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The last date for filing Income Tax Returns (ITR) for the financial year 2023-24 is near. In such a situation, taxpayers should start the process of filing returns as soon as possible. The deadline for filing returns applies mainly to those taxpayers whose accounts are not required to be audited. Here we are telling you about the platform and cost associated with filing ITR:
Directly through the Income Tax Department portal
The cheapest option to file a return is to directly visit the Income Tax Department website. Taxpayers can log in to this website using their PAN number. It has a pre-defined template and menu-based process. After filing the return, it can be submitted through an XML file. The return can be verified through physical signature, Aadhaar authentication, digital signature and online banking verification.
Filing through Chartered Accountants (CA)
Many taxpayers hire chartered accountants to file their ITR. Chartered accountants usually handle the entire process, i.e. prepare the return for submission based on documents such as Form 16 and Form 26AS. According to Motilal Oswal, such services usually cost between Rs 1,500 and Rs 2,000.
Use of third-party websites
Taxpayers can use online platforms such as ClearTax, Tax2Win, TaxBuddy, Quiko and others to file returns. These platforms provide a user-friendly interface and act as a guide for taxpayers through the filing process. The cost is generally low, ranging from Rs 500 to Rs 1,000. Additional charges may be levied for special services.
Importance of filing returns on time
If you file your return within the deadline, you not only comply with tax laws but also do not have to pay a penalty. Late filing of returns may attract a penalty under section 234F of the Income Tax Act.