It is nowhere mandatory to get your returns assisted with some legal professional or institution. You can file all your tax returns by yourself if you have the knowledge of all basic rules and procedures. For ITR preparation one should not wait for last minute to get into calculations taking assistance of some legal professional to file tax. Getting ready with all figures prior to filing season saves both time and money. Moreover, it is always said when time is running short the chances of getting into mistake increases.
Talking about ITR preparation , if you are a salaried individual or person owing a self governed business or running a LLP/Company/Partnership Firm and are confused of the thought ” Whether CA assistance is mandatory for ITR preparation or not ? ” then this post will surely help you get answers to all your questions.
Before we look into necessity of professional assistance, it is better that we first get into the best possible ways of filling taxes available to us :
- Doing it yourself :If you have prior knowledge to tax principals and have good command over all sections and deductions available, then you can file your Income Tax by yourself by logging in to the department website and writing in all your tax details. The best part of filing the return yourself is that you save all your legal expenses as self assessment and filing of income tax return is free of cost.
- Reaching Out to TaxReturn Preparers : For those who don’t have a good access to professional tax guides or legal experts , the IT department has appointed small sized subsidiaries/ private individuals to help people file their tax return. They only charge a nominal amount and provide complete assistance in filing.
- Filing with E-Websites :This is the best way to get your ITR filed , in this you just have to provide all your tax details what you are asked to, to legal experts on-line and have to pay a fixed regulated amount to them which is exclusive of all hidden charges. They will file your return and will provide you the acknowledgement of the ITR filed at the end . Simple!
- E-filing applications on-line : To add more interactive approach to tax e-filing , some private entrepreneurs in market have also developed mobile based tax filing applications where you just have to compute your tax liability using available tax calculators and the filing process begins automatedly in the apps as defined.
- Taking Assistance of a Chartered Accountant :In cases of simple filing where audit requirement is not mandated one can himself file his tax return. But where certain documents require legal authentication or audit is required their comes a need of assistance of a legal professional either CA/CS. He will input all your tax details and get your income tax return filed before the due date .
Why it is recommended to go for CA Assistance ?
A Chartered accountant is one who knows each and every legal aspect of tax filing and business inquiries. He guides entrepreneurs and individuals to interact with government as an intermediary to deal with all legal matters. A Chartered accountant can do anything with effort which is much less than the effort applied by anyone.
‘Filing without assistance is like taking medicines without prescription’
To understand necessity of a Chartered Accountant ,we have concluded his role with simple business and individual requirements as :
- He knows well where you can save your taxes even if you reach him the last minute of filing period .
- He’ll always guide you in best way to make only such investments which not only reduce your taxable amount but will also add future returns to your income.
- He holds a good knowledge over legal sections and subsections out of which he adds the maximum deductions to your taxable income as possible.
- Being a financial guide,he will look on to your business financial matters and will advise you in every preferred situation.
- Seeking to tax strategies, a CA can help in building various tax and cost statements where you will get an accurate estimate of your tax payable .
- He’ll always help you get latest updates with new policy amendments in tax laws which you can’t comply while self-filing
- He’ll keep a track record of all your tax due dates and refunds in process which saves your good business time .
- As anessential requirement , assistance of a CA is required in case of business filing where audit report is to be submitted to file ITR.
So, self-filling an Income Tax Return does not require any hard play but there something called “signature” and “authorization” which only a Chartered Accountant can provide.
For all tax queries you can directly connect to our business executive @ +91 90-1535-1535