Income tax return: Now even tax is being calculated through mobile app. In this app the taxpayer has to fill his information. After this, the app itself starts telling how much tax liability is made on the income of the taxpayer.
The date of filing income tax return is slowly moving towards its last stop. The Central Board of Direct Taxes ie CBDT has extended the date so that the income tax payers do not face any problem in Corona. This increase has been included in the financial years 2020-21 and 2021-22. According to the new date, now a person can file income tax return till 30 September. Along with this, CBDT has also extended the period of Form-16 to be issued to the employees by one month for the companies. Taxpayers are going to get a new facility this time called Auto Populated System.
Here auto populated means all the data is automatically merged together. All the necessary data from different sources are collected on one platform and for this we do not have to do anything separately. You just have to press a button. Actually, this system has been implemented in the Income Tax Return file (ITR file) this time.
Suppose some information of a taxpayer is with his company, some information is with CBDT, some information is with Income Tax Department and some personal information which is recorded in PAN or Aadhaar, then all these information will come together in few minutes. Will go The taxpayer will no longer have to collect this information from himself and give it in the income tax filing. The auto populated system will collect all this information on its own in a few minutes. With this, the hourly work of ITR will be settled in a few minutes.
These features made the job easy
In this new system, personal details of the taxpayer like antigen number or home address etc., will automatically get added to the income tax return and the taxpayer will not need to fill the same. This feature is going to prove to be very important in itself. Earlier it used to be a lot of effort to gather all this information together. There have been some more announcements in this sequence.
Now Form-16 will be issued for the employees by taking more time from the companies. In this form, the company tells about the salary and tax deduction of the employee. This form is considered the most important part of the income tax return. Its period has been extended to 15 July. After getting Form-16, employee and individual taxpayer can easily file his income tax return.
Mobile app made easy
Now tax is being calculated through mobile app also. In this app the taxpayer has to fill his information. After this, the app itself starts telling how much tax liability is made on the income of the taxpayer. After filling the date on which the taxpayer has paid his income tax, if any interest accrues till that date, then the mobile app informs it after calculating it. For this, now there is no need to add tax or interest separately, in which the possibility of mistake is high.
Save this document
The most important document for this is Form-16. If an employee works in a company, then he gets salary in return for the work. The company deducts tax on this salary and after making all the calculations, gives the employee Form-16 (Form 16). In such a situation, if you go to file income tax return, then keep this Form-16 with you. In the ITR, you have to give information about the salary, deduction on behalf of the company and the taxes paid on it. Whatever information you are giving in the income tax return, keep in mind that the same information should be in Form-16. If there is a difference in this, the chances of getting a notice increases.
