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News INCOME TAX

  • Nov 18, 2019
  • Fully auto-populated income tax returns on the cards

    The government is working towards fully auto-populated income-tax returns. The modified form will likely include information on tax liability on gains from stock trade, dividends from mutual funds and interest earned from saving accounts, according to official sources. The income-tax department has had several rounds of meeting with depositories, mutual funds and banks to ascertain the feasibility of more comprehensive returns. Currently, some returns (ITR-1 and 2) are pre-filled, with information related to the taxpayer and employer, break-up of the salary into taxable component and tax deducted at source (TDS) through Form 16, and the final liability featuring among the entries. While the electronic form gets automatically populated with tax liability on fixed deposit interest as that bank deducts the tax at source, the assessee still has to manually fill in the liability regarding interest earned on saving account as there is no TDS on the same.