For the convenience of the taxpayers, the Income Tax Department is pre-filling many columns in the income tax return form this year.
In such a situation, if you are preparing to file your income tax return, then you will get the information about TDS, salary details etc. However, despite this, you will have to fill many details yourself.
According to the Income Tax Department, the taxpayer will have to self-fill details of income from capital gains, dividends and interest this year. A pop-up page will open for this. In it, the taxpayer has to give information about the income received from these items. In case, the taxpayer feels that the information given in the pre-filled column is incorrect, he can ask the concerned department to rectify the same.
If the taxpayer feels that the interest income information furnished in the form is incorrect, he can inform the bank in this regard. The bank will re-calculate and provide the information. After that he can improve the form. Experts believe that pre-filled information will help taxpayers in filing ITR, but taxpayers still need to verify the information before filing ITR.
Responsibility of giving information to bank, fund house
According to the CBDT, it is the responsibility of banks, post offices, mutual fund houses, registrars, bond issuing companies and other financial institutions to transmit these information related to all taxpayers to the Income Tax Department. These institutions will have to inform the Income Tax Department about the transactions exceeding a certain limit in a financial year.
These transactions are covered under SFT under section 114E of Income Tax. This means that if an investor has made a profit by selling the fund, then the fund house will pass on the details of his account to the Income Tax Department. Information about the interest received on the savings schemes or accounts of the bank or post office will also reach the Income Tax Department.
Currently 16 types of transactions are being monitored
The Income Tax Department currently monitors 16 types of large transactions on behalf of taxpayers in a financial year. Under this, the department collects information about depositing cash of more than 10 lakhs in a year in savings account, buying shares, investing in NCDs or mutual funds or share buybacks.
Apart from this, the Income Tax Department also collects information about paying credit card bills of more than Rs 1 lakh in cash in a year and paying bills of 10 lakhs in any mode in the entire financial year.
If many jobs have changed then there will be many Form-16
If you have changed multiple jobs, you may have multiple Form-16s. Since there are different Form-16s, their Part A will account for the TAN of different companies and the TDS deducted thereon. Every company deducts TDS on its own. Hence the deduction of TDS in different Form-16 will be different.
In such a situation, there is a rule to add TDS. That is, all the companies which have deducted TDS in a financial year, add all those TDS together. From this it will be known that how much TDS has been deducted in a year.
