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Jio Financial Services has introduced a tax planning and ITR (Income Tax Return) filing module on its JioFinance app, making tax filing more accessible and affordable for a wide range of users. Here's a breakdown of the app's features related to this service, as well as the details of the Rs 24 plan.
JioFinance App Features for ITR Filing
The new ITR filing module within the JioFinance app is designed to simplify the tax process for individuals. The key features include:
* Partnership with TaxBuddy: The service is a collaboration with TaxBuddy, a well-known online tax filing and advisory service, which provides the technical expertise and support for the platform.
* Two Core Features: The module is built around two primary functions:
* Tax Planner: This tool helps you estimate and manage your future tax liabilities. It provides personalized deduction mapping, helps evaluate housing rent allowance (HRA), and compares the old and new tax regimes so you can choose the one that saves you the most money.
* Tax Filing: This is the feature for actually filing your ITR. It is designed to be a simple, guided process, especially for first-time filers.
* Post-Filing Support: After you've filed your return, the app allows you to:
* Track the status of your ITR.
* Monitor your refund status.
* Receive alerts for any tax-related notices.
* Document Management: The app offers support for uploading essential documents like Form 16, investment proofs, and other necessary papers. It also provides cloud storage for your past returns.
* Security: The app uses secure, encrypted channels to submit your returns, adhering to government e-filing protocols.
Details of the Rs 24 ITR Filing Plan
The Rs 24 plan is the most affordable option offered by JioFinance for tax filing, but it is important to understand its limitations. It is essentially a self-service, do-it-yourself (DIY) plan, best suited for straightforward tax situations.
Who is it for?
* Salaried individuals with a single source of income.
* Individuals who have only one Form 16.
* Those filing the basic ITR-1 (Sahaj) form. This form is for resident individuals whose total income does not exceed Rs 50 lakh and includes income from salary, one house property, and other sources (like interest).
What is not covered in the Rs 24 plan?
The low price point means that the plan does not cover complex tax scenarios. If your situation involves any of the following, you will likely need to opt for a higher-priced, expert-assisted plan (starting from Rs 999) or consult a professional:
* Income from capital gains (e.g., from selling stocks or mutual funds).
* Income from business or profession.
* Income from more than one house property.
* Rental income.
* Multiple Form 16s from different employers.
* Filing revised or belated returns.
* Live consultation with a chartered accountant (CA) or a manual review of your return by a tax expert.
In short, the Rs 24 plan is a "loss leader" strategy designed to attract first-time and simple-case filers to the JioFinance ecosystem, but it is not a one-size-fits-all solution for everyone.
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