Verify pre-filled data carefully before Income Tax Return filing

Finance minister mentioned that soon we will have pre-filled data in income-tax return (ITR) forms.

It may be noted that for assessment year 2019-20, ITR-1 and ITR-4 forms already have pre-filled information about the assessee.

With all the forms available on the income-tax website and the deadline for filing ITR less than a month away, you may be in a hurry to get cracking.

But if you are yet to receive Form 16 from your employer, don’t base your filing just on pre-filled information.

Recently, the tax department issued a cautionary note for taxpayers using pre-filled ITR forms, saying they should verify all information in the forms before submitting it for assessment.

Some employers are yet to issue Form 16 because the Central Board of Direct Taxes (CBDT) has extended the last date for employers to issue the form to 10 July.

You must wait for your employer to issue Form 16 before filing returns and verify all the pre-filled information.

Remember that pre-filled information will only be available on ITR 1 and ITR 4 if you file the return completely online on the department’s e-filing website.

We tell you who can use forms ITR-1 and ITR-4 and what pre-filled information is all about.


Forms ITR-1 and ITR-4

ITR-1 should be used by resident individuals having total income of not more than 50 lakh.

Also, the source of income should only include income from salaries, one house property, other sources (like interest from bank deposit) and agricultural income of up to 5,000.


ITR-4 is for resident individuals, Hindu Undivided Families (HUFs) and firms having total income up to 50 lakh and for those who choose to file their income under presumptive taxation scheme (PTS).

However, remember that neither ITR-1 and ITR-4 forms can’t be used to file returns by an individual who is either a director in a company or has invested in unlisted equity shares.

Those having income from capital gains can file their return in ITR-2 form, while those having income from business and profession can file their return in ITR-3 form.


Pre-filled details

In its endeavour to make the process of tax filing easier, the income tax department last year decided to introduce pre-filled ITR forms with details of income and taxes paid by the assesses during the year.

The aim was to use the information already available with the department and make the tax filing procedure simple and fast for taxpayers.

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