Posted by AI on 2025-08-13 11:40:43 | Last Updated by AI on 2025-08-14 01:49:59
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Understand the difference between e-filing and e-payment of taxes before you complete your ITR for the financial year 2025.
The Income Tax Department recently launched a new e-filing portal for individuals to file their income tax returns (ITR) for the financial year 2025. The new portal has caused quite a stir as taxpayers navigate the new system and try to complete their returns within the deadline.
One of the upgrades on the new e-filing portal is the option to e-file and e-pay your taxes. While these may sound like the same process, there are some key differences between e-filing and e-payment.
E-filing is the process of electronically submitting your Income Tax Return using the e-filing portal. This is a relatively new development, and the process is streamlined and user-friendly. Individual taxpayers can upload their returns on the portal with relevant information on income, deductions, investments, etc.
On the other hand, e-payment is the process of electronically paying taxes. This is done through authorized banks and other payment gateways on the e-filing portal. Taxpayers usually pay after e-filing or e-submitting their tax returns or assessments.
The new e-filing portal has caused some inconvenience to taxpayers due to glitches and a steep learning curve. However, the new option of e-filing and e-payment promises to be more efficient than the previous system of physical filing and payment. It will help individuals file their taxes more quickly and securely, while also facilitating faster refunds when applicable.