Income tax return is a form used to file income tax with the income tax department. Tax return documents are usually some pre-defined worksheets, where the income figures are used to calculate tax liability written into the sheets themselves. Tax returns, regardless of whether it’s an individual or any business have to be filed on specified dates. Before, people would queue up before the Income tax collection offices and would physically pay the taxes. This however is a time consuming affair. To reduce load, several agencies are now being hired to outsource the work. Online automation system has made the process efficient in all respects.
Online automation has a score over manual filing of ITR because :
- Acknowledgement of Income tax return is quick and refunds are processed faster.
- E-filing software with built-in validations minimizes errors considerably.
- No time and space constraints.
- Data is completely secure as it’s unaccessible to others and filing is automatic.
- Refunds can be directly deposited and debits can also be made directly from bank accounts.
ScoreMe, an innovative, fintech software company has introduced an ITR analysis tool, which gives complete visibility of financial transactions of any individual or firm. Why is tax analysis important? Tax analysis helps in revenue forecasting. Tax reforms are undertaken by the government time and again, to enhance revenues, improve equity and efficiency of taxes, thereby promoting economic growth.
Automated software like ScoreMe’s ITR analysis tool eases the process by:
- Capturing income tax returns, spanning ITR1-7 in real time.
- It is very easy to implement with a simple, single API integration.
- This tool presents the actual data which can be compared with the declared data of the tax payer.
