5 Simple Tips to your First Income Tax Return Filing

Image Source: Google
Image Source: Google

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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

1 thought on “5 Simple Tips to your First Income Tax Return Filing

  1. Pingback:3 Reasons Why Personal Finance Is Important For Salaried Professionals

Leave a Reply

Your email address will not be published. Required fields are marked *