The old income tax has become redundant and the upcoming income tax e-filing portal which is set to launch on June 7 will come up with several interesting features that are meant to be tax-friendly.
In a statement, the Central Board of Direct Taxes (CBDT) has revealed that the new income tax portal will have features like immediate processing of tax returns for the quick issue of refunds, interactive software for easier preparation of returns.
CBDT further added that every interaction, upload, and pending action will be available on a single dashboard for follow-up action by the taxpayer. Meanwhile, the tax return filing feature will be up for use only on June 18.
CBDT also informed that a new mobile app would also be launched to help taxpayers understand the various features. “Familiarisation with the new system may take some time, so the department requests the patience of all taxpayers and stakeholders for the initial period after the launch of the new portal and while other functionalities get released since this is a major transition,” the statement said.
The new and updated website would further increase the ease of compliance and the whole rationale behind is to offer a modern, seamless experience to taxpayers, CBDT said.
The new portal will also come with free-of-cost tax return preparation software with interactive questions in the case of tax return forms ITR 1 and 4 (online and offline) and ITR 2 (offline). Facility for preparation of ITR 3, 5, 6, 7 will be made available shortly, CBDT reiterated.
The tax authority further revealed that after the launch of the new website, taxpayers can proactively update their profile to give exact details of income including salary, house property, business or profession which will be used in pre-filling their ITR and that form fillup will be available with salary income, interest, dividend, and capital gains will be available after tax deducted at source (TDS) and statements of financial transactions are uploaded.