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Business News/ Money / Personal Finance/  It is important to check pre-filled tax forms

It is important to check pre-filled tax forms

Experts believe that pre-filled information will help taxpayers in filing ITR, but taxpayers still have to verify the information before filing ITR

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If you are filing your income tax returns (ITR) online this year, you are likely to get certain information pre-filled in the tax forms. The tax department used to provide information related to tax deducted at source (TDS), salary details, etc., pre-filled.

According to the government’s notification, taxpayers will now also get pre-filled information on the interest paid to the taxpayer by banks (including co-operative banks), post offices and deposit-accepting non-banking financial companies (NBFCs).

The information will be provided related to recurring, savings accounts, etc., in case the interest earned totals more than 5,000.

Besides, information related to capital gains on listed securities and dividend received was also to be provided.

"However, this year, information related to capital gains, dividend and interest, etc., are still not available pre-filled. The department utility pops up a message that taxpayers are provided certain pre-filled information in return based on information available with the income tax department. The taxpayers are asked to confirm whether the details in each section is correct to proceed," said Naveen Wadhwa, DGM, Taxmann.

Experts believe that pre-filled information will help taxpayers in filing ITR, but taxpayers still have to verify the information before filing ITR.

They may face a problem if the pre-filled information is wrong. Taxpayers can rectify pre-filled information in some cases, but they could get a notice form the tax department citing the mismatch between the information provided by the taxpayer and what the tax department has received from all other institutions. “If there is a mistake in the pre-filled forms, the taxpayer will have to approach the respective entity to get the information corrected and it can be a tedious task," said Prakash Hegde, a Bengaluru-based chartered accountant.

If interest information with the tax department is incorrect, you will have to approach your bank to get the information rectified. The bank will then have to rectify its information and file a revised return.

“It is important, therefore, that the pre-filled information provided is correct," Hegde said. Wrong pre-filled information may delay the tax filing process. Therefore, it is important that you file ITR before time, so that there is enough time to rectify mistakes if any.

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Published: 17 Aug 2021, 01:17 AM IST
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