If you’re a professional you have to pay your tax return– Aadhar and Pan make it difficult to avoid them. Here are 5 ways to simplify the annual exercise, especially if it’s your first time.
- Go Online
- You can file for tax returns physically or by login onto the IT Department website. Only incomes less than 5 lakh, without refund claims qualify for physically return filing.
- Forms are available online or can be picked up from the IT office. On filing you will receive a stamped (if physical return) and numbered acknowledgement.
- Try a Tax Return Preparer
- TRPs are appointed representatives of the Income Tax Department. They are trained and can be located via their website.
- They are paid for each return they file based on the amount of tax paid. The higher the tax paid, the lower is the TRP’s fee. TRPs are identified by a number, name and counter signature.
- Or an e-Filing Website
- If it’s your first time as a tax payer, the online process though simple, can be stressful.
- You have the option of help from authorized e-return intermediaries like in, Quicko.com and makemyreturns.com
- You can e-file your returns on any one of these sites at charges varying from Rs.300 to Rs.1,000 depending on the complexity and number of income sources.
- Better yet, an e-Filing App
- e-Filing portals have introduced apps such as Taxplanner, Hellotax which also allow refund status checks and tax calculations.
- If it’s really complicated, hire a CA
- When IT returns are complex with multiple income sources, deductions, tax audits etc., a CA may be a better, but more expensive option
- The charges for a CA vary based on income source, complexity of returns; the CA’s experience but some CAs may also offer telephonic assistance.