Income Tax Return: If you find it difficult to fill the Income Tax Return Form, then CBDT has a crisp and clean solution for you. From next year onwards, the tax return form will be auto-filled.
Soon you can get rid of the hassle of completing the Income Tax Return Form. As a relief to taxpayers, the Income Tax department is planning to introduce a pre-filled return form. The following information will be pre-filled in the form:
- Source of Income.
- Personal Data
- Income Details
The taxpayer will only have to cross check this form.
The Benefits
On the very outset, the autofill tax return form will save time. CBDT Chairman Sushil Chandra said “The Income Tax Department will also take less time to process the returns”
The Tax Assessment period will also be reduced to a week. All returns will be processed within seven days of return filing. Taxpayers with annual income not exceeding Rs. 50 Lakhs will have to file a 1-page long Single return form only.
Expected Revenue
The expected direct tax revenue for the current fiscal year is expected to be around Rs 11.5 lakh crore. CBDT Chairman Sushil Chandra also stressed that demonetization was a big reason behind the sharp increase in tax revenue. The CBDT Chairman also shared that the Government has so far cleared 2.27 crore refunds. This is nearly double the number of refunds given last year.
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Further, the Income Tax Department has also sent SMS to 20 million taxpayers with a mismatch in their income and returns.
