Delhi CA says filing ITR on your own is not a ‘smart decision’: ‘Don’t be penny wise’ | Trending

Taxpayers are filing their annual ITR returns, with the last day of the process being July 31. While some take the help of professionals, many individual taxpayers prefer filing their returns themselves. A Delhi-based CA shared an X post for those who are filing the returns on their own. He asked them not to be “penny wise” and hire a CA to file their taxes. His post prompted chatter on social media, with many expressing their disagreement. A Delhi-based CA took to X, sharing how he hires professionals to file his ITR. (Unsplash/Scott Graham) “If you think filing an ITR on your own is a smart decision, hear me out. I am a CA and so are my parents. We all get our ITRs filed from CAs in practice. Tax laws change frequently and are very stringent if non-compliances are made,” CA Kanan Bahl wrote. In the following line, he added, “Don’t be penny wise, pound foolish!” Take a look at the entire post here: With over 91,000 views, the post has further accumulated close to 700 likes. People posted varied comments while reacting to the share. While some completely agreed with the CA, others argued and claimed that filing ITR on their own is not a challenging task. How did X users react to the Delhi CA’s post on ITR?“For ITR 1 filers and even for many ITR 2 we can manage on our own. Nothing against CAs, but just because a profession exs doesn’t mean everyone should be forced to depend on them,” argued an individual. Bahl, in response, said, “It’s not about getting returns filed from CAs necessarily. Any good tax practitioner also suffices. I’ve been openly advising friends here on Twitter to not run a CA practice business as it’s extremely competitive and has lost pricing power. I’m not writing for their business but for the betterment of people. Will share a few examples soon on why it is necessary to be aware of new updates.” Another person suggested, “What’s something that a CA can learn and others can’t? Unless it is business income which needs to be audited , then there is no need for CA. Learn and do filing yourself. Even business income under presumptive taxation doesn’t require audit. Do it yourself unless you can use this time to make more money.” Agreeing with Bahl, a third posted, “I have never once filed it on my own. Always via a CA. Same one for years.” While a fourth commented, “For ITR-1 filers having Form-16, it takes hardly 10-15 mins to file. You absolutely do not need a CA for that.” According to the Income Tax Department of India, the prerequisites for filing ITR for individual taxpayers who are citizens of India are an active PAN and regration on the e-filing portal with a valid ID and password. What are your thoughts on this post about hiring a CA to file ITR for individuals?