ITR Filing: You can also file income tax return yourself. You just need to know its process and necessary documents. The entire process of filing ITR is online.
ITR Filing: The last date for filing income tax return (ITR Filing Last Date) is 31 July. Most of the people get their returns (ITR) filled by chartered accountants only. They feel that this is a heavy task, which they cannot do on their own. But in reality it is not so. If an income tax payer wants, he can also file his ITR.
Now returns are filed online. You can do this important work very easily even while sitting at home. Its process is very easy. If you fill the return yourself, then you will not have to pay any money.
To file your Income Tax Return (ITR Filing) on your own, you will have to do some preparation in advance. You have to understand the process of income tax filing portal. Along with this, you will also have to collect the necessary documents with you while filing ITR.
By the way, even if you get the returns filed by the CA, you have to collect the documents related to income and expenses and give them to the CA. You need to do a few things before filing your ITR online. If you have done these things then it will be very easy for you to fill the return.
Collect all the documents
You will need many documents to file ITR. Form 16, 26AS, AIS/TIS, bank statement, investment documents, rent receipts etc. will be collected by you. According to a report in Financial Express, Abhishek Soni, co-founder and CEO of Tax2Win, says that all these documents should be kept in one place even before the ITR filing begins.
Complete income details
If you want to file your ITR yourself, then you must have a good idea of your income from all sources. You have to pay income tax on income from salary, house property, capital gains and other sources. If you have correct information about your income, then you will be able to choose the right form to file ITR. Along with this, you will get information about the tax exemption available and will be able to take full advantage of all the deductions.
Correct form information
Different income earners have to fill different forms for filing ITR. Therefore, before you start filing ITR, you must know which form will be applicable to your income. Knowing your total income, you can choose your form.
Computation of Taxable Income
You should calculate your taxable income before filing income tax return. Now many income tax calculators are available online. With their help, you can calculate taxable income. Abhishek Soni says that use your income and deduction details to calculate your taxable income as per the provisions of the Income Tax Act. This will give you an idea of how much tax you will have to pay and how much refund you are eligible for.
Deductions and exemptions
If you are filing income tax return by adopting the old tax regime, then you must first make sure that you have claimed the exemptions and deductions available under various sections of the Income Tax Act. Abhishek Soni says that by taking advantage of all the deductions and exemptions, you can reduce your tax liability. That’s why before filing ITR, definitely take their information.
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