The last date for filing Income Tax Return (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 mainly applies to those taxpayers whose accounts do not require auditing. 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 returns is to go directly to the Income Tax Department website and complete the process. Taxpayers can log in to this website using their PAN number. It has a pre-defined template and menu based process. Once the return is filled, 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 (CAs)
Many taxpayers hire chartered accountants to file their ITR. Chartered accountants usually deal with the entire process i.e. Form 16 and Form 26AS
Like, prepare to submit it on the basis of documents. According to Motilal Oswal, usually one has to spend Rs 1,500 to Rs 2,000 for this type of service.
Use of third-party websites
Taxpayers can use ClearTax, Tax2Win, TaxBuddy, Quicko and other online platforms to file returns. These platforms provide a user-friendly interface and act as a guide for taxpayers for the filing process. The cost here is usually low, i.e. Rs 500 to Rs 1,000. Additional fees may have to be paid for special services.
Importance of filing returns on time
If you file your return within the deadline, you will not only comply with the tax laws but will also not have to pay a penalty. Filing your return late may result in you paying a penalty under section 234F of the Income Tax Act.
