Too much last minute rush
is the reason why one must not wait till the last date to file their tax
returns. There have been cases where people were unable to pay their taxes,
missing out because they waited till the very last day. Also, during all the hurry,
your form filling could be error prone. If you haven’t done your income tax
filing formalities, here’s how you do it.
On your own:
If your annual income was
less than the amount set by the government and there weren’t any claims, you
can file your income tax returns yourself. You can either do that online or
physically by getting the form from the income tax office of their website.
Don’t forget to take an acknowledgement that is stamped, when you file your tax
returns physically.
Tax return preparers
Income tax department has
appointed tax return preparers (TRPs) who assist people filing in their income
tax returns. They are trained to file your returns for you. From the website,
you can find the registered TRPs in your area with their contact details. Based
on the amount of tax yu are paying, they are paid by the compensation on each
return filed. The higher your tax amount, the higher their compensation. If you
are using this method, ensure that you have your TRPs details and counter
signature on the ITR form.
E-filing smartphone applications
With advancement in
technology, it is now possible to file your returns through mobile phone. All
you need is a smartphone and internet. There are mobile apps for filing
returns. As of now, most of these apps have the provision to file only ITR-1 or
returns that are from salary and interest. Refund status check and tax
calculator are also available on this app. Most of these services are free as
well.
Chartered accountants
Self-filing can be a
hassle if there are tax audits, complexity and multiple income sources (and
deductions) are involved. In such a case
it is advised that you must consult a chartered accountant. Their charges will
vary with respect to the income source and how complex the return filing is. Higher
the complexity, the higher the charge. There are online portals as well that
will get you in touch with a CA on the phone, at a third of the price.
Income tax filing is not a
complex process and one must do it well in advance to avoid the last minute
rush. Filing taxes does not have to be as scary as it is made out to
be. Let our experts offer professional help in filing your income taxes on time. To know more about our
services, do visit our website http://www.ca-msa.com/
