If you are tech-savvy and have a very basic return, including salary or interest from FD, and can check the prefilled data with 26AS and AIS, and it is consistent, then you may choose to file your ITR by yourself. Otherwise, it’s best to take professional help if you have a complex ITR to file
The income tax filing season is finally here; and while filing your taxes online by yourself is possible, many take professional help while filing their income tax returns (ITRs). It is also advisable that you consult a tax expert for your tax filing in order to minimise any chances of error.
Says Deepak Kumar Jain, founder and CEO, TaxManager.in, a tax advisory and e-filing portal platform: “This can help avoid costly mistakes or penalties which may be due to choosing the wrong ITR form for your tax filing, or incorrect reporting of income, or missing a deduction, or claiming double deduction or skipping or misreporting of capital gains income or mismatch of records in ITR with 26AS or AIS. These kinds of mistakes can lead to notices or penalties.”
What Can Be The Consequences
Filing incomplete or inaccurate income tax returns can have serious implications, leading to notices u/s 139(9), 143(1), or 148. Proper justification should be provided against the notices, or if not, then it can lead to penalties and interest, leading to prosecution in some cases. You may even lose your refund if the return filed is inaccurate or incomplete.
“So, any inaccuracy in filing can raise red flags in automated assessments, which the income tax department conducts, and this may trigger further notices or delays,” says Jain. In some cases, non-compliance can also affect your creditworthiness, and it may make it difficult for you to get a loan.
When Should You File ITR On Your Own
If you feel confident enough to ensure the ITR filed by you is accurate and correct, then you should opt for the self-choice. If you are tech-savvy and you have a very basic return, including salary or interest from fixed deposit (FD), and are able to check the prefilled data with 26AS and AIS, and are consistent, then you may file your ITR yourself.
Ideally, you should consult a professional if you have complex returns that involve business income or capital gains calculations, or you have eligible deductions to claim that result in a major refund. A tax professional will always ensure that your taxes are filed with compliance and done on time.