I have Filed my Taxes for the Year.
Taxation is a tough task for most people and even I'm out of the one who also considers it a difficult task to work on. I have been filing taxes since the year 2012 so it's been 10 years of my filing and since the beginning do it by myself. There are options to get assistance with the filing and there are certain charges which I can easily pay but I believe that it's better to do it by myself so that I know what I filed and it gives me better control and peace of mind when I do the filing.
Now even the portal is quite advanced and the government has made it so faster as well but I remember the days when it was not completely online and there was an excel utility available to download and fill in all the information. It was time taking tool and after entering all the information it was required to export in XML format and upload the file to the website. Once the filing is done then there was another requirement to send the acknowledgment form to the tax department in Bangalore. Not since everything is online so there is no requirement to send the physical form to their office if it is verified electronically and I follow the same which is just I mean a task and an OTP is the only requirement to verify it.
I did my filing on the 24th of July and there are four steps involved in the process out of these three are required to be done by the candidate and I did it all and the 4th one is pending from the authority side. Ideally, the tax department finished the processing within a week as my friends have got the confirmation from the department that their processing is completed and once this processing is also done then refunds are also processed at the same time if any. It used to take a couple of months to process the refund and finish the processing but now things are like much faster because of the online system. Somehow I feel like blockchain can play an important role to transform this process which will not be just faster than it is now but also is full proof to avoid any data loss or alteration in the stored information through the blockchain technology. Let's see when the government thinks about it and consider the technology to be part of their tax department.
This time tax filing was slightly different because we have different guidelines for the crypto investment and I did spend a few days understanding the process and the requirement before the filing and finally already got it done. This year there is no requirement to pay the 30% flat tax on the income through crypto because the rule is effective from first up till 2022 onwards however in the next year filing will be applicable so this is going to be a little more complicated next year.
I did a responsible citizen we all should file the taxes if we are liable to and I do my part by doing it however the government has already deducted the taxes from my salary and the enhanced salary that I received is already declared with the govt by the organisation.
The last day for the filing is the 31st of July and this year it is expected that the government is not going to extend it further so before the site gets overloaded I did my part well in advance to avoid last-minute issues. If you are from India and haven't done the filing for the year then I would suggest please do this as soon as possible to avoid last-minute difficulties and please do not expect the deadline extension as still, no government has not given any signal to do this. They have been doing it for the last two-three years because of the forward but now things are back to normal and the government seems to be not in the mood to give a further extension. Now I'm waiting for the confirmation from the department after processing and once I get that then the process gets complete and there will be no further action required from my side till the next year.
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