The Income Tax Department is increasing the use of technology in ITR filing. Its effort is to make this process easier. With this, it has become much easier to file ITR now. Many people are filing their returns themselves. Some people do not file themselves, because they feel that if there is a mistake in filing the return, then the notice of income tax will come. The question is, should you file returns yourself? Moneycontrol tried to know the answer to this question from the tax expert.
If the sources of income are not much, then ITR can open it
Expert says that if there is not much source of income of any taxpayer, then he himself Income tax return Can file. Especially salary taxpayers can file returns themselves. The reason for this is that the tax of salary taxpayers is already deducted. After deducting the employer tax, they transfer salary money to the employee’s bank account. Form 16 is issued to the employee by the employer after the financial year is over. It contains information about TDS, gross income, taxbell income, deduction etc.
Salarid taxpayers can use ITR-1 form
If you do a job and your annual income is not more than Rs 50 lakh, then you can use ITR form. The rule of income tax states that if a person has a source of income, salary, interest income and dividend income, then he can use ITR-1. Also, if there is a long-term capital gain of up to Rs 1.25 lakh from listed shares and equity mutual funds, then taxpayer can use ITR-1. It is also called simple. This is the easiest ITR form.
Will have to go to the e-filing portal to file returns yourself
If you want to file income tax returns yourself, then you have to visit the income tax department’s e-filing portal (https://www.incometax.gov.in/iec/foportal/). You have to log in to this. Your pan will be your ID. Then you have to enter the password. After that you have to go to e-file and select income tax returns. Here you will see the option of file income tax return.
ITR-1 form has to be selected
After clicking on income tax return, the new page will open in front of you. On this you have to choose the assessment year. Then after sector of online mode, you have to click on Continue. After that ITR-1 will have to be selected after selecting individual. Then the reason for filing income tax returns will have to be selected. After that, pernasal details, income details, tax paid etc. will have to be filled. Nowadays many of these information are already filled. All you have to do is to check them by checking them.
Will have to verify within 30 days of submit the return
It is important to remember that after submitting income tax returns, it is necessary to verify it. You have to verify it within 30 days of returning filing. You can e-verify your returns with the help of net banking or Aadhaar OTP. If you do not verify inside the deadline, your hard work will become useless. Tax experts say that it should be e-verified only after submitting the return.
If there are more sources of income, then chartered accountants can help you
Expert says that if a person has many sources of income and has income from business or profession, then he can take the help of CA to file income tax returns. If you have sold a property on which a capital gains have been done, then you can take the help of CA to file returns. The reason for this is that the first calculation of the capital gains will have to be done. Then the tax has to be calculated on it. It can be a mistake in calculating itself.