Filing income tax returns ( ITRs ) can seem daunting, especially for individuals who are new to the process. And there is a myth that only a CA could file their ITR or an expert is needed for the filing. While hiring a Chartered Accountant ( CA ) can simplify the process, it’s not the only option. You can file your own returns if it is not too complex.
People rely on professionals for their expertise because they stay updated on the latest regulations and are skilled in filing. A good CA can help you plan your taxes effectively, minimising penalties and interest.
For straightforward income tax returns, you can file them yourself, just as CAs and tax advisors do for their own. However, for more complex situations, professional assistance is invaluable.
In this article, we’ll explore whether you can file your ITR without a CA’s help and guide you through the process.
ITR Filing
ITR filing is the process of reporting your income, expenses, and taxes paid to the Income Tax Department. The government provides various ITR forms, and you need to choose the correct one based on your income sources and eligibility.
Can You File ITR without a CA?
Yes, you can file your ITR without a CA’s help. The Income Tax Department has made the process user-friendly, and individuals with simple tax situations can easily file their returns online. However, if you have complex tax situations, such as multiple income sources, foreign assets, or capital gains, seeking a CA’s help is recommended.
The government has made everything online and simplified enough to file the returns independently by the taxpayer.
Benefits of Filing ITR without a CA
Filing ITR yourself saves you money on CA fees and you have complete control over your income tax filing process. Though there will be situations where you need CA assistance when you have a long list of expenses and income. Another benefit is you can gain knowledge about tax laws and regulations.
Challenges of Filing ITR without a CA
Filing Income Tax Returns ( ITR ) presents several challenges, with the foremost being time consumption. It demands significant patience, dedication, and effort as you meticulously go through numerous documents and enter details. Compounding this challenge is the Income Tax Portal, which often becomes overwhelmed as the deadline approaches, making it nearly impossible to file returns efficiently.
Another major hurdle is the complexity of tax laws. Each budget may introduce changesāboth major and minorāthat can easily lead to errors or omissions if not properly understood. Staying updated on these changes is crucial to avoid negative consequences, often necessitating the assistance of a Chartered Accountant ( CA ).
Finally, filing ITR without proper assurance can lead to incorrect filings, resulting in penalties. Honest mistakes, such as failing to report income or misplacing figures in incorrect columns, can subject taxpayers to fines, highlighting the importance of accuracy and vigilance in the filing process.
Step-by-Step Guide to Filing ITR without a CA
1. Gather necessary documents:
– PAN card
– Bank statements
– Salary slips
– Form 16
2. Choose the correct ITR form:
– ITR-1 ( sahaj ) for individuals with income from salary, house property, and other sources
– ITR-2 for individuals with income from business or profession
3. Register on the e-Filing portal:
– Visit incometax.gov.in
– Create a login ID and password
4. Fill in the ITR form:
– Provide personal details
– Report income and expenses
– Claim deductions and exemptions
5. Verify and submit:
– Review your form carefully
– Submit and verify through Aadhaar OTP, EVC, or digital signature
Filing your Income Tax Return ( ITR ) before the deadline is crucial to avoid penalties. It’s essential to keep records of your tax filings for future reference and to stay updated on tax laws and regulations to ensure accuracy and compliance. The last date to file ITR without audit is July 31, 2024.
Income Tax Returns filing without a CA’s help is definitely possible, but it’s essential to be aware of the challenges involved. If you have a simple tax situation, you can follow the step-by-step guide above. However, if you’re unsure or have complex tax situations, consider consulting a CA to ensure accurate and compliant filings.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
