FinMin asks taxpayers to e-file I-T returns early

The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31.

The tax department, yesterday, made fully operational its e-filing website for taxpayers to file their I-T returns for assessment year 2015-16.

“Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing,” a finance ministry statement said as electronic filing of Income Tax Returns (ITR) commenced.

The tax department has released the software for preparing the Income Tax Return forms — ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam for Assessment Year 2015-16.

The Income Tax department had on June 22 notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.

ITR 1-Sahaj, 2 and 2A can be used by individual or HUF whose income does not include income from business. ITR 4S – Sugam can be used by an individual or HUF whose income includes business income assessable on presumptive basis.

The new form ITR 2A has been introduced this time and is for individuals or HUFs who do not have capital gains, income from business/profession or foreign asset/foreign income.

The statement suggested taxpayers to use the return preparation software available free of cost under the ‘Downloads’ section on the home page of the I-T department’s website.

“The use of departmental software will ensure preparation of error-free returns thereby avoiding any need for future rectification due to data validation mistakes,” .

The facility for pre-filling of information for these return forms is available in the software for preparing the return forms.

“When the taxpayer exercises this option and fills in his PAN, then personal information and information on taxes paid and TDS will be auto-filled in the form,” .

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates