Filing Income tax returns is very easy.The payment through net banking has made the efiling of income tax return much easier. In this post you will learn about income tax e-filing process through online bank account.
Some benefits include while efiling through net banking:
No Login needed
filing returns using net banking ends the use of login at efiling portal.No need to give PAN,Password and Date of birth to access account.
E-Filing Account direct access
The direct access of e-filing account is advantage for them who struggles to login.People uses services of CA to file ITR, sometimes find difficult in login to efiling portal. But now, people can access their e-filing account easily through the net banking.
Secured e-Filing Account
Login and resetting password on efiling website is easy. But there is greater risk for fraud.
Use net banking to access the efiling website.Choose this method because resetting the net banking password is hard.
The other benefit of efiling through net banking is the e-verification. The e-verification through the net banking is easiest. Actually, it turns the e-verification a single step process. No need to wait for OTP, the e-verification happens with a single click. The login through the net banking account itself verifies the authenticity of the person. Hence It only asks for the confirmation.
Process Through Net Banking
Login into your net banking account uses regular user ID and password.
Search for the tax efiling link. It can be under, taxes or other services tab. For the first time you have to look for it. Almost every scheduled bank gives this facility, hence the link must be there.
Confirm your PAN and personal details. If your name in PAN and net banking account matches, you can directly proceed to the efiling dashboard.
Limitations of e-Filing Through Net Banking
The e-Filing through net banking is the easiest one, but sometimes you would not be able to use this method.
You should be registered with the e – filing portal.
- 1. If you are not using the net banking, you would not be able to use this facility.
- 2. If you have not given the PAN to your bank.
- 3. If there is any mismatch in Name and DOB of PAN and bank account.
e-Filing through net banking has some limitations, still it is one of the best tax filing methods. If you use the net banking of any bank you must e-File through the net banking only.You have the option to file now - decide what day to debit your bank account for tax payment, among other convenience features.