Tax return filling- Free of cost?

[Hemant Mehta]

Hello There!!

July brings in monsoon and also a date with your Income Tax Department!!

Of late, when a proposal from a tax professional is sent to a company about the Tax Filing for employees and cost involved, the first question asked is why charge fees when a certain company is ready to do it for FREE!!

Everyone will agree that NOTHING COMES FOR FREE. But why go with it. What are the risks that one might face?? What is the company gaining by offering it free of cost?? Or……… Who is paying them to offer free services and why?? Are these pertinent question……….??

Lets see What happens after you have filed your returns FREE OF COST??

1. The data converted to an information is ready to be sold. To Whom?? – Banks, Financial Institutions, YOUR COMPETITORS of the company for a charge – so each information can be sold to multiple customers (No wonder it can be offered FREE OF COST!!) to push their customized products and hound you with calls and mails

2. What does a salary Income Tax Return Contain to be sold?? – Hmmm…… a serious question Your PAN number, Date of Birth, Your residential Address, Your Contact No., Your E-Mail ID,  What is the salary you earn, Have you availing a Housing Loan?

3. Are the above details critical?? – Ofcourse……. Combination of PAN and Date of Birth is sufficient to look into whole lot of Information – Your CIBIL score, your Tax Details, May be even credit card details and till things that you can imagine……… Did you know PAN card can be used to also book a railway ticket. Or……. Can be used to make purchases that require giving a PAN number and that expenditure will reflects in your Income Tax Account without your knowledge (IT department has now become serious on such instances and asks details from PAN holder)

4. They don’t verify your Income Tax details and chances are details like fixed deposit interest, property transactions are missed out. More importantly, TDS (money) is not considered which can be claimed as refunds. This generally results in the person receiving notice from Tax Department saying suppression of income, undisclosed incomes…….. (Heavy words!!)

So what should be done, in case you want to file tax returns…..?? Approach a professional / authorised persons appointed by Income Tax Department near you by mail or call. They will be always ready to help you for a charge.

Please consider filing of Tax Returns as an important Annual Ritual and should be done with care and responsibility. Professionals are bound by their Professional Ethics and guard your information with utmost care and sensitivity. You can be rest assured that your information is not shared with any other persons for any reasons

Next time you know what is the COST of FREE!!

--

Regards,
CA Hemant Mehta, Bcom., FCA, DISA, MBF(ICAI).
Partner.
For H. J. Mehta & Associates,
Chartered Accountant
Visit us at : www.cahjmehta.com

S-4, Panchsheel Bldg, Nathpai Nagar,Opp. Pune
Vidya Bhavan School,Ghatkopar (E), Mumbai-400077.
Contact No.- 2506 8665, Telfax- 2506 8664

Notice: The information contained in this e-mail message and/or attachments to it may contain confidential or privileged information. If you are not the intended recipient, any dissemination, use, review, distribution, printing or copying of the information contained in this e-mail message and/or attachments to it are strictly prohibited. If you have received this communication in error, please notify us by reply e-mail or telephone and immediately and permanently delete the message and any attachments. Thank you