Tax is the government's primary revenue source and is a liability for individuals to pay taxes on time. Tax filing is an annual activity that must be done on time to avoid any delay in the processing and penalty situation. In the case of employment the tax amount is deducted from the salary and form 16 is issued for the details by the employer. This form 16 is a required document for the tax filing for individuals earning income through salary. Ideally, the 31st of July is the last day for the tax filing and the first week of July is almost gone.
People started their filing and I think it's good to file in advance and we should not wait for the last day because there is always a rush on the last day. I have not done my tax filing for the year but I'm planning to do this in the next couple of days and probably before the weekend. I was thinking of completing it on Sunday but today is a busy day because I have got something to finish hence I'll not be doing it today but surely I'll be trying to finish it before the weekend. I do understand the importance of filing taxes on time. I do my filing by myself and if any help is required then I take the assistance but still, I don't give my filing task to any consultancy because it is something I want to do.
Now this process is completely online and doesn't take much time for filing but some sort of calculations are required to ensure that the right amount is reported to the government and this is where some time is needed. I go through my form 16 and also the yearly statement to see all the deductions from different bank accounts and any other companies if in the case of Crypto then I file the taxes.
If you are from India and you come under the slab where you are supposed to pay taxes and do the filing then you should be doing it on time without any delay. Many companies are offering tax assistance if needed. I have been doing my filing since the time it was manual and that was the time when it was required to fill a tax utility in Excel format and upload it to the website. It was a complicated process but since the time I have been doing it and now I have found the new phone which is completely online more familiar and easy to use. Undoubtedly the tax department has improved a lot in the last couple of years as they have created a website which is quite faster and the forms are pretty much easy to understand and there are also tutorials for detailed guidelines.
Last year I had some issues with the filing so I had to go through the lengthy process and this is why my filing was completed in December month even though I did the filing in July month. I hope that this time it does not happen and it gets processed by the tax department on time without any further delay and this is why I will be trying to finish my part as soon as possible.
Thank you