File Your Income Tax Return without Consulting a CA

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File Your Income Tax Return without Consulting a
CA
The last date to file an income tax return for
the economic year 2019-2020 has been extended
till December 31, 2020. Although you have some
time still left, but filing an ITR before the due
date comes with several benefits like carrying
forward of losses. You will not have to pay late
filing fees. If you file your income tax return
after the due date then you will be eligible to
pay late filing fees of up to Rs 10,000.
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The new and simplified income tax slab rates will
not need the services of a CA. Easy tax
calculation methods let you file the income tax
return conveniently. You can opt for the new
income tax scheme which has several benefits. The
new income tax scheme is so simple that there
will be no requirement of a chartered accountant
(CA) or any other official before filing
ITR. The old Income Tax Act was very much
complicated for the taxpayers. But with the
introduction of new income tax scheme, the filing
of income tax return has not only been simplified
but also lets you save taxes without making any
investments such as insurance policies to
proclaim tax profits and PPF. Finance minister
Nirmala Sitharaman in her budget speed has
announced that those who will opt for the new tax
slab rates will get the advantage of having a
pre-filled ITR, so that you can file your returns
without seeking help from an expert. You can
also file your ITR electronically. All you need
to do is simply to register yourself on the
e-filing website of the income tax
department. After getting registered, you can
follow the following steps to file your ITR
electronically
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1.    Collect All Necessary Documents The very
first step which you need to follow is to collect
the documents which you require to file your
income tax return like, salary slips, Form 16,
and interest certificates. These documents will
let you calculate your gross income and will give
you the details of how much tax has been deducted
from the economic year 2019-20. 2.    Download
and Verify Form 26AS Form 26AS contains all the
information on the tax which has been reduced
from your income during the economic year 2019-20
and credited against your PAN. After that, verify
your TDS certificates with Form 26AS to make sure
that the tax reduction is credited against your
PAN. 3.    Identify the Errors in the Form
26AS If you find an error in the amount
displayed in the TDS certificates and Form 26AS
(i.e. if the amounts do not match), then you must
talk with your deductor to get the errors fixed.
If the error is not corrected, then you cannot
claim the credit on the tax which is deducted.
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4.    Calculate Your Total Income for the
Particular Economic Year After collecting all
the documents required and verifying all the
taxes that are reduced, then you must calculate
the total income on which you need to pay the
tax. 5.    Compute Final Tax Payable After
calculating the total income, apply the tax rates
to compute the tax liability as per your income
slab. After this, reduce the taxes that you have
already paid during the year. Once you are done
with this, you can simply file your ITR after
paying all the taxes. KNTX is one of the Best
Tax Consultants inGeeta Colony which offers
unmatched services and Income Tax filing in
Greater Kailash, Income Tax filing in Hauz
Khas, and Income Tax filing in Geeta Colony. The
companys vision is to deliver solutions and
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relationship for the long term.
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