ITR Filing Update: Experts advise that you should wait for a while and wait for Form-16 to arrive. This is because if there is any difference between your calculations and Form-16, the Income Tax Department may ask you questions.
ITR Filing: Income Tax Department has provided forms and facilities for filing ITR in April this year itself. Usually this work is not done at the beginning of the financial year but later. But this does not mean that all taxpayers will file their ITR later. Some people can do it even earlier. Many people file ITR in the beginning of the financial year i.e. in April-May. But when should you file ITR, in the month of April or July. Let us know the answer to this question-
Form-16 is available only after 31st May
Many salaried class taxpayers will not be able to file income tax returns right now. This is because TDS will be paid by the employer (for tax deduction on salary) and banks (for TDS on FD interest) till April 30. Tax experts say that companies start issuing Form-16 and TDS certificates only after May 31. Only after that, those earning interest on salaried classes and FDs can start the process of filing income tax returns. Form-16 is a certificate of TDS deduction given by the employer to the employees.
To avoid hassle, waiting is the best option
If it is assumed that a person himself has extracted the information related to TDS and has kept it safely. On this, experts say that it is difficult to do this. For this you will have to be very intelligent in tax related matters. Experts advise that you should wait for a while and wait for Form-16 to arrive. This is because if there is any difference between your calculations and Form-16, the Income Tax Department may ask you questions. To avoid any trouble, waiting is the better option.
NRIs can still file returns
The TDS that the company deducts on your salary and until that return is filed, the Income Tax Department will not process your return. But certain types of taxpayers can file returns in April. These people include NRIs and those who have no other source of income other than capital gains from selling property in India. If TDS return has already been filed then the person can benefit from filing the return in April. By doing this, the return process will be processed faster and if more tax has been deducted, then the refund will also be received quickly.
You will be saved from last minute problems.
Tax expert Ashish Mishra says that one should not be in a hurry to file returns in April. But fill it as soon as possible before the last week of July. By filing returns before July 31, you can avoid last minute problems and crowd. The faster your return is processed, the sooner your money (if refunded) will be returned and you will be able to use it.
Ashish Mishra says that if your TDS deduction was made in the last quarter of FY 2023-2024, then you should start filing the return only after May 31. This is the deadline when TDS paying companies file their returns. After this, companies can take 15 days to submit TDS certificate or Form-16. Therefore, it would be better for you to start the process of filing returns after June 15.
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