File Your Income Tax Return without Consulting a CA

1. File Your Income Tax Return without Consulting a CA The last date to file an income tax return for the economic year 2019-2020 has been extended till December 31, 2020. Although you have some time still left, but filing an ITR before the due date comes with several benefits like carrying forward of losses. You will not have to pay late filing fees. If you file your income tax return after the due date then you will be eligible to pay late filing fees of up to Rs 10,000.

2. The new and simplified income tax slab rates will not need the services of a CA. Easy tax calculation methods let you file the income tax return conveniently. You can opt for the new income tax scheme which has several benefits. The new income tax scheme is so simple that there will be no requirement of a chartered accountant (CA) or any other official before filing ITR. The old Income Tax Act was very much complicated for the taxpayers. But with the introduction of new income tax scheme, the filing of income tax return has not only been simplified but also lets you save taxes without making any investments such as insurance policies to proclaim tax profits and PPF. Finance minister NirmalaSitharaman in her budget speed has announced that those who will opt for the new tax slab rates will get the advantage of having a pre-filled ITR, so that you can file your returns without seeking help from an expert. You can also file your ITR electronically. All you need to do is simply to register yourself on the e-filing website of the income tax department. After getting registered, you can follow the following steps to file your ITR electronically:

3. 1.    Collect All Necessary Documents The very first step which you need to follow is to collect the documents which you require to file your income tax return like, salary slips, Form 16, and interest certificates. These documents will let you calculate your gross income and will give you the details of how much tax has been deducted from the economic year 2019-20. 2.    Download and Verify Form 26AS Form 26AS contains all the information on the tax which has been reduced from your income during the economic year 2019-20 and credited against your PAN. After that, verify your TDS certificates with Form 26AS to make sure that the tax reduction is credited against your PAN. 3.    Identify the Errors in the Form 26AS If you find an error in the amount displayed in the TDS certificates and Form 26AS (i.e. if the amounts do not match), then you must talk with your deductor to get the errors fixed. If the error is not corrected, then you cannot claim the credit on the tax which is deducted.

4. 4.    Calculate Your Total Income for the Particular Economic Year After collecting all the documents required and verifying all the taxes that are reduced, then you must calculate the total income on which you need to pay the tax. 5.    Compute Final Tax Payable After calculating the total income, apply the tax rates to compute the tax liability as per your income slab. After this, reduce the taxes that you have already paid during the year. Once you are done with this, you can simply file your ITR after paying all the taxes. KNTX is one of the Best Tax Consultants inGeeta Colony which offers unmatched services and Income Tax filing in Greater Kailash, Income Tax filing in HauzKhas, andIncome Tax filing in GeetaColony. The company’s vision is to deliver solutions and support to its clients and build a trustworthy relationship for the long term.

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