How to claim income tax on your own -v1

Context

Why?

Pain points

Getting a coder is very cheaper than getting an advocate/plumber

and Humans are greedy as hell in India.

But human might save good amount of time than lawyers /yourself while filing income tax

Plus showing how much you are earning aside

Involves a lot of accounting skills.

Plus Income tax people pokes you and send you letters to show your extra income aside your regular job. It becomes headache sometimes.

What?

Claiming income tax from Govt of India

Current 2023 link — https://incometaxindia.gov.in/Pages/default.aspx

How ?

You just need to validate your income sources and other sources

Documents needed

You need F16 to validate the salary and other details

Fill you details (like bank account, income sources and validate.)

how much you earn from what and submit. Take 2–3 hr somtimes

Terminologies

https://medium.com/@corwhitecorp/e-filing-income-tax-how-to-e-file-your-income-tax-return-acf84fdf4cf.

• ITR 1 — Individuals (being resident other than RNOR) with income from salary, one house property and interest up to Rs. 50 Lacs
• ITR 2 — Individuals/Hindu Undivided Families (HUF) not having income from business or profession
• ITR 3 — Individuals/HUFs having income from profits and gains of business or profession
• ITR 4 — Individuals/HUFs having income from presumptive business
• ITR 5 — Firms, AOPs, BOIs and LLP
• ITR 6 — Companies other than companies claiming exemption under Section 11
• ITR 7 — Persons including companies required to furnish return under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) or Section 139(4E) or Section 139(4F)

Tools to make your income tax filing easier

1. ClearTax: ClearTax is a widely used platform that provides an easy-to-use interface for income tax filing. It offers a guided process to help you file your taxes accurately and claim deductions.
2. MyITreturn: MyITreturn is another user-friendly platform that simplifies the tax filing process. It offers various features like automatic import of Form 16 data and a tax calculator to estimate your tax liability.
3. H&R Block: H&R Block offers online tax filing services and provides expert assistance in tax planning and filing. It can be a good choice if you’re looking for professional guidance.
4. Income Tax Department’s Official e-Filing Portal: The official portal of the Income Tax Department of India also provides an online platform for e-filing. It has improved over the years and offers a convenient way to file your taxes directly with the government.
5. TaxSpanner: TaxSpanner offers a comprehensive tax filing solution that includes features like tax planning, calculation, and e-filing. It also provides expert assistance for complex tax scenarios.
6. Quicko: Quicko is known for its user-friendly interface and quick tax filing process. It also offers tools for tax planning and optimization.
7. TurboTax India: TurboTax, a well-known tax filing platform, has an Indian version that can help you with your tax filing needs in a streamlined manner.
8. Zoho Books: While primarily an accounting software, Zoho Books also offers tax filing capabilities that can be useful for small business owners and freelancers.
9. LegalRaasta: LegalRaasta provides a platform for various financial and legal services, including income tax filing. It can be a good choice for individuals and businesses looking for a one-stop solution.
10. Cleartax GST: If you’re a business owner dealing with Goods and Services Tax (GST), Cleartax GST can help you manage your GST filings efficiently.

To be continued…