How to file your own income tax efficiently

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Whenever we hear the word ‘tax’ an air of tension as well as confusion tags along with it. ‘Tax’ is often considered as something that costs you more or reduces the money in your hand. Most people are stressed because of the tax deduction or tax levied. Rishabh Jain, founder of Labour Law Advisor YouTube channel, in an exclusive interaction with Money9 shares insights on how we can overcome the fear of tax.

He said that instead of evading tax, if people start understanding it, then they will be able to file their returns on their own without any professional help.

The pre-filled form of income tax provides the taxpayer with a lot of information. That’s why filing returns on your own is becoming easier. People are often hesitant to ask questions related to taxes. They feel that by asking questions like the difference between financial year and assessment year they would be ridiculed.

Jain explains that the year in which one earns is the financial year and the next year in which a person files an income tax return is the assessment year. People hesitate to ask such basic questions and are always confused.

Similarly, taxpayers remain confused about deduction and exemption. The deduction is the exemption that you can take by saving and the exemption is that which the government gives on many types of expenses.

If such tax-related questions bother you too, then watch this video.