Difference between E-Filing and E-Payment?

Difference between E-Filing and E-Payment?

E-filing is the process of electronically filing income tax returns, whereas E-payment refers to the process of electronically paying taxes.

E-filing is an abbreviation for electronic income tax filing. E-filing is the process of electronically filing your ITR online for a specific year.  This means now you do not need to visit the nearest Income Tax Department office to file your returns. Instead, you log on to the internet and complete the task.

E-payment?

They are referred to as online payment systems. Typically, e-payments are made using debit and credit cards, direct bank deposits, and e-checks; however, other e-payment methods such as e-wallets, bitcoin, cryptocurrencies, and bank transfers are gaining popularity.

Difference Between E-filing and E-payment

E-filing is the ITR filing online which means a process of electronically filing income tax returns, whereas E-payment refers to the process of electronically paying taxes (via net banking for SBI’s debit/credit card). The taxpayer can easily and quickly discharge his obligations of tax payment and return filing by using the e-payment and e-filing facility. ​

Benefits Of E-Payment System

The following are the benefits of e-payment systems.

1.      E-payments are more efficient because they are faster

2.     Customers can pay online at any time and location with e-payments, making them easily accessible and convenient for customers. Because many payment processing solution providers offer various types of solutions, it is simple to integrate online payment solutions with businesses

3.  Online payment solutions include security, risk management, and anti-fraud tools, making them dependable and secure for customers and merchants

4.  E-payments have proven to be highly effective for international transactions because they are less expensive, simpler, faster, and, in general, real-time. People are almost at ease with online shopping and electronic payments. Accepting online payments is now a must for any business in this day and age

5.    Shopping and banking are becoming more convenient as a result of e-payments. They assist customers in reaching more clients both locally and globally

6.      E-payments are more efficient because they are faster

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