Individual taxpayers have been issued with pre-filled ITRs in order to make tax compliance easier.
The federal government has declared that taxpayers who have submitted papers using an e-filing account and followed faceless assessment processes do not need e-verification or digital signature. This comes as the extended deadline for submitting income tax returns, which is December 31, approaches.
The Ministry of Finance tweeted, “In order to further simplify compliance in submitting papers, the Government has clarified that e-verification and digital signature are not necessary if documents are submitted using an e-filing account in Faceless Assessment processes.”
Individual taxpayers have been given per-filled income tax forms (ITR) to make tax compliance easier. Pre-filled data of some earnings, such as salary income, are now available on the ITR form, and the extent of information available for pre-filling is being broadened.
“Providing individual taxpayers with pre-filled ITRs makes filing ITRs simpler and encourages compliance.” Salary income is included in the first pre-filled data. The range of data available for pre-filling is being broadened to include interest, dividends, and other items, according to the Ministry of Finance.
As of December 3, 2021, more than 3 crore Income Tax Returns have been submitted on the new e-filing website of the Income Tax Department. According to the Ministry of Finance, more than 4 lakh ITRs are submitted every day.
The Income Tax Department strongly advises all taxpayers to inspect their Form 26AS and Annual Information Statement (AIS) via the e-filing site to ensure that the TDS and Tax Payments are correct and to take advantage of pre-filing of ITRs.
In the event of the acquisition and sale of stock or mutual funds, taxpayers should cross-check the data in the AIS account with their account passbook, interest certificate, Form 16, and capital gains statement from brokerages, according to the Ministry of Finance.