In India, applying Income Tax Returns (ITR) is an essential obligation. It serves a few objectives, including meeting the laws to guarantee reliability and openness in the world of finance. The taxpayers commonly believe that this procedure requires working with a Chartered Accountant (CA) without them it cannot be done. In real life, self-file ITR isn’t just easy but also growing in popularity as a result of modern technological advances and easy-to-navigate websites, although CAs contribute invaluable guidance, you can do it by your own as well.
What is Income Tax?
Under the Income Tax Act 1961, The government of India imposes income tax, a direct tax, on the revenue of people, organizations, and other enterprises under its jurisdiction. It applies to many various forms of income, such as investment gains, salaries, dividends, interest, and other earnings from a business or occupation, and revenue from additional sources.
The income tax rate is determined by the taxpayer’s category (person, Hindu Undivided Family, firm, etc.) and earning level. By the fiscal year’s budget, the authorities amend marginal tax rates and income thresholds regularly.
Can Anyone Self-File an ITR in India?
Indeed, people in India do not require the help of an attorney, tax adviser, or Chartered Accountant to self-file ITR. Individual taxpayers can fill out along file of their returns for taxes independently.
Self-filing of ITR defines the procedure by which taxpayers prepare and file their tax returns without the support of any expert, such as a chartered accountant, lawyer or CS. Simple tools and online resources enable this method by organizing the income tax filing processes and exposing it to more taxpayers. If you believe that you are a little bit technology friendly and can deal with the ITR online, you can do income tax return filing on your own as well.
Why should one Self File the ITR Returns?
Several reasons for individual self-file ITR easier are as follows:
- The government of India has streamlined the independent ITR filing procedure by introducing convenient online resources like the Income Tax e-Filing Website and third-party platforms.
- Online ITR filing tools, video instructors, ITR filing software, FAQs, and brochures are just a few of the many learning resources that are accessible to citizens to help them know the complexity of paying taxes and handling the entire procedure with simplicity.
- Taxpayers can save on funds by choosing to file their ITR themselves rather than using a tax expert or CAs. It also results in huge financial savings.
- Digital platforms and technologies that offer 24/7 access and guidance and book the Expert sessions if anyone faces difficulties.
Exposing the Myth that Specialist Advice is Required for ITR Submission
While Filing Income Tax Returns (ITRs) may appear like an exhausting task, a lot of individuals feel that hiring a Chartered Accountant (CA) is mandatory. Certified Public Accountants (CAs) provide vital exposure, but in reality, not every taxpayer needs assistance from them, you can also do DIY tax filing. The reason is:
- User-friendly processes via online portals makes it easy to file ITR by your own
- Help from several internet tools, such as YouTube tutorials, and FAQs about ITR filing
- Cost-saving is one of the key reason due to which you should self file your ITR
- Easy access and availability of the process, tools and other things for filing ITR
- Empowerment as well as ownership
Self-File ITR: Step-by-Step Process
Income Tax Return (ITR) self-filing requires a systematic method for ensuring the accuracy and conformity to tax regulations. Here is a detailed steps to assist you in completing the procedure:
Sign In on the Official Website of Income Tax
Signing up with the Income Tax e-Filing Gateway is the very first step towards the Income Tax self filing. To get started, sign up at https://www.incometax.gov.in, the primary Income Tax (IT) e-filing Website. Set a login ID and a password, and enter your PAN (Permanent Account Number), along with a few basic personal data.
Choose the Suitable ITR Forms
According to your revenue sources and kind, ascertain which Income Tax Return (ITR) form is suitable. This is the most crucial step of filing ITR, hence must choose the form carefully as per the demand of your filming. The most common forms include ITR-2 for individuals and Hindu Undivided Families (HUFs) with a variety of income and ITR-1 (Sahaj) for salaried employees with earnings up to ₹50 lakh.
Filling Up Personal Data and Revenue Details
Pay close attention to your full name, residence, PAN, Aadhaar number (if applicable), and banking account details when providing personal data. Next, precisely record all your earnings profits, such as gains on capital, interest payments, dividends, wages, and all other kinds of revenue.
