Individual e-filing of I-T returns likely from mid-April
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms
New Delhi:- E-filing of income tax returns for individuals for the assessment year 2016-17 is likely to begin sooner this time as the revenue department will put in place the necessary software by mid-April.
“The department has notified income tax return forms for various categories of assesses. The software for e-filing of returns by individuals and HUFs will be ready by mid April,” a source told PTI.
The tax department, the source said, is in the process of updating the software for facilitating pre-filling of information for these ITR forms.
Last year, the e-filing commenced on July 1 as there was delay in finalisation of the ITR forms because of the controversy generated over a 14-page requiring assesses to disclose of bank account and foreign travel details.
Later the form was simplified and the number of pages was reduced to three.
At the time of filing the form, the taxpayer has to fill in his PAN, then personal information and information on taxes paid and TDS will be auto-filled in the form.
“The tax department is in the process of testing the e-filing software for Return forms 1- SAHAJ, 2, 2A and 4S-SUGAM for AY 2016-17 and it should be ready by mid of April,” the source said.
ITR 1-SAHAJ, 2 and 2A can be used by individual or HUF whose income does not include income from business. ITR 4S – SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis. It can also be filed by a firm, other than a limited liability partnership firm.
The tax department has introduced in the ITR a new schedule for assessees earning more than Rs 50 lakh per annum under which they would be required to disclose assets like cash in hand, jewellery, bullion, yacht, vehicles, aircraft and immovable property like land and building.
However, the software for e-filing of ITRs by certain category of assessees — companies, firms and individuals engaged in proprietary business/profession etc whose accounts are required to be audited– would be made available later.
“The software for filing ITR 3,4,5,6 and 7 which are used by entities whose accounts have to be audited would be uploaded on e-filing website later,” the source added.
Source:- Business Standard