The Finance Minister, Nirmala Sitharaman on Wednesday, tweeted that pre-filled Income Tax Return (ITR) forms will be available for individual taxpayers. The measure has been taken to make tax compliance easier for everyone.
It aims to make the filling of the income tax returns convenient, encourage more people to reveal their incomes, and provide greater transparency in the process.
The Income Tax Department has started to conduct all the communication related to assessment, investigation, and redressal through a Document Identification Number (DIN), which is computer generated.
The ITR form from now onward will have more pre-filled details including the salary income column. Some of the fields were already pre-filled in the IRR forms for 2019. There are different types of salaries that the Income Tax Act 1961 takes into account, including salaries, income from business or profession, house property, capital gains, and income from other sources or the residual income.
The Income Tax Return Filing Date For Financial Year 2019-2020 Extended Till December 31 For Individual Taxpayers.
The Aadhaar-PAN Linking Deadline is also Extended by the Income Tax Department till March 31, 2021.
Apart from reducing the time required to file a return, automation will also ensure the accuracy of data. The linking of PAN with most financial transactions has made it easier for the income tax server to pull out the data from multiple sources. The linking of Aadhaar has also made financial transactions more interlinked.
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