![]() ![]() Tax filing portals charge a small fee of Rs.200-300 for filing the return. You can do it free of cost through the official website of the Income tax Department. Organising the documents does take some time, but you don’t need a professional to do that. The tax forms now get pre-filled with your information, so it has become very easy. HOW TO DO IT YOURSELFOf course, if your finances are not very complicated, and you are well versed with the tax rules, you can file your return on your own. Expert assistance is especially very useful for those with foreign assets. Those with foreign assets might have to pay Rs.7,000-10,000 (see graphic). A simple salary slip, some interest income, and rent from one property will cost only Rs.1,500-2,000, but if you also have capital gains, the fees may rise to Rs.4,000-5,000. The price tag for this assistance depends on the sources of income and the complexity of the individual’s finances. ![]() After you fill-up the form, a tax professional will go through it to check for errors and omissions. Tax-filing portals also offer expert advice on how to file your return. For a small price, you can get this done by a tax professional. SEEK HELP FROM EXPERTSIt needn’t be like this, though. You want to carry forward losses to the next year.You have to claim the refund of TDS or TCS paid.Your TDS or TCS was Rs.25,000 (Rs.50,000 for senior citizens) or more.You spent more than Rs.2 lakh on overseas travel.You deposited Rs.50 lakh or more in a savings account, or Rs.1 crore or more, in a current account.You paid electricity bills of more than Rs.1 lakh during the year.You have foreign assets, or income, or are a signing authority in a foreign bank account.Your total gross receipts from profession has exceeded Rs.10 lakh.Your total sales, turnover, or gross receipts, in business has exceeded Rs.60 lakh.Your gross total income (before deductions and exemptions) is more than Rs.2.5 lakh (Rs.3 lakh for senior citizens and Rs.5 lakh for very senior citizens under the old tax regime).He now files his tax return with the assistance of an expert, paying him Rs.1,500 to ensure that no exemption and deduction is missed and his return is error-free. The experience has changed his perspective. This, and the other tax planning advice offered by TaxSpanner, helped reduce Sharma’s tax by almost Rs.32,000 last year. “The taxpayer was not aware that even if there was no HRA component in his salary, he could claim exemption for a rent of Rs.5,000 per month (Rs.60,000 in a year) under Section 80GG,” says Sudhir Kaushik, Founder and CEO of tax filing portal. Please suggest how I can reduce my tax outgo,” he wrote to us. “I pay rent but don’t claim any exemption. His salary in a startup was a lump-sum amount with no HRA or other benefits. The Bengaluru-based IT professional was paying a high tax because his salary structure was not very tax-friendly. ![]() Like millions of other taxpayers, Aryan Sharma also believed this before he reached out to ET Wealth two years ago. If you have all the documents in place, it takes just 25-30 minutes. Filing your income tax return is not a big deal. ![]()
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