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Honestly speaking, I am not an expert regarding income tax calculation, but it could be possible since I heard such with my colleague's issues. I may help people with starting fence business and other supports for making the strategy successful.
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**Yes a person can file his ITR file without help from a CA,** but it is advisable to get your return filed from a tax Practitioner since they have the solid knowledge of the rules, regulations and procedures of Indian Income Tax and can guide well in tax planning .Chartered Accountant also being a tax Practitioner are in a better position to give you advice on the matter of suitability of insurance and investment products purchased or to be purchased.
In fact Income Tax Department have scheme set up called TRPS (Tax Return preparer Scheme). TRP (Tax Return Preparer) is trained professional from Income Tax Department. They seek to assist small and marginal taxpayers in preparing and filing their tax returns.
Therefore taking into consideration the increasing complexities in the income tax return (ITR) forms due to new changes proposed in the form it is advisable to get Income tax return filed from a Chartered Accountant.
Income Tax Return is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the financial year.
Definitely one can file his/her ITR without the help of CA, provided that you are well equipped with the relevant and applicable provisions and adept in Income Tax rules and amendments.
Filing ITR involves various complexities, hence itโs always advisable to take the help of experts while filingincome tax return to ensure accuracy.
Filing accurate & timely income tax return saves you from the proceedings and assessments of Income by the income tax officials. If you come under the tax officialโs scanner, then you may end up paying tax with interest (simple/Compounding) on the tax amount payable. Under rare situations, even penalty can be imposed.
Hie Gautham,
**Definitely one can file his/her ITR without the help of CA**, provided that you are having good knowledge of the Income Tax and certain provisions which are applicable to you being the type of assessee.
But having such huge importance and benefits, itโs always advisable to take the help of experts and file the accurate income tax return because if any is missed out, revised return is to be filed which included number of procedural work and consequences.
We would run you through the entire procedure of filing return, if you want to do it yourselves. But before you start the process, keep a few things handy with you:
Bank statements
Form 16 issued by your employer (in case you are a salaried)
Copy of last yearโs return(if any)
Working Internet Connection
Since, you have the checklist ready, now log on to www.incometaxindiaefiling.gov.in and register yourself. Your Permanent Account Number (PAN) will be your user ID.
Now view your tax credit statement, Form 26AS for the details of all taxes deducted and deposited with the IT department. Check and reconcile the statement with your form 16.
Now, under the โDownloadโ menu, click on Income Tax Return Forms and choose the relevant AY and Income Tax Return (ITR) form.
Open the downloaded Return Preparation Software (excel utility) and complete the form by entering all the details, using your Form 16.
Ascertain the tax payable by clicking the โCalculate Taxโ tab.
Pay tax (if any) and enter the challan details in the tax return.
Now validate your form through โValidateโ tab.
An XML file will be generated thereafter which you can save it on your computer.
Go to โUpload Returnโ on the websiteโs left panel and upload the saved XML file.
You will be asked whether you wish to digitally sign the file. If you have a DS (digital signature) select โYesโ or choose โNoโ.
The website now will flash a message of successful e-filing on your screen by generating the acknowledgment form โ ITR Verification (ITR-V) which has to be downloaded.
Lastly, if you did not digitally sign the ITR, take a printout of the form ITR-V , sign it preferably in blue ink, and send it only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore โ 560 100, Karnataka, within 120 days of filing your return online.
Dear Gautham,
Your question is incomplete. you can file income tax return himself if ITR form-1 or 4S. however all other return are some complicated and not easy to file.
However in current, filing fees of return is very low, many new qualified CA file income tax return at very low price for set up their practice. i am always suggest, you can take help from a CA while you want to file income tax return.
any other query feel free to contact us.
Writer
CA Chitranjan Agarwal