Income Tax Return e-filing: Salaried individuals should wait till this date before filing ITR – here’s why

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Income Tax Return (ITR) e-filing on Income Tax Portal: The revenue tax return (ITR) filing course of for the monetary 12 months 2023-24 (evaluation 12 months 2024-25) has commenced on the e-filing revenue tax portal. The generally used ITR kinds have been made out there on April 1 to facilitate early and handy filing of tax returns.
Although the ITR kinds are accessible, it’s advisable for salaried individuals to postpone filing their returns till June 15, in keeping with an ET report by Preeti Motiani.The cause behind this advice is that their Annual Information Statements (AIS) and Form 26AS are sometimes absolutely up to date by May 31, and salaried individuals obtain their TDS certificates inside 15 days from this date.
While some information could begin showing in AIS and Form 26AS before May 31, the knowledge for the final quarter of the earlier monetary 12 months is normally up to date by May 31.
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Taxpayers who submit returns primarily based on incomplete information could face penalties if their revenue is underreported on account of lacking info. Therefore, it’s smart to wait till June 15. Salaried individuals have till July 31, 2024, to file their revenue tax returns for the monetary 12 months 2023-24 (evaluation 12 months 2024-25).
Banks and different monetary establishments should submit a Statement of Financial Transactions (SFT) to the revenue tax division yearly. SFTs present the revenue tax division with info on varied transactions carried out by taxpayers through the monetary 12 months.
These statements embody revenue from shares, mutual funds, dividends, curiosity from financial savings financial institution accounts, mounted deposits, public provident fund accounts, bank card invoice funds, and extra. The AIS, accessible to taxpayers, is up to date as soon as these establishments file their SFTs.
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AIS gives a complete report of a person’s monetary transactions, no matter whether or not tax was deducted or not. It consists of particulars reminiscent of complete wage revenue, tax deducted and deposited, and curiosity earned from financial savings financial institution accounts, even when no tax was deducted on the curiosity.
When it involves tax deducted at supply (TDS) on incomes, the tax deductor, which will be firms or banks, has till May 31 to file a TDS return for the final quarter of the fiscal 12 months. Although tax is deducted and deposited month-to-month, TDS returns are filed quarterly, as per revenue tax legal guidelines.
Once the tax deductor information the TDS return, the tax deposited towards the related PAN will likely be mirrored in Form 26AS, which serves as a tax passbook exhibiting the full taxes deducted/collected towards a PAN. Form 26AS additionally consists of Tax Collected at Source (TCS) deductions on international journey or international remittances.
Abhishek Soni, CEO of Tax2Win.in, an revenue tax return filing platform, explains, “A tax deductor is required to file TDS/TCS returns by May 31 for the tax deducted in the last quarter of a financial year (between January and March). Further, banks and other financial institutions are required to file SFT by May 31 to update the data in AIS. Hence, till TDS/TCS return and SFT is filed, the information available on the income tax portal via AIS and Form 26AS is incomplete.”
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Filing an revenue tax return utilizing incomplete info from AIS could lead to a person receiving an revenue tax discover for underreporting revenue on account of counting on this incomplete information.
As per revenue tax rules, a deductor should present a TDS/TCS certificates after filing a TDS/TCS return. The deadline for issuing TDS certificates is 15 days from the date of filing the TDS return. Therefore, your employer should give you Form 16 (TDS certificates) no later than June 15.
Additionally, if banks, mutual funds, or firms have deducted taxes throughout FY 2023-24 (which ended on March 31, 2024), they need to situation Form 16A (TDS certificates) to individuals by this date. Although TDS returns will be filed before the deadline, and TDS certificates will be issued sooner than June 15, usually, the certificates are sometimes issued by this date.
Taxpayers should confirm that the tax deducted as proven in Form 16/Form 16A is in line with the knowledge in AIS and Form 26AS. Any discrepancies could result in difficulties for the taxpayer.
Soni states, “The income tax department can send tax notices if the information available to them via an individual’s AIS/Form 26AS does not match with what the individual has mentioned in the income tax return. The tax department will allow tax credit on what is shown in Form 26AS/AIS.”
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It is essential to notice that Form 16 (TDS certificates) simplifies the method of filing tax returns for salaried individuals. The TDS certificates consists of two elements: Part A and Part B. Part A shows the taxes deducted through the monetary 12 months, whereas Part B reveals the full wage revenue paid by an employer and the tax deducted from this wage. Any deductions claimed by workers (below both the previous or new tax regime) will even be mirrored in Form 16.
Filing an incorrect revenue in your Income Tax Return can result in severe penalties. The assessing officer could classify this as both misreporting or below-reporting of revenue, leading to penalties starting from 50% to 200% of the tax payable on the below-reported quantity. These penalties are imposed below Section 270A of the Income Tax Act, 1961.
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According to Soni, “If the income is declared less than actual due to misreporting of income, then the penalty will be 200% of the tax payable on such misreported income. However, if the income is under-reported due to any other reason (such as failure to report income in the ITR), then the penalty will be 50% of tax payable on the under-reported income.”
Therefore, it’s essential to make sure that the revenue reported within the ITR is correct. If a person discovers that they’ve filed their ITR primarily based on incorrect revenue info, they’ve the choice to file a revised ITR by December 31, 2024. Nevertheless, it’s at all times advisable to file the unique ITR utilizing correct and full revenue info.
In instances the place no TDS has been deducted out of your revenue, no TCS has been collected from you, and you’ve got full details about your complete revenue earned from varied sources through the monetary 12 months 2023-24 (evaluation 12 months 2024-25), it’s possible you’ll proceed with filing your ITR with out ready till June 15.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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