Declaration for Deductions
Declare being eligible for exclusions under sections 80 sub clause (C), 80 sub clause (D), and 80 sub clause (G) of the Income Tax Act to claim deductions and credits for taxes. Verify that you submit claims for all relevant tax rebates, including forward tax payments and TDS (Tax Deduction at Sources).
Verify and ITR Application
Patiently verify the finalized details to be sure there are no omissions or irregularities. Once your reliability has been confirmed, use any of the available choices for verifying your ITR, including Internet banking, Aadhaar OTP (one-time password), or electronic confirmation code (EVC). After verification, instantly submit your income tax return through the e-filing platform.
List of Documents Required to Self-File ITR Online
The following is an exhaustive list of required documents for DIY tax filing returns for income taxes.
- Form 16 is required to file ITR of the salaried income
- Form 16A/16B/16C are for the additional revenue
- Statements from banks are necessary in order to file ITR, hence you must obtain the same
- PAN Card of the one whose ITR needs to be filed is required hence must possess the same
- Investment Evidence such as invoices and certificates must be there with you in case if anything like that is there
- Property Information is required
- Capital Gains Records must be maintained because they are requisite while filling ITR
- TDS Certifications must be there with you in order to file ITR
- Additional Income Details are also needed if anything like that is there
- Adhaar Card must be there with you
Comparison Between Filing ITR Independently and Through CA
A table that compares filing an ITR on your own or DIY tax filing vs. using a chartered accountant (CA) or we can say any kind of professional advice:
| Aspects | File By ITR Independently | File By CAs Assistance |
| Familiarity with tax laws, rules, and regulations | Limited and basic knowledge with possibilities for errors | Expertise and in-depth knowledge with accuracy in tax returns |
| Time duration | Fluctuates based on the level of complexity but can be time-consuming | Taxpayer effort is reduced |
| Cost | Free (software or tax filing fees excluded) | High Fees based on the CA and the complexity of the return filing |
| Accuracy | Greater chance of costly errors as a result of inexperience | Reduced inaccuracy risk as a result of professional expertise |
| Easy accessibility | Digital or software-based, but self-service is necessary | CA manages the entire filing procedure and provides assistance and guidance. |
| Better Choice | Filing on its own could be a smart choice if your return for taxes is easy, with basic revenue and expenses. | If your tax return is intricate and includes a variety of spending, reductions, and streams of revenue, hiring a CA may assist you in guaranteeing clarity and saving time. |
Conclusion
Finally, self-file returns for income taxes (ITR) debunk the misconception that expert assistance is required and instead provide affordable, practical, and powerful advantages. By utilizing digital platforms and training resources, users can manage the steps with ease and optimize how they handle their money. Startupfino encourages users to look into self-filing potential and offers thorough guidance and help with file ITR without CA.
FQAs
- Is it possible to file my Income Tax Return (ITR) without hiring a Chartered Accountant (CA)?
Ideally, you do not need to hire a CA every time to file the income tax return (ITR), but it is always suggested to take professional help if you are not aware about the process completely.
- What are the advantages of filing my ITR myself without the assistance of a CA?
Compared to relying on a CA, lodging your own ITR can be more private, and less expensive, but it takes more effort and work.
- Can I use online platforms or software to file my ITR independently?
It’s possible to separately self-file ITR using websites or tax-prep apps. These resources and platforms may assist you in comprehending credits and expenses, assisting you navigate the tax return process, as well as facilitating checking for errors.
- How can Startupfino assist individuals in filing their ITR without the involvement of a CA?
Startupfino could provide training materials, accessible applications, and limited help to enable users to submit their ITR on their own without assistance.
- Does Startupfino provide guidance or tools to help individuals navigate the process of filing ITR independently?
Startupfino platforms regularly offer simple-to-use tools and guides to support self-file ITR to individuals. Hence it can be said that startupfino provides guidelines or tools to help individuals to navigate the process of filing ITR independently.
- Can Startupinfo offer resources or tutorials to educate individuals on the intricacies of ITR filing without professional assistance?
To help people with the details and skills necessary to self-file Income Tax Returns (ITRs) without the aid of an expert, Startupfino offers extensive materials and tutorials.
