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E-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes.
The last date to file ITR for FY2024-25 is September 15.
In India, the introduction of digitalisation has transformed administrative operations, particularly taxation and government services. With the rise of e-governance activities, e-filing and e-payment have emerged as critical components of the digital transformation. E-filing refers to the electronic submission of a variety of documents, allowing for more efficient operations for tax returns and other purposes.
E-payment, on the other hand, allows for the electronic transfer of a number of regulatory-mandated charges and fees, ranging from income tax liabilities to goods and services tax obligations.
Difference Between e-Filing and e-Payment
While both e-filing and e-payment are electronic processes connected to taxes and other government operations, they serve different functions. E-filing is the process of electronically submitting documents or forms, whereas e-payment is the process of making electronic payments.
E-Filing
E-filing, also known as electronic income tax filing, is the online filing of an income tax return (ITR) for a given assessment year. This does not involve any physical exertion. Simply log in to your laptop and file your ITR according to the Income Tax Department’s guidelines.
Benefits of E-Filing
- It has a faster process when you file an ITR.
- Refunds are also processed more quickly than paper-filed returns.
- It is the most convenient method of filing an ITR as it allows you to do so at any time and from anywhere.
- Security: No one can access your personal data accidentally or on purpose.
E-Payment
E-payments are done with debit and credit cards, direct bank deposits, and e-checks; however, other e-payment methods, including e-wallets and bank transfers, are also accepted.
Benefits of e-Payment
- It’s faster and more convenient
- Making digital payments also provides proof of transactions.
- Taxpayers can use this method anytime.
In simple words, e-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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