ITR Filing Made Easy For Taxpayers: Interest Income, Capital Gains to be Pre-filled | Check Details

Budget 2021: With Finance Minister Nirmala Sitharaman’s latest announcement, senior citizens aged 75 years and above who only earn pension, have been completely exempted from ITR filing. But for the rest of taxpayers, Income Tax Return (ITR) filing has been made much simpler. Also Read – ‘Jaan Bhi Aur Jahan Bhi’: PM Modi Hails Budget 2021, Says it Features Every Section of Society

Here are the key takeaways on ITR filing from Budget 2021 Also Read – Budget 2021: Full Text of Finance Minister Nirmala Sitharaman’s First Paperless Budget Speech

> Budget 2021 has exempted senior citizens above 75 years of age from filing ITR. However, this is applicable only if the income of the person is through pension and interest income. Also Read – ‘Kidhar Fas Gaya Re Baba’: Rahul Gandhi’s Reaction During Budget 2021 Triggers Meme Fest on Twitter

> ITR Filing for other taxpayers has been eased as details on “capital gains from listed securities, dividend income and interest income from banks and post offices” will be pre-filled in the ITR form. The new ITR forms will be available soon.

> To end the uncertainty in the minds of taxpayers over reopening of assessment cases, the time limit for a reduction in limit for reopening to assessment to three years from six years earlier.

> Meanwhile, for serious tax fraud cases where concealment of income is Rs 50 lakh or more the time limit for reopening of income tax assessment cases would be 10 years.

Notably, taxpayers across the country have already filed their income tax return till January 10 this year. The finance minister noted that income tax return filers increased to 6.48 crore in 2020 from 3.31 crore in 2014.

For future reference, here’s how to file ITR:

Step 1: Go to the website: www.incometaxindiaefiling.gov.in. Click on the right-hand side box to log in to the website.

Step 2: Fill in details to log in to the website. Keep your PAN and Aadhaar number handy.

Step 3: Click on Filing of Income Tax return. Else, you can also go to e-file section and select income tax return

Step 4: Fill ITR Details
Choose the assessment year
Select ITR-1 from the drop-down list for ‘ITR Form Name’
Choose ‘Prepare and submit online’ option
Choose one of the options to e-verify your return.

Step 5: Read instruction before filing ITR

Step 6: Fill in Part A, which contains personal information, mostly pre-filled. If you want to change any detail, make the correction.

Step 7: Fill in Part B or Income Details and Deductions. You need to give income details over here, including salary and income from house property. Give deductions details, too, which you want to claim or have already claimed.

Step 8: Fill in Form 16 with tax details about your salary. In case of a house-property compute the total tax and pay the required amount before submitting the form. Also, check 26AS to see your tax computation aligns with the form.

Step 9: Verify your ITR: You can either send a copy of ITR-V to the Bangalore office or you can e-verify it using Aadhaar.

Step 10: If you have made any donation that attracts deductions mention it under the 80G section and submit the form.