The taxpayers often get confused about how to file their tax returns properly and what are the ways to do it successfully with minimal error?
One must also note that filing tax returns is mandatory for every taxpayer individual in India to avoid high penalty and interest charges levied by the central government and indirect tax department.
However, often, individuals get stuck when it comes to selecting a suitable method/way for filing their tax returns due to lack of knowledge and time. So, If you are also the one who is looking for methods to file your tax returns accurately, then you are at the right spot. The blog post will give you a detailed idea about three different ways through which you can file your tax returns easily with minimum hassle.
Here are the top three ways/options for filing tax returns properly for investors:
Hire a Full-Time Professional Chartered Accountant (CA/Firm)
Avail Freelancer services at the time of Filing Tax Returns
Save Costs and Do-it-Yourself
1. Hire a Full-Time Professional Chartered Accountant (CA/Firm)
Recruiting a full-time experienced and professional CA can be the best option for many taxpayers/businesses. The abundance experience of a professional CA in the tax field can help you find the answer to difficult tax questions such as tax planning moves, business structure, etc., throughout the year. A CA easily handles all your tax-related queries, concerns, and issues during one-to-one meetings, conversations, and so on. However, that being said, you must also know that hiring a CA is a costliest/expensive option among all three ways when it comes to tax filing. As per the ICAI survey.
The bottom line is that the more complex your tax filing and accounting needs, the more likely a CA will charge a high fee for the same.
2. Avail Freelancer services at the time of Filing Tax Returns
The section option that you can choose for filing your tax returns includes availing services of a freelancer to help you file your tax returns timely with near perfect accuracy on due dates/end of the financial year. However, availing freelancer services for your tax filing-related work also carries the risk of:
Erroneous tax filing
Poor Knowledge and skills related to return filing
3. Save Costs and Do-it-Yourself (Purchase a top-tax return filing software)
So, now that you are well aware that multiple options/ways exist in the market for filing tax returns, you can also file your tax returns yourself with the help of an online tax return filing software. Tax preparation software is the cheapest option available for taxpayers for filing tax returns.
However, by cheapest, doesn't mean poor quality. Tax software can be a great option when it comes to online return filing for everyone, including individuals and businesses of different scale and size. It offers a number of benefits to taxpayers like greater accuracy, e-filing, easy record keeping, and ease of use. Using the best tax return filing software, i.e., it also provides vast tax return facilities to individuals/businesses like unlimited client return filing of income tax, TDS, AIR/SFT, etc. with it's up to date taxation procedure. Tax return software comprises of six different modules and provides features like data backup, restore, and password setting. The taxpayers can easily:
Prepare balance sheets, audit reports, final accounts, and other reports, etc.
Quickly upload facility for ITR Forms
Prepare e-TDS returns
Form customization facility
Prepare Statement of Financial Transactions (SFT)
TRACES Login Facility
Error Locator and much more.
Wondering about the Best Option for You?
Here is the answer As you know each tax filing option caters a specific set of taxpayers/individuals. So, it is ultimately on you and your business-related needs. Still, if one has to choose among the three, selecting a top-quality tax return filing software. That's not all; a tax software is much smarter than humans when it comes to tracing the pros and cons related to particular tax deduction/rebate.
The taxpayers/business can also boost their profitability by using an online tax software tool as it eliminates the need for a dedicated workforce for tax filing-related tasks.
Golden Tips for Easy Tax Return Filing:
As a professional taxpayer, one should take some time to understand his/her own taxes, starting from last year tax returns. For an easy start, one must look at different sections like deductions, tax payments, credits, etc., of tax return forms to understand how they work all together.
While working with a professional CA, a taxpayer must not have a blind eye; hence, thoroughly review the returns filed by him.
Member Since: 30 Apr 2019 | Total Articles Contributed:11
About Author : SAG Infotech offers multiple taxation software for a wide field of professionals to cater to their needs in the tax world. The company is running for nearly 2 decades and possess 25 thousand + clients
The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Compliance Calendar LLP and the Author of this Article do not constitute any sort of professional advice or a formal recommendation. The author has undertaken utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided hereinabove. Compliance Calendar LLP shall not be responsible for any loss or damage in any circumstances whatsoever.