With the new financial year starting from April 1, many important things are going to change. One of these is also the structure of your income tax return. Actually, till now you used to file an income tax return. He used to adjust his savings in it as much as he wanted. The reason behind this was to get an income tax refund by showing more expenses. But in the new financial year, there are some such changes in the structure of tax returns, after which you will not be able to hide your extra income tax returns even if you want to. Let’s know what is the whole matter.
Actually, we have to pay tax to the government on what we earn. And you have to tell your earnings while filling your income tax return. At the same time, we also save because we have to pay less tax. Only you keep an account of your expenses and income that you file in your tax return. If your expenses are high then the tax department sends you a refund.
This is how mathematics will change
If you have ever filed your income tax return by yourself, then you have noticed that on entering your PAN number, many items such as salary, PF, etc. are already fed. This happens because the Income Tax Department tracks the regular items on the basis of your PAN number and based on your last filled return. Now comes the matter of saving. You can save tax on the basis of what you show savings in the income tax return.
These items can also be tracked
Till now only your salary, things like PF could have been tracked beforehand. But the earnings from the stock market like your savings, mutual funds or other savings schemes. These are the items that you fill yourself in the income tax return. If you do not have to show much savings, then you did not even fill some of them. But do you know that after linking Aadhaar and PAN, all such earnings reach the department? Because wherever you have invested, it has been tracked through the PAN card.
How important is the option of NEXT
If you have filed a tax return then you must have seen that many things come pre-loaded like earning from your regular income. Which you just keep clicking on Next, Next. But now that your every saving pan and Aadhaar are linked, in such a situation, the department also has information about your every savings. So now these items will also come pre-loaded in your return. Meaning that the Next button has become more important now. If you proceed without next spending on expenses and savings, then you will see that such items have also gone into your returns, which you were thinking that it should not be shown. It is clear that now even if you want, you cannot hide your extra income in the returns.