I have a friend who loves vacationing abroad. And, whenever he comes back he only has great things to talk about that country, and amazing anecdotes to share. That’s something I love about him. But, what I don’t love it all is the fact that he constantly denigrates his own country. But that’s not even the worst part. The worst part is that he likes to count what the government ought to have done for him and his country, but refuses to play a small role in the activity of nation-building. He skips something as basic and simple as income tax return filing. According to that friend filing is scary and cumbersome and would require a lot of his time. He couldn’t be more wrong.
Filing your Income Tax Return is easy, and the Income Tax Department has made it even easier this year. Now the Income Tax Department is gathering data from various records to make your ITR form pre-filled with details of income and taxes paid. This means that you will be spared of entering the details each time you fill. Even though it is an annual task, people don’t like filling the same data year after year. Now, the department has ensured that you get to don’t face that hassle ever.
Whereas I feel that, If you file tax returns, then you are not doing any favor to the government, but to yourself. Filing tax returns is a sign that you are responsible, and failure to pay taxes would invite penalties from the income tax department. Filing your tax returns would mean that you would be able to enter into subsequent transactions without any worry.
Also, if you wish to apply for any kind of loan in the future, the bank would want to see your tax returns of the past few years before transacting with you. I had a huge discussion with my friend over this and I made him understand now how quick it is to file the income tax return online.
Filing tax returns is easy. Most individual taxpayers file their tax returns under Forms 1,2,3 and 4. Since the IT department has turned the entire exercise into a cakewalk by introducing our data on the e-filing website, all you need to do is click on the section and your information such as your PAN, name, and date of birth would be filled there. The Income Tax Department is using the PAN database to collect your data. This is at least 80% of your work done.
First and foremost, log in to the Income Tax e-filing portal. Once you complete that, you would be asked to update your profile. Your phone number, Aadhar details (if any), email id, etc would be pre-filled.
Once it is done, all the details of your advance, self-assessment tax that you paid, along with the TDS (tax deducted at source) would also be prefilled by ITR. The data will be fetched to the Income Tax Department from Form 26AS.
If you have a job and get a regular salary, your salary details, income, allowances, and deductions would be prefilled using Form 24Q.
If you are an owner of a residential property, details would be filed using your last ITR, and any income thereof will be filed using Form 26AS.
In case you earned interest on income tax refund, under Section 244A of the Income-tax Act, 1961, the details will be pre-filled.
Your bank account details shall also be pre-filed from your last e-filing profile
Now, as you can see, most of your data shall be pre-filed. All you need to do while filing Online TDS return is just to gather the will to file it. It won’t take a lot of time, I promise. Income tax return filing is simple, and it is getting simpler with each passing year. If the government is taking so many steps to make the entire process convenient for us, the least we can do is show some gratitude to them by doing our Income Tax Return Filing on time. Makes sense, no? Over this, my friend smiled and gave me a high-fi.