Income Tax Return Filling Exercise


dilemma is whether i should file myself or contact ca

It depends on your skill to use web, your basic understanding about income tax, level of complexities in your income details.

Option 1

If you find your return too much technical and having high income for not taking any risk

simply continue with existing ca. but you can still try to understand rules applies in your case to learn chances to save taxes through planning in your return.

Option 2

If you feel like giving up or fearing of mistake which might cost you

Than you should approach chartered accountants and try to discuss your income computation in detail and at least try to understand that what all your income is being reported and how you end up paying tax after claiming expenditure, allowances and deductions. once you realised that your return has limited variety and it got repeated every year and now you understand your computation of income and tax working applicable than you are half away done. now you need common and tech sense to follow the process therefore you can make a attempt to do on your own if somewhere got confused you can refer faq, ariticles, tutorials on income tax website along with many information available on google and youtube by content publisher you can check out option 3 wherein we are describing whole process step by step for e filling of income tax return. be prepared to do some sort of web research and reading but this can definitely pulls out information to solve all your issues and problems you may be facing while following procedure. still you find not comfortable feel free to approach your ca and get your it return done but remember this efforts will definitely help you to understand the process and in more than 80% case you will find easy process and worth trying.

Option 3

If one feels little bit confident about above three thing

Than One should at least explore process and make a honest attempt

  1. visiting official website httpss://eportal.incometax.gov.in/

2. login with credentials [ your pan number is user id ] you can recover password using forgot password and if you are first time filling return do register using your details

3. navigate to e file -> income tax return -> file income tax return

4. select assessment year – mode of filling: online select itr type [itr 1 to itr 4]

itr form is applicable as per nature of income refer below image of clear tax to select proper income tax return form

5. answer first screen selection based on applicability of your case

6. than you will find 5 different tab asking various information such as personal information, income, deductions, tax paid such as tds, advance tax and self assessment tax, than last field will calculate tax liability based on income reported and deduction claimed after already deposited tax. some time if paid excess this tab may show refund.

7. preview form which got generated based on your input. you may take help of people who are already filling their return and be sure about your reporting. after getting proper confirmation go ahead and submit it. if found mistake thereon one may revise return till next 31st march and make rectification which are apparent from records till 4 years from the end of assessment year.

I have made sincere attempt to create financial literacy since we chartered accountantss are partner in nation building and our country is celebrating azadi ka amrut mahotsav. let us all contribute in whatever way possible to make india again world guru.

Feel free to write to us in comment for any feedback or suggestions, we will be glad to hear from you



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