Salaried Income Tax Returns: As of April 1, the online income tax return (ITR) filing process for the financial year 2023–24 (assessment year 2024–25) is now available due to the e-filing income tax portal. In addition, utilities for the ITR forms that are utilized the most frequently have also been made available. The Income Tax Department has activated all the necessary utilities and enabled forms to facilitate ITR filing for the fiscal year 2023-24 (AY 2024-25). On the e-filing portal, all forms are available – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, and ITR 6. But is advised that salaried individuals submit their returns no earlier than June 15
The most recent and correct Annual Information Statements (AIS) and Form 26AS are made possible by this delay; these documents are typically updated completely by May 31. By taking this preventive action, penalties that could result from underreporting revenue owing to inaccurate information are avoided.
July 31, 2024 is the last day for salaried individuals to file their income tax returns for FY 2023–24 (AY 2024–25). Every year, financial institutions must provide the income tax department with a Statement of Financial Transactions (SFT). This statement offers comprehensive details on a range of taxpayer transactions that took place during the fiscal year. This data is collected by the AIS, which also contains information on interest received from savings accounts, tax deductions, and salary income.
Read more:- Income Tax: Know these 5 key points before filing ITR early
Moreover, the deadline for filing a Tax Deducted at Source (TDS) return for the final quarter of a fiscal year is May 31. TDS returns are filed quarterly by the tax deductor. Upon filing a TDS return, the information in Form 26AS is updated to reflect the total taxes deducted or collected against an individual’s Permanent Account Number (PAN).
Form 16 is an important document that helps you in quick and hassle-free ITR filing. Most employers provide Form 16 to their employees by June 15 every year. Form 16 serves as proof that the government has received the tax deducted by your employer from your salary income.
When you file your ITR, for instance, in April, it’s certain that the Income Tax Department hasn’t yet received your TDS for the month of March as first it takes time at the employer’s end to deposit TDS and then at department’s end to process and record it. Besides this, the tax is deposited monthly, while the tax summary provided in Form 16 is quarterly. Your employer needs time to certify the details of tax deducted and deposited for the previous year.
Apart from Form 16, as a taxpayer, you need to collect other documents as well for filing your Income Tax Return (ITR). For example, banks issue interest certificates for recurring and fixed deposits for the previous fiscal year. These certificates are usually issued by the end of April or May. Therefore, if someone files their ITR in April, it is most likely that they will furnish details for only nine months, from April to December, in their return filing.
Read more:- ITR: 7 common mistakes to avoid for a easy income tax filing
Documents required to file ITR
To file your income tax return, you’ll need several important documents like Form 16, bank certificates, capital gains certificates and Form 26AS. Keeping all the receipts helps with hassle-free tax return filing. It also helps when you do not submit proof of certain exemptions or deductions, such as HRA allowances or deductions under Section 80C or 80D, to your employer on time. These receipts will help you claim them directly on your income tax return. Keep your PAN card ready, as it is a mandatory requirement. Bank investment certificates provide details of interest earned from bank accounts or fixed deposits. All these documents collectively ensure accurate and comprehensive ITR filing
Form 26AS gives a comprehensive overview of your financial activities during a fiscal year. It is evidence of income and tax payments associated with your PAN number.
In cases involving other income scenarios like equity shares, mutual funds, bonds, dividends, etc., brokers and companies may require additional time to update the tax deducted at source (TDS) on Form 26AS. This is also one of the reasons why a taxpayer should wait until June 15 to file his or her ITR.
Before understanding the motive behind filing an Income Tax Return (ITR), one thing you must know is that it is done to declare all your taxable income, deductions, and exemptions that you are entitled to in a particular financial year. In short, you are required to provide details of all your financial transactions from April 1 to March 31 of any given year. Now, consider whether, by filing an ITR by a certain date, could you provide all the details for the previous financial year?
Therefore, even though the e-filing portal is available, waiting until June 15 guarantees that all financial information is current, assisting in the submission of proper forms and reducing the possibility of fines for underreported income.
Read more:- I-T Dept Issues Reminder: Link PAN with Aadhaar by May 31 to avoid higher TDS
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