If a taxpayer files his/her tax returns on his own, he/she needs to understand the nitty gritty of the tax rules. The taxpayer should be aware of all the deductions and exemption available which many do-it yourself tax filers end up making mistakes in their returns, leading to notices from the Income Tax department., Personal Finance News, Times Now
For a small price, you can get your tax returns filed by a tax professional. Tax-filing portals also offer expert advice on how to file your return. After you fill-up the form, a tax professional will go through it to check for errors and omissions. Of course, if your finances are not very complicated, and you are well versed with the tax rules, you can file your return on your own.
A speculative income is defined as a transaction, which is not based on any delivery of the commodity, be it shares or others. For instance, equity intraday income is considered as speculative income as traders buy and sell the stock on the same day and there is no delivery to the demat account.
A more robust AIS will replace Form 26 AS. While the move is being regarded as a step in the right direction, some CAs and taxpayers complain taxes paid aren t reflected in the AIS.