1. The Department has modified the return preparation software to include automatic calculation of tax and interest and this is available for download free of cost.
2. New facility added in “My Account” allows registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the Department. This is crucial to ensure that you receive complete and accurate tax credit for tax payments and TDS reported by you in the I-T return. Please immediately contact the bank or deductor in case of any discrepancy or missing entries.
3. With these new features return preparation should be a breeze this year even for first timers!
4. All electronically filed returns are processed on priority basis at the I-T Department’s Centralized Processing Center (ITD-CPC) at Bangalore so that refunds can be issued earlier. E-filed returns for AY 2009-10 are already being processed at a fast pace and is expected to complete shortly.
Thereafter, E-filed returns for the current year would be taken up for processing.
5. Please also ensure that your ITR-V reaches ITD-CPC, Bangalore quickly.
The facility for viewing Form 26A for tax payers who have registered for e-filing is a most desirable and welcome step. All the tax payers and consultants should verify their TDS credit before filing the e-return to avoid revision and not getting due refund on time.
Very Good news, appreciate IT depart to start online filing Income Tax. I agree that with these new features return preparation should be a breeze this year even for first timers. Really it can help us to process very much fast from any where. I read some on http://www.lawisgreek.com/legal-expert-blog-mercy-pleas-clemency-powers-and-their-judicial-review-in-india/
The new procedure does not spell out if open source software is being allowed for uploading the spreadsheet file data, and if MS Excel remains the patronised software.