What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

New Income Tax Portal:Features and Updates

On June 7, 2021, the Central Board of Direct Taxes (CBDT) unveiled a newly designed income tax e-filing portal, accessible at www.incometax.gov.in. This new portal has been introduced to replace the older e-filing platform, www.incometaxindiaefiling.gov.in. The transition to this updated portal marks a significant overhaul aimed at streamlining and modernizing the process of income tax return filing and other related services. This article delves into the new portal's features, how it enhances the taxpayer experience, and what users need to know to navigate this updated system efficiently.

Key Features of the New Income Tax E-Filing Portal

1. Enhanced ITR Processing

The new portal is designed with a user-centric approach, facilitating immediate processing of income tax returns (ITRs). This advancement aims to expedite the refund process, ensuring taxpayers receive their refunds more swiftly compared to the previous system.

2. Free ITR Preparation Software

To assist taxpayers in preparing their returns, the portal provides access to free ITR preparation software. This software includes both Excel-based and Java-based utilities. Each year, the CBDT releases updated ITR forms that reflect changes in tax laws and regulations. Taxpayers can either download these forms and prepare their returns offline or use the online features available on the portal. The interactive questions within the software simplify the e-filing process, making it more accessible for users.

3. Integrated Call Centre Services

For real-time assistance, the new portal integrates with a modern call centre service. This feature allows taxpayers to get immediate responses to their queries. In addition, the portal provides detailed FAQs, instructional tutorials, videos, and access to a chatbot and live agents to resolve any issues.

4. Unified Dashboard

The updated portal includes a unified dashboard where taxpayers can view all their interactions, uploads, and pending actions in one place. This centralized interface helps users keep track of their tax-related activities and follow up on any pending items efficiently.

5. Multiple Payment Options

To make tax payments more convenient, the new portal supports a variety of payment methods. These include RTGS/NEFT, credit cards, UPI, and net banking. Taxpayers can use any of these payment options through their bank accounts, streamlining the payment process and enhancing ease of use.

6. Mobile Application

The Income Tax Department has introduced the Aaykar Setu app, launched in July 2017, to support taxpayers with mobile access. This app offers a range of utilities, including:

Ask IT: A feature for answering tax-related queries.

Tax Calculation Tools: To help users calculate their taxes accurately.

PAN Application: Allows users to apply for a Permanent Account Number (PAN) online.

Online Tax Payment: Facilitates tax payments directly from the app.

Tax Gyaan: Provides educational resources and information on taxation.

7. Pre-filled ITRs

The new portal supports pre-filling of certain income details, such as salary, house property, business or profession income, interest, dividends, and capital gains. This pre-filling is based on data uploaded by relevant entities, such as TDS and SFT statements, simplifying the tax filing process for users.

8. Annual Information Statement (AIS)

The AIS offers a comprehensive overview of a taxpayer's financial information, displayed in Form 26AS. Taxpayers can review and provide feedback on the information shown in the AIS, which includes both reported and modified values. This feature ensures accuracy and helps resolve discrepancies.

9. National Faceless Appeals Centre (NFAC)

The NFAC has been established to centralize and streamline the e-appeal process. This includes the automated allocation of appeals to Commissioners of Income Tax (Appeal) units, enhancing efficiency and transparency in handling tax appeals.

10. Electronic Verification

Taxpayers can electronically verify their returns using various methods such as Aadhaar OTP, net banking, or digital signatures. This digital verification process ensures that returns are validated promptly and securely.

11. Efficient Communication with the Income Tax Department

The new portal facilitates seamless communication between taxpayers and the Income Tax Department. Notices, updates, and other communications are managed directly through the portal, eliminating the need for physical visits or follow-ups with tax officials.

12. Pre-validation of Bank Accounts for Refunds

To streamline the refund process, the portal allows taxpayers to pre-validate their bank accounts. Once ITRs are filed, the Income Tax Department reviews and processes refunds electronically, depositing them into the bank account linked with the taxpayer’s PAN.

Features of the Old Income Tax E-Filing Portal

The previous income tax e-filing portal, www.incometaxindiaefiling.gov.in, provided a range of services related to income tax filing. These included:

E-verification of Income Tax Returns: Taxpayers could verify their returns electronically.

View and Respond to Outstanding Tax Demands: The portal allowed users to check and address any pending tax demands.

File Audit Reports and Certificates: Required audit reports and certificates could be submitted through the portal.

View Tax Credit Statements (Form 26AS): Taxpayers could access their Form 26AS to view tax credits.

View Tax Credit Mismatches: Users could check for discrepancies in their tax credit information.

Request Refund Re-issues: The portal facilitated requests for re-issuing refunds.

Request Intimations: Taxpayers could request various intimations related to their tax affairs.

Change ITR Particulars: The portal allowed for updates and corrections in ITR details.

Link Aadhaar with PAN: Integration of Aadhaar with PAN was managed through the portal.

Lodge Grievances Online: Users could file grievances regarding their tax matters.

Respond to E-proceedings: The portal supported responses to electronic tax proceedings.

The old portal was used by the Income Tax Department to process uploaded returns and other forms, issue notices, receive taxpayer responses, and communicate final orders, including assessments, appeals, exemptions, and penalties.

Key Updates for Taxpayers

With the transition to the new portal, taxpayers are advised to:

Re-register Digital Signature Certificates (DSC): Due to security enhancements, old DSCs are not migrated, requiring re-registration.

Update User ID and Mobile Number: Ensure that primary contact details are current in the taxpayer profile.

Link Aadhaar and Pre-validate Bank Accounts: Complete these processes if not already done.

Reset E-Filing Vault Security Options: Enhance security settings in the e-filing vault for better protection.

The new income tax e-filing portal represents a significant advancement in tax administration, providing a more streamlined, efficient, and user-friendly experience. By understanding and utilizing the updated features, taxpayers can manage their tax affairs with greater ease and accuracy.