In the last few years, the IT department has made all the services available online. Filing of Income Tax Return is now online except in some cases
The last date to file Income Tax Return (ITR) for the financial year 2021-22 is July 31, 2022. You can file ITI on your own or take help of experts. Experts calculate your income and tax liability. Then file the return. These include government approved service providers, private intermediaries and chartered accountants.
You can file your return yourself
In the last few years, the IT department has made all the services available online. Now the filing of income tax return is done online except in some cases. If you have income only from salary, then you can easily file your return from the e-filing portal of IT department (www.incometax.gov.in).
Super senior citizens (persons who are 80 years or above) have to file returns either in ITR-1 or ITR-4. They can also use the paper form to file the return.
In the partial online process, you have to download the relevant ITR form from the website and then save it on the desktop. Fill the return offline and after generating the XML file save it on the desktop. Then, upload the XML file to the e-filing website and submit the form.
An acknowledgment slip is generated after successful submission in both the processes. It is important for you to choose the right ITR form. Then fill all the details correctly. Then verify the return to complete the process.
Tax return preparers
The Government had launched the Tax Return Preparers Scheme, in 2006. Under this, the government trains people to serve as Authorized Tax Return Preparers (TRPs). TRP can charge a maximum fee of Rs 250 per return. He is also allowed to take incentives from the IT department. You can get the information of authorized TRP in your area from the Income Tax website.
e-filing intermediates
- The IT department had started a scheme named ‘Electronic Furnishing of Return of Income Scheme, 2007’. The scheme allows authorized intermediaries to file ITR electronically on behalf of taxpayers. E-filing intermediaries are helping many taxpayers in filing returns.
- E-filing intermediaries charge a fee for return filing, which depends on several factors. These include source of income, level of income and other complications.
- For taxpayers with foreign income or capital gains, the charges are Rs 5,999 and Rs 3,999, respectively. Similarly, tax managers charge a fee of Rs 1250 or more to a salaried individual to assist in filing returns.
Chartered accountants
If you have multiple sources of income and find it difficult to calculate and file your return on your own, you can take the help of a chartered accountant. In some cases tax audit and balance sheet preparation is required. In such a situation, you have no other option but to go to a chartered accountant. CA charges fees up to Rs 5000 for simple returns. This fee can increase due to business level and other complications.
