Reasons why filing tax return online is beneficial

Posted by Accufile  on January 6th, 2020

Paying your taxes on time and filing timely tax returns displays your sincerity and responsibility as a citizen towards your country. Therefore, paying taxes and filing tax returns are one of the primary tasks which any responsible citizen should fulfill. Ignoring the task of filing tax returns can result is several negative consequences like, your credibility in banking sector due to low credit score, having to pay fines for delay in filing tax returns and facing legal liabilities.

Gone are the days when prospective tax payers had to resort to services of their chartered accountant’s when it came to filing tax returns. Nowadays, thanks to simplified procedures online, filing of tax returns is merely a child’s play. The format of Form 16 required for filing tax returns is available on Income Tax online sites. All the prospective tax payers need to do is, fill in the requisite details like, their names, address, Income Tax jurisdiction, details of income earned during the current financial year and so on.

Thanks to internet, the trend to file taxes online Canada is fast growing in popularity, with more and more tax payers opting for the same. Filing income tax returns online saves one from the troubles of having to go to the accountant’s office for filing up the form. E-filing of income tax returns can now be done within the comfort of one’s home or office.

Another major advantage of filing income tax returns online through a good tax accountant Vancouver is that, the procedure is free of cost and helps in saving you a substantial amount, by way of accountant’s fees. Additionally, the online application procedure for filing income tax returns is customized, suiting the tax payer’s income profile.

Also, online sites have tax calculation tools, which go a long way in helping tax filers in calculating the tax they need to pay and refund of tax amount they are eligible for. Income tax calculator available online helps in calculating the individual’s income for the current financial year post deducting the expenses and tax free investments made by him. There is also an option of adding and applying tax deductibles at a later stage and calculate tax refund accordingly.

Online tax returns filing offers various free programs, taking help of which one can calculate tax deductibles, for free. However, first timers need to create a new account, to be able to use these online facilities. As compared to manual tax returns filing, online filing programs calculate the person’s returns automatically, that too in detail.

And, finally, the payment gateway available online is safe and secure, assuring about the personal details of the tax payer is in safe hands.