New Delhi: Many taxpayers opt to use their PAN and complete the Income Tax Return (ITR) filing process using the Income Tax portal, however, several people rely on Chartered Accountants to file their returns.
The taxpayers who hire CAs to file their Income Tax Returns, need to send Form 16 and Form 26AS, Investment proofs, details of shares and mutual fund deposits, property, jewellery sale purchase if any. Individuals earning from Rent and other sources are required to submit the documents to the CA. In general, the above-mentioned services range from Rs 1,500 to Rs 2,000, depending on the complexity of the returns.
The online platforms like Tax2Win, TaxBuddy, Clear, Quicko, and other websites charge Rs 500 to Rs 1,000 for the ITR filing process. The platforms claim to provide user-friendly interfaces and also guide taxpayers. These also charge extra fees for special services.
Important note: The charges of CA and website can vary as per the requirements of the taxpayer.
ITR filing deadline, penalty, forms: Important alerts
The Income Tax Return filing deadline for FY 2023-24 is July 31, 2024. The taxpayers will have to pay interest under Section 234A and a penalty under Section 234F if they miss the deadline. In case of late filing, Section 234F calls for a late fee of Rs 5,000, which shall be reduced to Rs 1,000 if your total income is below Rs 5 lakh. As per the rules, of the Income Tax department, if a taxpayer fails to file ITR by the deadline, the system will automatically direct the person to the new tax regime.
The Income Tax department has enabled ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 for AY 2024-25 for filing in offline as well as online mode at e-filing portal. Excel Utilities of ITR-1, ITR-2, ITR-3, ITR-4, ITR 5 and ITR-6 for AY 2024-25 are also live.
The Income Tax department has advised the taxpayers to compare the tax liability under the New Tax and Old Tax regime before filing the ITR.
It may be noted that Deductee/collectee having PAN status as ‘Inoperative’ attracts higher TDS/TCS rates.
ITR filing 2024: Chartered Accountants generally charge Rs 1,500 to Rs 2,000 for an ITR filing. The deadline for filing Income Tax Returns for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
