Delhi, India (PressExposure) March 27, 2009 -- Income tax as well as income tax returns have become much more accessible after the coming of Internet facilities for filing income tax. In fact, the electronic income tax return filing was launched by the Central Board of Direct Taxes in August 8, 2003. This scheme has proved highly advantageous for salaried people with permanent bank account numbers. They can now approach any bank with their tax receipts of form 16 as well as proof of savings to file their tax returns electronically. Only seven cities have this kind of facility, where only few intermediary banks are present.
The process is clear. First the intermediaries prepare the income tax return amount and then it gets it scrutinized by a chartered accountant. After this, it is finally filed electronically. Therefore, tax payers are no longer required to run around tax office to get back their returns. The electronic procedure has proved to be highly convenient for them as it has a quicker processing time and fast returns.
The popularity of e-filing is soaring high and it is predicted that as many as 59.8 million returns will be filed through this newly launched e-filing system. With the advent of e-filing facilities to receive income tax returns, service providers can now give a supporting hand to the accounting firms to prepare tax returns. This will help these accounting firms to provide value-added services to clients. In fact, special feature like the tax co-sourcing solutions is been provided to accounting firms by the Outsource Partners International (OPI) since last 3 years. This solution has helped many accounting firms to become OPI's partner in order to run the full tax return process as well as the departments processing function.