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Self-Filing ITR Process: Guidance on Submitting Your Income Tax Return Without the Help of a Chartered Accountant, Given That Forms Are Now Pre-Filled

"Discover a straightforward guide on submitting your personal income tax return (ITR) independently, as well as evaluating if accounting assistance is still necessary in today's user-friendly tax system."

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ITR Filing Directly: A Guide on Submitting Your Income Tax Return Without the Aid of a Chartered...
ITR Filing Directly: A Guide on Submitting Your Income Tax Return Without the Aid of a Chartered Accountant, Thanks to Pre-Filled Forms

Self-Filing ITR Process: Guidance on Submitting Your Income Tax Return Without the Help of a Chartered Accountant, Given That Forms Are Now Pre-Filled

The process of filing your Income Tax Return (ITR) has become simpler and faster with pre-filled forms, making it easier for most individuals to do it on their own. However, if you have complex income sources such as foreign assets, businesses, or capital gains, it is advisable to consider engaging a Chartered Accountant (CA) for filing your ITR in 2025.

Here are some key points to help you determine if you need a CA:

  1. Business or Profession Income: If your income includes business or profession income, you must file ITR-3, which involves more detailed disclosures and is generally complex enough to warrant CA assistance.
  2. Capital Gains, Foreign Assets, or Multiple Income Sources: For individual taxpayers with capital gains, foreign assets, or multiple income sources (excluding business income), filing using ITR-2 is required. Although the form is designed for such cases, the need for a CA depends on your comfort with disclosures and the complexity of transactions.
  3. Audit or Transfer Pricing Reports: If your business requires audit or transfer pricing reports (such as for foreign companies or complex international transactions), you must meet stricter filing timelines and documentation requirements where a CA's expertise is crucial.
  4. New Rules for AY 2025-26: New rules effective from FY 2024-25 (AY 2025-26) increase disclosure burdens, such as asset and liability thresholds, capital gains distinction pre/post July 23, 2024, and virtual digital asset reporting. Complex tax calculations and compliance here often justify CA help.
  5. Professional Guidance: Professionals offering tax filing assistance (e.g., TaxBuddy) recommend CA consultation if you have foreign income/assets or complex freelance/business income to ensure accurate filings and maximize benefits.
  6. Importance of Expert Review: Filing mistakes or omissions in such complex cases can lead to notices, penalties, or delayed refunds, making expert review valuable.

In summary, if your ITR involves multiple or complicated income streams like foreign assets, capital gains with new LTCG rules, or business income requiring audit/transfer pricing, it is advisable to hire a CA for accurate filing and compliance with the updated tax regulations for AY 2025-26. For straightforward scenarios without business income and simpler foreign asset disclosures, you may file yourself using the correct ITR form, but professional guidance can still be helpful.

To file ITR online, visit the official website incometax.gov.in. Follow these steps:

  1. Choose your assessment year and select online mode.
  2. Click on 'e-File' and choose 'Income Tax return'.
  3. Choose the type of ITR form based on your income (e.g., ITR 1,2 or 3).
  4. Check this information thoroughly, edit to add any deductions or additional income.
  5. Then check the form, validate, see declaration, and finally click on submit.
  6. After following the above steps, e-verify the ITR (e.g., via net banking, Aadhaar OTP, or other valid method).
  7. If it's payable, click on 'Pay Self-assessment Tax'.

Remember, failure to e-verify may result in incomplete ITR filing. Required documents for ITR filing include Form 16 (for salaried people), Form 26AS, AIS, TIS, PAN and Aadhaar card (linked), bank account details (for ITR refund), tax saving investment proof, and Home loan interest certificate (if applicable).

For most salaried individuals with a straightforward income, filing ITR on their own is possible. However, if you find the process overwhelming or have complex income sources, consider seeking professional help to ensure accuracy and comply with the latest tax regulations.

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