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Excellent online tax website, but critical flaws
Jul 18, 2012 03:27 PM 8843 Views

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First, let  me mention that I'm a power user, i.e. I have multiple sources of income(salary, dividends, interest), short term and long term capital gains(stocks, equity mutual, debt mutual), various exemptions, etc so I exercise any tax filing system to the hilt. I am also very knowledgeable about Indian tax laws and rules.


I've been using myItReturn for filing my tax returns since FY08 at least. In recent times, I've been facing too many problems with myItReturn. So from FY12, I've switched over to taxsmile.com and amazingly finished my entire return filing in less than 2 hours, with minimal hassle. myItReturn has lost my business.


Details:


For FY08, I received a demand notice from AO for more than 30K. Could be a mistake of myITReturn or taxation dept. I'm in the process of resolving this myself.


For FY09, I received a demand notice from CPC. I resolved this myself with CPC.


FY10 no notice received from CPC so far.


For those 3 years I was quite happy with the service.


Problem started with FY11 tax return. I got a demand notice from CPC. When I looked through the demand notice, I found a few mistakes made by myITReturn in filing my return.


Subsequently I wrote to their helpdesk, but they refused to do anything, claiming that the computation was done correctly.


Again I wrote back. and got blatantly false info.


Once again I wrote to helpdesk very strongly asking them to consult tax lawyers coz they had violated 3 rules from the IT Act. I pointed out exactly what mistakes they had made and which rules were being violated. Finally they accepted their mistake, and said that they would get the problem rectified with IT department. I sent them explicitly what rectifications need to be made, as well various documents(ITR-V, Form 16, intimation letter) to help them send the rectification request to the IT Dept.


Then there was no further response from them even after multiple reminders over 2 months.


Finally, I escalated via my company(since there's a corporate tie-up) and they immediately responded, and filed a "rectification request" with IT dept.


Unfortunately problem didnt end here, the IT dept rightly rejected the rectification return since a "revised return" was supposed to be filed. So MyItReturn created a revised return and sent it to me for verification.


Amazingly, they made a mistake yet again that I had to point out(in calculation of exempt income under Schedule VI-A, section 80G).


Finally the correct revised return was made, and accepted by IT dept. Now waiting to hear whether the IT dept will reverse the demand notice.


This year again I've faced problems with myItReturn while filing the FY12 tax return.


On their website and on their XL template used to enter details of sale of securities, there is no place to enter the expense incurred on buying the security(there is a place to enter only the expense incurred to sell the security).


Tried to raise a ticket for this on the website but could not.


When entering debt fund details, the system rounds off the number of units bought, which is absolutely incorrect. If I've bought and sold 34.xx units of a mutual fund, rounding that off to 35 makes the calculations absolutely wrong, esp when some funds have a  NAV of more than Rs 1000.


Finally the LTCL calculated on debt funds after indexation is also wrong.


That was the last straw, that’s when I switched over to TaxSmile.com. Now I've to wait and see whether taxsmile.com files my return properly, or they also finally screw up. Fingers crossed.


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