With the end of the fiscal year 2024-25, various taxpayers may be acknowledging whether they could submit their Income tax returns (ITR) independently without asking for the assistance of Chartered Accountants (CAs).
The ITR is a declaration of a person's income to be utlised for demonstrating the taxes that need to be paid in a fiscal year. It is to claim for the income tax refunds along with the loan processing, visa applications, etc.
What is the Method to File An ITR?
You must first create an account with your current Permanent Account Number (PAN) on the income tax e-filing platform.
A PAN card, Aadhaar card, bank statements, Form 16 or pay stubs, information on other sources of income (if any), investments, and property records are among the important documents you will then need to gather.
Choosing the appropriate forms is a significant aspect of ITR filing. Examples are ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.
Opt for the relevant form and fill in the mandated details precisely with information about your income, deductions, and taxes paid.
After creating an XML file, it must be in a machine-readable format before being uploaded and submitted. This can be done by signing into the e-Filing account, going to "e-File," and choosing "Income Tax Return.
Verify your ITR after submitting it by mailing a hard copy to the CPC office, using Aadhaar OTP, net banking, or your bank account.
ITR Filing Benefits on Your Own
Independent ITR filing benefits are that it saves the costs of preceding to a CA it ensures financial privacy, it can be accomplished at your own time under your schedule which can be tough when laying on a CA in busy tax sessions and it could support an individual in the understanding of how taxes function and encourage independent financial planning.