The income tax department has recently
notified new guidelines for the taxpayers. By following the latest amendments,
the taxpayers are allowed to reconsider the pre-filling of ITRs very carefully.
Along with this, the tax assessee has to verify the pre-filled data and add any
additional or other taxable income which has not been pre-filled. Consequently,
the tax authority has also modified the income tax return preparation software
and schema for AY 2019-20.
Below are the changes made by the Income Tax e-filing portal that has
cautioned the taxpayers to note the followings in connection with pre-filling
of ITRs-
·
Taxpayers should verify the pre-filled data
and add any other taxable income which is not pre-filled.
·
The last date for filing of TDS statement and
the issue of TDS certificate by Deductor is 30th June 2019 and 10th July 2019
respectively. In case the TDS data is not pre-filled, taxpayers are expected to
fill these details themselves.
Another Key Changes in the ITR Filing:
Changes in Income Tax Return
Preparation Software and Schema-
·
Already saved draft data will not be available
in case of Online ITR 1 & 4
·
In case of Offline utilities, XML has to be
re-generated using the latest Income Tax Return Preparation Software.
How pre-filing of income tax is a
hassle-free process?
The process of itr filing become a lot easier as comparison to the previous
procedure of E-filing ITR. Last year, the tax department
decided to introduce pre-filled files through which the
information already available with it, hence it has made the tediousness of ITR
filing chore hassle free.
In pre-filing of ITR, the Data
available from entities that tax deducted at sources such as employers and
banks would be used to offer pre-filled tax return forms to people detail such
as income, income sources, and personal details as well as bank informationwould
be filled up by the CBDT department.
According to the Livemint article,
about 80-90% of taxpayers have only salary income and very few have other
sources of income. Offering pre-filled income tax return forms will increase
compliance and lessen the burden on small taxpayers.
In pre-filing of ITR, the Data
available from entities that tax deducted at sources such as employers and
banks would be used to offer pre-filled tax return forms to people detail such
as income, income sources, and personal details as well as bank informationwould
be filled up by the CBDT department.
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