Coming Soon: Pre-filled Itr Forms
Aug 21, 2019 By Admin
IT DEPT to Seek investment data from SEBI, Banks to follow-up soon.
Imagine of the day when you no longer have to file details of your investments and interests from Savings Bank Accounts & Fixed Deposits, to file your Annual ITR.
IT Dept. is working meticulously with SEBI to get the investment data of related PANs into their portal for the compilation of pre-filled ITR Forms. It has been twice that they have held meetings with the SEBI to obtain information on investment returns.
Pre-filling of the data will make it easier to compute tax on gains from investments in equities and mutual funds. Providing pre-filled return forms with detailed information will really help taxpayers to simply confirm and file the return quickly in cases where there is no discrepancy. Thus further simplifying the return filing process.
Auto populating of limited information in ITR forms began couple of years back with basic details such as taxpayers name, date of birth, PAN no, bank account details etc. The government now wants to ease the process further for taxpayers by including additional details such as investments, capital gains etc.
Currently, Form-26AS gives details of tax deductions (TDS only) and relevant income corresponding to that of every individual PAN holder. In future, more incomes like Interest and Capital Gains will be incorporated and chances of evasion of Tax will be minimised.
Published by: RAKESH KANWAR & CO.
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