JioFinance Launches Online ITR Filing from ₹24; CA Warns of Hidden Risks
JioFinance’s Rs. 24 ITR filing feature draws attention for its low cost, but CAs warn of filing errors and potential data privacy risks.
Jio Financial Services Limited has introduced a new income tax return (ITR) filing feature on its JioFinance app, allowing users to file their returns online for as little as Rs. 24. The service has been launched in partnership with TaxBuddy, an online tax filing and advisory platform, and aims to make tax filing affordable, simple and guided for individuals across India. According to...
Jio Financial Services Limited has introduced a new income tax return (ITR) filing feature on its JioFinance app, allowing users to file their returns online for as little as Rs. 24. The service has been launched in partnership with TaxBuddy, an online tax filing and advisory platform, and aims to make tax filing affordable, simple and guided for individuals across India.
According to Jio Financial Services, the new module includes two main tools: a Tax Planner and a Tax Filing feature. The Tax Planner helps people project and reduce their future tax liabilities by mapping eligible deductions, checking housing rent allowance claims, and comparing old and new tax regimes.
The Tax Filing feature allows users to either file returns themselves using the guided system or choose an expert-assisted option. The self-service option starts at Rs. 24 while assisted plans begin at Rs. 999.
The app also allows users to track the status of their returns, monitor refund progress, and receive alerts for any tax-related notices after filing. The company says the process is designed to be easy for even first-time filers, with step-by-step guidance for entering income details, uploading documents, and choosing the correct tax regime.
The ultra-low price point has drawn caution from some tax professionals. Chartered Accountant Himank Singla, via the X platform, warned taxpayers not to rely blindly on very cheap ITR filing offers. He explained that filing a tax return is not just about entering numbers into a form. It requires correct interpretation of tax laws, claiming all eligible deductions, reporting capital gains, setting off losses, and avoiding compliance errors.
According to CA Singla, filing mistakes can lead to notices from the income tax department, penalties, loss of carry-forward benefits for past losses, being locked into the wrong tax regime, and delays or even denial of refunds. He added that extremely low prices often come with a limited scope of service, hidden costs, or little accountability.
Apart from warnings about accuracy, Chartered Accountant Akhil Pachori raised some privacy concerns. He quoted that “They are clearly not interested in 24/-. They ONLY want all the personal and financial details.” According to him, the real objective could be to collect extensive personal and financial data from users. This includes sensitive information such as income details, bank account numbers, and investment records.
Companies like Jio Financial Services and their partners are expected to comply with data protection laws, but Pachori’s remark reflects growing public concern about how personal financial data is collected and used.
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