Income Tax Return (ITR) E-filing is now set to get an additional technology boost as the entries in the forms would be pre-filled by verifying your IT information already with the department. With this, e-filing of ITR would be greatly technology-driven and a lot simpler thereby saving time and money.
As per a LiveMint report, the taxman has seemingly ben considering the introduction of forms which pre-fill entries with data from what is already available with the folks at the department. Now, USP of this process is definitely a simple user interface (UI) which even the early adapters of internet and web should potentially find it easy to use.
Once official, the new pre-filled e-ITR forms could also potentially result in an increase in the number of people actually using the online interface for filing income tax returns; deviating from the physical paperwork process that is also in existence parallely with the online system of ITR filing.
At this instant, it is not known if these pre-filled ITR forms would be made available from this financial year; but as per the LiveMint report, once official, the process should allow people to directly file taxes based on confirmation or modifying the data contained in these forms.
Hence, it only becomes natural for income tax assesses to wonder if the physical form of ITR filing would be done away with completely. Also, with the pre-filled interface having inputted data before-hnd, people would only be required to look at these and approve; which forms a two-step approach to filing ITRs.
As of now, July 31 is by default the last date for filing ITRs for current assessment year and previous financial year. The IT department, from time to time, extends this July 31 deadline for filing ITR to enable people to complete filing of their taxes. From the last couple of years, the process of refunds have become comparatively easier with time taken to process these having reduced considerably compared to legacy systems.
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