Soon Income Tax Return forms will come prefilled with details of dividend from mutual funds or gain or loss on equities and interest income, reported The Economic Times.
Soon Income Tax Return forms will come prefilled with details of dividend from mutual funds or gain/loss on equities and interest income, reported The Economic Times.
The revenue department has initiated consultations with market regulator Sebi to explore the idea of getting details of investment returns of taxpayers, the report said citing an unidentified government official.
“We are in talks with Sebi…we have had two rounds of meetings already,” the official was quoted as saying in the report.
Pre-filled forms will soon be able to pick salary breakup directly from an individual’s Form 16, said the report.
The current prefilled form that taxpayers can download using their permanent account number (PAN) has all the personal details, taxes paid and bank account details.
Keen to take the prefilled return forms to the next level, the income tax utility will also import Interest income in all savings accounts wherever permanent account number or Aadhar is mentioned and auto-populated in the return form, the official told the newspaper.