Income Tax: People have started filing Income Tax Return (ITR) for the financial year 2024-25. Many people think that filling the form online is easy and they can do it themselves. Their thinking is not wrong, you can easily fill ITR yourself (ITR Filing). However, if you file returns without the help of an expert i.e. Chartered Accountant (CA), then you may suffer 5 types of losses. Let’s know about them.
1- The risk of filling the wrong form increases
There are many forms of ITR – from ITR-1 to ITR-7. If you file the return with the wrong form, then the entire return can be canceled. CA helps you choose the right form by looking at your income and expenses. Returns are filed through different types of forms for different types of income.
2- You cannot avail full benefit of tax exemption
If you choose the old tax system, you will not be able to take full advantage of section 80C, 80D, 80G, HRA and other deductions. Actually, CA has complete information about all these sections and he analyzes your income and expenses and tells you where you can get tax exemption.
3- Risk of getting notice increases
If you make any mistake like hiding income or showing any kind of deduction wrongly, then the Income Tax Department can send you a notice. CA takes care of all these things so that you do not get into any trouble. On the other hand, if any notice still comes, then your CA will himself respond to that notice and you will not need to panic.
4- There may be delay in getting refund
If you file the return by giving wrong or incomplete information, then the refund may be delayed or it may also get stuck. On the other hand, CA files the return by giving correct information at the right time, due to which the refund is received quickly.
5- There can be mistakes in audit and calculation
If you are a freelancer, do business or have different sources of income, then filing returns can be a bit complicated. CA does the correct calculation and also gets it audited if needed. So in this way you can focus on your business or work and CA handles the tax related matters himself.
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