Sunday, June 07, 2026

income tax filing has become simplified

Income tax filing for us has now become further simplified. Bank interest and salary income are automatically being pre-filled via the AIS, so only capital gains if any, from sale of mutual fund units, needs to be entered by us. No need to keep track of any other deductions, since we've now moved to the new tax regime. Also, no need to report gift from parents / sister. So, my workflow was:

1. Download AIS from the income tax site
2. Check the salary component in AIS against the Form16 given to us from the office
3. Verify that the AIS contains the interest statements from all three banks in which I have accounts
4. Download Capital Gains statement from MFCentral 
5. Go through ITR2, entering only minor info (like "secondary address is same as primary address") and the capital gains schedules (which have also become simplified for me since most of the current redemptions are of assets purchased after 2018 and can be entered just as single consolidated figures).

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