As soon as the tax filing date comes closer, people often face the dilemma of filing their ITR by themselves or taking the help of an experienced chartered accountant. Both the options for e-filing on income tax returns are great and mainly depend upon how much you know about them.
Additionally, the significant difference lies in the way of filing. If you choose to file it yourself, you will need to select the best software for e-filing, while through a chartered accountant, there is nothing to worry about as they already have everything in place. Continue reading to learn more about which suits you best.
Tax Filing Using an Online Software
If you plan to know how to file itr yourself, you must be sure of great software that can help you handle everything. But before that, you should also be well-versed in the steps for e-filing. If you are confident about filing it by yourself, do check the below points while deciding on the software:
You will indeed pay less for online software than for a CA. Moreover, there are instances where you may find a website that offers you access to free software for calculating your ITR. Depending on the website, you can get from a free service to a paid one. A professional and qualified CA, on the other hand, will charge you for their services, which won’t be free.
Time to File the ITR
Undoubtedly, filing the ITR by yourself is less time-consuming than going to the CA. If you have all your documents and paperwork in order, it will be easy, and you can file your ITR in a few hours. On the other hand, your CA will take several days, depending on their workload, to file your ITR.
Easy to Understand
These days there are tutorials available for every step of ITR filing. It is not very hard to go through the process; in fact, you can even find ITR calculators online that can help you significantly during the e filing ITR. The only thing needed is to know every detail, such as investments, deductions, total income, etc., before starting your online process.
Tax Filing with the Help of a Chartered Accountant
If you have many complicated things to handle during your ITR process, you should hire an experienced chartered accountant. These people are experts at managing complex calculations and confusions that may be difficult to understand. Here are the reasons why taking a professional approach will make sense:
Much Better Software
A professional CA will not just file your ITR but will have many other clients to cater to. In such cases, they will be bound to use reliable software with less error rate. Hence, it is quite possible that their software may have advanced functions which may not be available in the one you may have chosen. Hence, there can be fewer chances of error if going through a CA.
Your CA and you will have a relationship, and they will know about you in detail. They will understand your financial situation in a much better manner than what a computer or software can do. They will be able to offer saving and investment options, which may be missing if you file through software.
The experts or CAs you may hire for your ITR will be highly qualified and experienced in their work. They will be updated with the latest rules, regulations and government updates which you may not know. Moreover, they have years of filing experience, and even though they may take time to do your work, it will be error-free and good to go.
Whether you go for online software or go with an experienced and professional CA is entirely your choice. Both the options have advantages and disadvantages and should be considered carefully before opting. Moreover, check whether your ITR filing is simple or complicated and then make a sound decision.