Pre Filled ITR Form may have more details announced in Budget 2021.

Pre Filled ITR Form may have more details

Pre filled Income Tax Return (ITR) will be introduced for taxpayers with the data of their salary, capital gains from Investment, dividend income, interest on savings from bank, the tax deducted at source (TDS), dividend income beyond ₹. 5,000 will be captured in the 26AS form.
Last year, the Govt. had already introduced amendments to the Income Tax Act in Finance Bill, which will allow the govt to seek data on annual financial transactions of a taxpayer from banks, brokers, depositories etc.

The current prefilled form you can download using your PAN (Personal details, taxes paid and bank account details).

At present, as per section 285BA of the Income Tax Act 1961 banks, financial institutions, stock exchanges and certain other persons have to file annual information reports (AIRs) of certain financial transactions such as cash deposits, term deposits, purchase of bonds, shares and mutual funds, etc. of 10 lakh or more.

Also, purchase or sale of immovable property of Rs 30 lakh or more; receipt of cash payment of Rs 2 lakh or more for goods or services of any nature; and payment of credit card bill of 10 lakh or more etc.

So at least for salaried class where ITR-I is applicable, a system may be implemented in which if the TDS has been deducted on the salary and bank interest etc., then taxpayers don’t need to upload the ITR. They only have to approve the pre-filled returns on the I-T portal to complete the filing.

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