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Income Tax Return: The Government Provides Significant Clarification Regarding the ITR Process
The federal government has stated that taxpayers who have filed documents through an e-filing account and followed faceless assessment proceedings do not require e-verification or digital signature. This comes as the extended deadline for filing income tax returns, which is December 31, approaches.
The Ministry of Finance tweeted, “In order to further simplify compliance in filing papers, the Government has clarified that e-verification and digital signature are not necessary if documents are filed through an e-filing account in Faceless Assessment processes.”
Individual taxpayers have been given per-filled income tax returns (ITR) to make tax compliance easier. Pre-filled data of certain earnings, such as salary income, are now available on the ITR form, and the extent of information available for pre-filling is being broadened.
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“Providing individual taxpayers with pre-filled ITRs makes filing ITRs easier and encourages compliance.” Salary income is included in the initial 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 had been filed on the new e-filing website of the Income Tax Department. According to the Ministry of Finance, more than 4 lakh ITRs are filed every day.
The Income Tax Department strongly advises all taxpayers to inspect their Form 26AS and Annual Information Statement (AIS) through 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 case of the acquisition and sale of equities or mutual funds, taxpayers should cross-check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages, according to the Ministry of Finance.