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ITR 2024: Are E-filing and E-payment Same Thing For You? Know Details Here – Prime Time News24


e-Submitting and e-Cost have emerged as pivotal parts of this digital transformation.

Know distinction between e-filing and e-payment of taxes

In India, the appearance of digital applied sciences has revolutionised administrative processes, significantly within the realm of taxation and authorities transactions. With the proliferation of e-governance initiatives, e-filing and e-payment have emerged as pivotal parts of this digital transformation. E-filing encompasses the digital submission of a various array of paperwork, facilitating streamlined processes for tax returns, and so on.

Additionally Learn: Revenue Tax Return Submitting: 10 Errors To Keep away from When Submitting ITR For AY 2024-25

Then again, e-payment facilitates the digital remittance of varied taxes, duties, and charges mandated by regulatory our bodies, starting from earnings tax liabilities to items and providers tax obligations.

Distinction between e-filing and e-payment of taxes

Whereas each e-filing and e-payment contain digital processes associated to taxes and different authorities transactions, they serve totally different functions: E-filing includes submitting paperwork or types electronically, whereas e-payment includes making funds electronically.

E-filing:

This refers to electronically submitting your earnings tax return (ITR) with the Revenue Tax Division of India. You are able to do this on the official e-filing portal. E-filing includes submitting your earnings particulars, deductions claimed, and different tax-related info on-line.

E-payment:

This refers to electronically paying your taxes after you’ve got filed your ITR. You may make e-payments by the identical e-filing portal. There are two choices:

  • Pre-login: You may make a fee with out logging in, by offering your primary particulars and Challan (reference) quantity.
  • Submit-login: You may log in to the e-filing portal together with your credentials and make the fee immediately.

So, whereas e-filing is the method of submitting your tax return, e-payment is the method of paying the taxes owed after the return is filed. Each could be conveniently completed on-line by the identical e-filing portal.

In different phrases, e-filing is the method of electronically submitting your Revenue Tax Return on the e-filing portal and e-payment is the method of electronically paying tax.

Disclaimer: The views and funding ideas by consultants on this Prime Time News24.com report are their very own and never these of the web site or its administration. Readers are suggested to test with licensed consultants earlier than making any funding selections.

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