Income Tax Return: You may get pre-filled I-T form with capital gains data | India Business News

NEW DELHI: The government is looking to introduce pre-filled forms with your capital gains data on mutual fund and share sales in time for you to file the income tax returns by the end of July. While the government has introduced amendments to the Income Tax Act through the Finance Bill, which will empower it to seek data on the annual financial statement, sources said work has already begun on implementing the changes in the next few months itself.
“We have held discussions with brokerages and other participants and suggested that the data should be made available to us so that taxpayers can get them in their pre-filled return forms,” a senior official in the tax department told TOI.
Regulators such as the Securities & Exchange Board of India (Sebi) have also been consulted to include dividend income within the ambit. In any case, the proposed amendment for tax deducted at source (TDS) on dividend income beyond Rs 5,000 will be captured in the 26AS form and will help in pre-filling the returns forms.

On August 19 last year, TOI was the first to report about the move to expand the pre-filled forms to include details other than interest accruing to the bank account that is mentioned in the returns to get a tax refund. The idea is to expand the scope to cover all bank accounts, which can easily be done using Aadhaar and permanent account number (PAN).
Last year, the government had introduced pre-filled forms, which had faced some glitches initially. But the tax department believes that they have been more or less resolved, paving the way to expand the scope.
Officials said that the idea is to simplify things for an average taxpayer, which reduces the need for visiting a chartered accountant and makes the process seamless. The government proposing for a new tax regime, allowing people to give up exemptions in return for lower tax rates, is aimed at easing the burden further.

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