If you follow the correct procedures, filing a self tax return in India is actually quite easy. Not always will a CA or agent be able to assist you. Anyone with basic income understanding can manage it on their own using digital tools and online platforms.
Whether your income comes from salaried employment, freelancing, rental income, or another source, completing your own taxes will help you save money and provide more financial control.
Define Self Tax Return.
Filing your income tax return (ITR) on your own, free from agent or professional assistance, is known as a self tax return. Using the official Income Tax Department portal, you enter the necessary information, figure your taxes, and turn in the form. It is free of cost, entirely legal, and fit for most people with modest incomes.
Why File it Yourself?
Filing a self tax return has many advantages, including:
- Saves money; no professional’s fees are required.
- More control; you better grasp your income and deductions.
- Quick and easy online systems simplify the process.
- More effective planning facilitates wiser investment decisions.
With whom might one file a self-tax return?
- If you work as a salaried employee, you can file your own return.
- You make money from business (within restrictions) or freelancing.
- You get either rental income or pension.
- You get capital gains from mutual funds or stocks.
- Your financial dealings are not overly complicated.
Procedures for Complying a Self Tax Return
To file your self tax return, adhere to these steps:
- Register or login on incometax.gov.in.
- Choose ITR-1, ITR-2, etc., the appropriate form.
- Enter your own information.
- Add specifics of income from capital gains, house property, pay, etc.
- Under 80C, 80D, etc., claim all deductions.
- Check TDS values from Form 26AS.
- Get your tax due or refund calculated.
- Check your return once it has been turned in.
Advice on Perfect Filing
- Keep ready documentation including Form 16, bank statements, and investment proofs.
- Verify PAN, bank account, and contacts twice.
- File before the due date to stay out from under penalties.
- Should you err, you can submit a corrected return.
Common Errors to Prevent
- Selecting the incorrect ITR form.
- Not remembering to document savings account interest income.
- Not making eligible claims for deductions.
- Not following up on the return following submission.
Always cross-check everything before turning in since these little errors might cause notices or delay refunds.
Last Thoughts
Filing your self tax return is empowering as well as simple. Your own taxes can be confidently managed with a little attention and correct knowledge. It also helps you keep financially conscious and provides complete control over your money.