Cropped view of person holding pen and filling out application form on table
At RCCO, we file Income Tax Return with 99+ checkpoints. We aim at 100% customer satisfaction. Our team includes technology-driven industry expertise. Following is the detailed process of filing ITR with RCCO.
Step 1: Data Procurement
We share with you a detailed checklist of documents. Example: Form 16, KYC details, Bank statement, Capital gain profit & loss report, etc
Step 2: Data Validation
We validate the information shared by you. Example: Date Check, Arithmetic check, Chronological check, etc
Step 3: Data Classification
As per Income Tax provisions, there are five heads of Income. Such as Income from Salary, Income from House Property, Income from Capital Gain, Income from Business and Profession, and Income from Other Sources.
Based on your data, we classify your Income under respective heads.
Step 4: Draft Computation
Our technology platform automatically calculates tax and shares the draft computation. The computation shall be reviewed by the RCCO expert. Upon 5-point check, our RCCO expert will share a draft computation and explain in detail
1) Slab basis tax computation for individuals
2) Flat rates for Short and Long term capital gains
3) New and Old tax regime comparison Etc
Step 5: Tax Savings
Our RCCO expert will reconcile the Income statement with the Bank statement, tax savings, and other Allowances.
1) We manually calculate HRA to claim maximum benefit.
2) We review your salary components with respective section 10 exempted allowances
3) Section 80C Maximum utilisation
4) Chapter VI A Deduction check
Step 5: Compliance Check
At RCCO we do 10+ checkpoint checks for complying with Income Tax provisions. Filing Income Tax returns does not include replicating form 16. It needs to be reconciled with your financial transactions.
As per section 269 ST of Income Tax Act. Every taxpayer needs to disclose his/her income and pay tax respectively. Discrepancies will cost more than 100% tax on transactions.
For Example, Unaccounted cash deposits cost you more than what you deposit. For reference, Mr. A has deposited Rs 2,50,000/- to his bank account. Later he hasn’t disclosed this transaction in ITR. For which, the Income Tax officer has charged 100% of tax on this transaction i.e., 2,50,000/- as penalty and interest thereon.
In RCCO, this is our unique specification. We review all the key Income Tax provisions with your financial credits and file accordingly.
Step 6: Revised Computation
In case of any corrections, we shall draft a revised computation after reconciling with the aforementioned Step 4 & Step 5. The same shall be explained in detail by our expert.
Step 7: Confirmation
After confirmation, we shall file your Income Tax Return through Offline functionality. This method of filing assists you in fastening the processing of ITR. In turn, you may get a refund quicker.
Step 8: ITR V Verification:
After filing Income Tax Return, the taxpayer needs to verify his/her ITR within 120 days from filing. Discrepancies will lead to an Invalid Return.
At RCCO, we closely monitor ITR Verification status. We do recommend completing the verification through Aadhar instantly. In case of non-availability of Aadhar or any technical glitches, there are other ways to verify the ITR.