The last date for filing Income Tax Return (ITR) for the financial year 2023-24 is near. In such a situation, taxpayers should start the process of filing returns as soon as possible. The deadline for filing returns mainly applies to those taxpayers whose accounts do not require auditing. Here we are telling you about the platform and cost associated with filing ITR
The last date for filing Income Tax Return (ITR) for the financial year 2023-24 is near. In such a situation, taxpayers should start the process of filing returns as soon as possible. The deadline for filing returns mainly applies to those taxpayers whose accounts do not require auditing. Here we are telling you about the platform and cost associated with filing ITR:
Directly through the portal of Income Tax Department
The cheapest option to file returns is to do this process directly by visiting the website of the Income Tax Department. Taxpayers can log in to this website using their PAN number. It has a pre-defined template and menu based process. After the return is filled, it can be submitted through an XML file. Verification of returns can be done through physical signature, Aadhaar authentication, digital signature and online banking verification.
Filing through Chartered Accountants (CAs)
Many taxpayers hire chartered accountants to file their ITR. Chartered accountants usually handle the entire process, i.e., prepare the return for submission based on documents like Form 16 and Form 26AS. According to Motilal Oswal, such services usually cost between Rs 1,500 and Rs 2,000.
Use of third-party websites
Taxpayers can use online platforms like ClearTax, Tax2Win, TaxBuddy, Quicko and others to file returns. These platforms provide a user-friendly interface and act as a guide for taxpayers for the filing process. The cost is generally low, ranging from Rs 500 to Rs 1,000. Additional fees may be charged for special services.
Importance of filing returns on time
If you file your returns within the deadline, you not only comply with the tax laws but you will also not have to pay a penalty. Filing your returns late may result in you paying a penalty under section 234F of the Income Tax Act.
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