing. However, if you file the taxes online using the calculator we mentioned above, you can save yourself some extra money in form of the fees which the tax consultant would charge.