Time to file Taxes in India

Tax filing is an obligation for everyone who falls into the taxable category and in India the time for tax filing is here. the financial year in the country is followed from April month to March next year and the last date for income tax filing is 31st July by default as defined by the government. Sometimes the government extend the date by 1 month or so depending upon public demand or if they are facing some issues with the processing of the application. This last day was extended a lot during the time of the pandemic because people were having a tough time but thereafter it seems that now they are not going to extend it further as the last year also it was not done.

My Tax Filing

I usually file my taxes in July because in June, I get form 16 from my employer and during mid-July I do my submission after going through whatever is required. this process is not so much complicated if the person is salaried because everything is recorded by the employer itself and shown on the form provided but if there are multiple Sources of income then it requires some additional work. I file My tax return by myself and I do not need any assistance on that however I try to go through the latest comment norms to ensure that nothing is missed out.

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Most of my colleagues or fans get it done through the consultants because they do not want to be part of this complicated process but I don't think it is complicated. It's up to individuals preference how the person wants to get it done but I believe one can easily do it in just about 10 to 15 minutes. All it takes is to understand every component and where that information is required to be entered into the portal.

Online Tax filing

The process for tax filing is quite easy and convenient because all can be done through the online portal and there is no need to go through a physical process. Earlier the process was partially online and partially manual because it was required to submit the form to the tax department by courier. Now that is not required anymore because this can be authenticated using certain methods provided over there. It's been many years and I don't remember exactly when I sent the physical form to them last time and I like the convenience that they have provided through the portal to validate the filing. Now even the refund process is quite faster and I have seen people getting their refunds processed in less than a month's time which is good because we do not need to wait for a long.

Tax Planning is recommended.

It is recommended to Do the tax planning in advance and not wait for the last moment because by that time things can be difficult to manage. now since the new financial is already going on and the first quarter is about to end so in this quarter I will be doing my tax planning for the entire year and submitting it to my employer. I will be required to submit the original documents in the last quarter of this financial year and accordingly, the employer will do the tax deduction. this is the standard process and I have been following the same for many years. This is helping me to plan things better because I know what amount they are going to deduct and whatever exemptions I can avail can be done on time.

There are multiple platforms available through which one can learn and understand the process for tax filing and even they provide assistance if required at certain charges which are minimal. In my opinion, it is always good to file taxes on time without delay and I generally do it in mid of July because I do not want to wait till the end of the month. Generally, a lot of people wait for the last day to file their taxes and sometimes it creates a lot of issues because of the heavy load on the servers and the site does not work as expected.

Thank you

Posted Using LeoFinance Alpha