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Should You Hire a CA to File Your Income Tax Return?

Updated on: 10 Aug, 2023 11:16 AM

Managing taxation affairs is a tedious task. After all, its about so many income heads, so many deductions, so many exemptions, so many due dates, so many be adhered.

No doubt…you too are planning to take assistance of a tax professional?? Which wise person will choose not to take an experts advice for a cost too low. A CA's assistance ensures no penalty or minimum penalties and 100% accuracy. Still we would suggest that,

Your decision of procuring any such help should derive from your understanding on following factors…namely,

Your comprehension of tax laws

In INDIA Income Tax Laws are governed by the Income Tax Act 1961. If you believe to have sufficient and appropriate knowledge of tax provisions you may decide with filing your own tax return. But, if you lack any such expertise.. don’t hesitate in asking for help. Your parents might gift you a FD or property Do you realise the tax implications?? It will cost you only a few bucks where in turn you will be able to make the best tax planning and avoidance of huge cost associated with non compliances of law.

Your experience of the same

For taking our first step it’s preferred to be under some surveillance, the same holds true even in case of taxes!! If you have prior experience and are dealing with the same kind of transaction, you know what information needs to be given, which ITR form to be selected and what disclosures are required, you may go with the self filing option. Generally people misrepresent income from professions or commission as income from other source, which can invalidate their return. In case it is your first time or you have encountered doubt on any particular transaction like whether you need to fill the annexures of balance sheet and profit & loss account. It is suggestive to have a consultation with the tax professionals.

Unusual or first time transactions

During filing for this year, you encountered some new financial transaction. We would highly recommend you to take an expert's advice. Trying hand on everything is not a recognition of good talent, but judging your needs right surely is. You might have entered into some new transactions like share trading, starting your own venture or some other capital transaction like buying or selling of a property. To understand the pros and cons and the tax implications relating to any complex transaction like set off and carry forward of losses, the mandatory cases of getting accounts audited. It will be safest route to handover this task to an expert of the field.

If you are a man of perfection

If you do not believe in – Let it be…we will see later!! And you like to do things right form initiation. Tax experts are really here to help you. They are the people specially trained and educated in this specific sector and none else can do this better for you. So, if you do not have this chalta hai.. wala attitude, without wasting any time get in touch with a Chartered Accountant. A CA will check into every minor details required like cross checking your 26AS, properly disclosing your investment and refund interest received.

You are tech savvy

In case you are desirous of filing your taxes yourself the most important prerequisite is being tech savvy. At the present time where filing returns has been shifted to e filing from paper returns you cannot accomplish the task without being a good user of computer technology. If you acknowledge any such obstacles feel free to contact a CA. You can avail the best professional services at minimal costs and these days professionals are just a call away.

Taxation is not all about filing return

Quite possible that you may duly self file your taxes. But is taxation all about filing your income tax return?? What about verification of return or keeping a track of your refunds or replying to any notices received?? There are people who can efficiently take care of all such tasks. So,if you seek for services of tax professional you will be out of all consequential worries.

Making the best use of deductions and tax planning

Paying taxes blindly is not need of the hour what’s required is a vigilant tax payer!! We are not promoting tax evasion but there are benefits which law has provided for reducing your outflow of money. A person not being from the particular stream of taxation cannot have complete knowledge and how to leverage such advantages. If you are desirous of making the utmost use of tax deductions and exemptions available CA assistance is all for you. As they are the only one who assure you maximum benefits within the legal purview. You might escape taking section 89 relief but your tax friend will make the benefit available to you.

Gone are the days of waiting for long time just for an appointment of a tax expert. In this era of technology expert's advice is just a click away!! Yes, even the tax experts provide their services online and we can now reach them in a very convenient way. Taking advice provides us with numerous benefits of maximum refunds, accurate returns, optimum tax planning then what to hesitate for?? Take an initiative now and make the most out of this win-win situation.

Looking for e-CA assistance to file your Income Tax Return Contact us now

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.