Sooner availability of ITR forms with pre-filled investment data
Individual Form 16 available in pre-filled pattern for recording breakup salaries. Generally, dividend details from mutual funds, profit or loss on equities ITR filing with interest for annual income that you get from home. All details are recorded in individual’s I-T return form and pay tax if it is in due just that you need to file it.
Regular market IT regulators give better idea on the new inclusions made by revenue department and take your prefilled return applications to the next level. The investment returns of the taxpayers are perfectly moderated by tax department. As per the official’s statement, “We are in talks with Sebi…we have had two rounds of meetings already,”
This brings ease of living for taxpayers and this is initiated by the government. The declaration given by the officials was the breakup salary information will directly be collected from your Form 16. The salary breakup is to be filled by the individual in the present scenario and might be confusing though for few.
Using the PAN number personal details, bank details and taxes paid can be easily collected by anyone and the prefilled form can be downloaded from official site. The interest for income tax utility can be imported from all bank’s savings account. Also auto populate facility for PAN and AADHAAR number will be generated, as said by the revenue officials.
As it assures to collect all the details without missing out any income collected and not leaving out any dues. As the savings account interest are many a times missed out, this type of auto-filling favors many people who forget adding savings interest to the list.
The basic thought behind such new type of form filling is to ease the taxpayer comfortably include all details without missing anything. This has moved to faceless assessment cutting down the physical tug-of-war between tax officials and taxpayers.
The IT department uses newer technologies and has kept undeclared income and Annual Information Return records on multiple purpose of expenditure under control. The incurred expenditure above the particular point might be very stressful and the investments include credit card spend, and investment in mutual fund.
All the taxpayer must be facilitated and thus, the government has taken initiative to use technology, Wherein the facility of tax payment and filing is going to be handy controlling the tax leakage and to have a continuous check over the same. This handy technology has facilitated many taxpayers. Experts like Kuldip Kumar, partner at PwC say “So far the government has been using technology for monitoring compliance and checking tax leakages, Providing prefilled return forms with such a detailed information will really help taxpayers to simply confirm and file the return quickly where there is no discrepancy.”
As of now, all the ITR form 1, ITR Form 2 are prefilled with personal details, employer, tax exempt allowance, tax deducted at source details.
Thus, in global view, a few countries like Sweden has implemented this tax filing portal through online and this prefilled return concept has reached great success. In the similar path, India has stepped into from this year in a limited circle. Now, following the success will be carried forward for the next level and here the taxpayers needs to just verify and authorize the details provided. Submit the form to the department for verification and approval by the concerned department indeed.