Why you should not do your own ITR filing 2024

New Delhi: ITR filing on your mind? Are you the do-it-yourself type of person? Here is why you should not do your own ITR filing 2024. It is better to try another route to ITR filing. In fact, it is advisable that an income tax payer should always avail of tax consultant services to file his Income Tax Return (ITR.) One can avail of tax consultant services near his home. One can also avail of tax consultant services online. Tax consultant fees charged by the tax professionals are very nominal and one can avoid plenty of penalties and interest levied by the Income Tax Department on availing of tax preparation services.   It can save a tax payer from payment of undue penalties and interest  levied by the I-T Department. At the same time it can also save him from missing out on income tax benefits. Lets what are the benefits of consulting a tax professional before filing of ITR:

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Missing out on refunds

It is not possible for a tax payer to get cognizant of all types of income tax benefits available under various sections of the Income Tax Act, 1961. Availing of tax consultant services can help one figure out how much tax deductions he can claim and thus help him on savings taxes.

Correctly reply to I-T Notices

If you make any mistake in filing of the ITR form, then, this would invite tax notices from the Income Tax (I-T) Department. If you do not respond, the tax department can even levy penalty and interests. If more delay is made, then, the penalty and interest will keep on increasing. To avoid such a situation and many alike, availing of tax consultant services  may be a smart idea. You will be able to reply correctly to such I-T notices with the help of a tax professional.

Avoid Mismach in TDS information

Many a times, it becomes confusing for the tax payer to check Tax Deducted at Source (TDS) details mentioned in Form 16 and Form 26AS. Such forms are technical and require expert advice. It becomes difficult for common man to clarly understand what’s mentioned in such forms. For this, availing of tax consultant services is advisable. Mistakes in mention of such TDS and TCS details in the ITR form filed can invite I-T Departmnet notice. To avoid all these it is recommended that a tax payer should take expert advice before he files ITR.

Also read: How to register for e-filing on income tax portal!

Under claiming of TDS Return

Again, a tax payer may not know returns he can claim on TDS deducted from his income. Eventually he will let go off many tax saving opportunities if he doesn’t claim TDS benefits. E.g. one may disclose lower projected investments at the start of the financial year with his organisation where he works than actual investments made. On this, his employer can deduct higher TDS from his salary than actually required. But the tax payer may forget to cross check at the time of filing ITR later on in the fiscal. But if he avails of tax consultant services, sch minute details will not escape the tax professional’s eye. Here also one can consult an expert to get cognizant of in which sections of the Income Tax Act, 1961 he can claim returns on TDS. This will help in saving more taxes.

Under-reporting of Income

If you have under reported your income e.g. many people don’t disclose additional income sources, then, also one can get into trouble with the I-T department which keeps vigil on all the additional income sources of the tax payer. On consultation with the professional, one will be able to know how such stupid and silly tax evasion hacks can cost the taxpayer plenty.  A tax consultant will never give advice for such unethical tax saving hacks and will always advise the tax payer against it.

 If you are intent on doing your own ITR filing 2024, raed this. One can avoid levy of penalties and interest by the Income Tax Department on availing of income tax consultant services.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today