Income Tax Return: Don't delay filing your return; PhonePe and Jio Finance are offering the service for ₹24..

The deadline for filing Income Tax Returns (ITR) is fast approaching. Failing to file your ITR by July 31 entails several disadvantages; not only will you have to pay a penalty to file the return, but you will also miss out on various benefits. Experts advise against waiting until the last minute to file. If you haven't filed yet and are facing difficulties, you can utilize the tax filing services offered by fintech platforms.

**File it yourself or seek expert assistance**

Fintech platforms like PhonePe and JioFinance have launched in-app tax filing services through partnerships with TaxBuddy. This move has expanded the range of financial services available on these fintech platforms. Both companies offer options for both 'Do-It-Yourself' (DIY) and expert-assisted ITR filing. Notably, self-filing plans start at a fee of just ₹24.

**Convenience for taxpayers with multiple income sources**

These fintech services cater to salaried individuals as well as taxpayers with multiple income sources. This includes business income, capital gains, cryptocurrency transactions, foreign income, and return filing for Non-Resident Indians (NRIs). The tax filing solutions are provided by TaxBuddy, a registered E-Return Intermediary (ERI). Since these services are available directly within the fintech apps, taxpayers do not need to visit a separate portal to file their returns.

**App-based tax filing offers multiple features**

JioFinance has stated that its tax filing module includes a variety of features. These include automated data retrieval from the Income Tax Department's portal, tax planning tools, tax regime comparisons, deduction estimation, and refund tracking. The company has stated that the processing of taxpayer data will take place within TaxBuddy's regulated framework, with the sole objective of filing tax returns.

**Tax-filing plans launched at very low fees**

PhonePe stated that its new feature enables users to file ITRs and manage monthly GST compliance directly through the fintech app. In addition to self-filing, an expert-assisted filing option is also available. Self-filing plans start at ₹24. However, JioFinance has introduced a detailed pricing structure.

**Plans for NRI return filing also available**

Salaried taxpayers can file their returns themselves by paying fees ranging from ₹24 to ₹499. For taxpayers with income from capital gains, futures and options, or cryptocurrency transactions, the starting plan is priced at ₹99. Expert-assisted plans for the salaried class begin at ₹649. Plans costing up to ₹2,924 are available for categories such as NRIs and those with business income.

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