Why you should consult a CA before filing your income tax return?

In this DIY era, it is quite tempting to file your income tax return yourself. But there are times when it’s a good idea to consult a Chartered Accountant (CA) before filing your income tax return. Below are several reasons thereof.

Get benefit from the expertise of CAs

CAs are experts who specialize in tax laws and regulations. They have a deep understanding of the complex tax system. By consulting a CA, you can ensure that your tax return is prepared accurately and follows the latest laws. This helps minimize the chances of making mistakes or leaving out important information.

Get tax planning advise 

CAs can also provide valuable advice on tax planning. They can suggest strategies to optimize your tax liability by taking advantage of deductions, exemptions, and credits that you may be eligible for. This can help you reduce the amount of tax you owe while staying within the legal boundaries.

Get accurate on tax laws 

Tax laws can be complicated and subject to changes. CAs stay updated with the latest amendments and interpretations, so they can guide you on how to report different types of income, such as income from multiple sources, capital gains, or foreign assets. This ensures that your tax return is in compliance with all applicable laws.

Less risk of getting scrutiny notices 

By consulting a CA, you can also minimize the risk of being audited or scrutinized by tax authorities. CAs know how to prepare your tax return in a way that satisfies the requirements of tax authorities, reducing the chances of an audit.

Enjoy peace of mind 

It can be quite time consuming and stressful to file a income tax return yourself. By consulting a CA, you can delegate this task to a professional who will handle all the paperwork, calculations, and submission on your behalf. This saves you time and effort.

Proper Corrective measures 

If any discrepancies or issues arise after filing your tax return, a CA can guide you on what corrective measures to take. They can also represent you in case of any tax-related disputes or assessments, providing expert guidance and support throughout the process.

Summing Up  

Consulting a CA before filing your income tax return gives you peace of mind. Their expertise and guidance help ensure that your taxes are filed accurately, legally optimized, and in compliance with the latest regulations.

What next?  

Get in touch with our experts if you are looking to file the income tax returns. You can schedule a call by visiting our scheduling page.

Author: Amit Mundhra CA
Amit Mundhra FCA is a Fellow member of the Institute of Chartered Accountant of India. He is senior partner in Karnani & Co., Chartered Accountants. He is having 20+ years of experience in Income Tax, GST, VAT, Accounting, Audit and Assurance field.

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