India

Pre-Filled Data in ITR-2 helps Salaried Taxpayers who Invest

Posted on by Minakshi




ITR-2 Filing Made Easier: Pre-Filled Forms Now Available for Salaried Taxpayers



Income Tax Department Simplifies ITR-2 Filing with Pre-Filled Data

The Income Tax Department has introduced a significant update to streamline the Income Tax Return (ITR) filing process for salaried individuals in India. Now, pre-filled ITR-2 forms are available online, designed to simplify the filing experience, particularly for those with investment income.

What is the ITR-2 Form?

The ITR-2 form is primarily used by individuals and Hindu Undivided Families (HUFs) who have income from sources other than profits and gains from business or profession. This typically includes:

  • Salary or Pension
  • Income from House Property
  • Capital Gains
  • Income from Other Sources (interest, dividends, etc.)
  • Individuals holding directorship in a company
  • Individuals who have invested in unlisted equity shares

Benefits of Pre-Filled ITR-2 Forms

The pre-filled ITR-2 form comes with several advantages, aimed at making tax compliance easier for Indian taxpayers:

  • Reduced Data Entry: Much of the taxpayer’s information, such as personal details, salary income, and details of taxes already paid, are automatically populated in the form.
  • Increased Accuracy: Pre-filled data minimizes the chances of errors during manual data entry, leading to more accurate tax filings.
  • Time Savings: With a significant portion of the form already filled, taxpayers save valuable time and effort in completing their ITR-2.
  • Improved Compliance: A simplified process encourages more taxpayers to file their returns accurately and on time.

How to Access the Pre-Filled ITR-2 Form

Salaried taxpayers with investment income can access the pre-filled ITR-2 form by logging into the e-filing portal of the Income Tax Department. Ensure you have your PAN card details and other relevant documents ready for verification and completion of the remaining sections.

The Income Tax Department encourages all eligible taxpayers to utilize this facility to simplify their tax filing process and ensure timely compliance.

Summary:

  • Income Tax Department launches pre-filled ITR-2 forms for salaried individuals.
  • The pre-filled forms aim to simplify and expedite the tax filing process.
  • This initiative seeks to improve accuracy and reduce errors in ITR filings.
Key Takeaways:

  • Pre-filled ITR-2 forms significantly reduce the time and effort required for tax filing.
  • The initiative is aimed at improving tax compliance and accuracy among salaried individuals with investment income.
  • Taxpayers should ensure all pre-filled data is accurate and complete before submitting their returns.
  • This new feature aims to encourage timely filing of ITRs.