New e-filing website to enable quicker income tax refunds

NEW DELHI:  The new e-filing portal, to be launched on June 7, will have slew of taxpayer-friendly features to make the Income Tax Return (ITR) filing process all the more simpler and easier, a statement by the Finance Ministry claimed.

The portal will be integrated with immediate processing of ITRs to issue quick refunds to taxpayers.

It will have free-of-cost ITR preparation software available with interactive questions to help taxpayers file their ITR 1 and 4 forms (online and offline) and ITR 2 (offline) to begin with.

The same facility for taxpayers who file ITR forms 3, 5, 6 and 7 will also be made available shortly. 

ITR 1 is filed by individuals with income from salary/pension, one house property and other incomes. ITR 4 is for individuals who have income from business or profession.

ITR 2 is for individuals who have income from salary/pension, capital gains and foreign assets while ITR 3 is for individuals with income from business/profession and as a partner in a firm. 

ITR 5,6 and 7 are for firms and corporates.

The new website will allow users to see all their interactions and uploads or pending actions on a single dashboard for follow-up actions. 

Taxpayers will also be able to proactively update their profile to provide certain details of income including salary, house property, business/profession which will be used in pre-filling their ITR.

Detailed pre-filling of salary income, interest, dividend and capital gains will be available after Tax Deducted at Source (TDS) and Statement of financial transactions (SFT) statements are uploaded.

Meanwhile, the tax department has clarified that the new tax payment system will be launched on June 18 after the advance tax instalment date to avoid any taxpayer inconvenience.

The mobile app will be released after the launch of the portal.