New Delhi: ITR filing for assessment year 2024-25 is now live on the e-filing portal with commonly used forms released effective April 1, 2024. However, salaried individuals would do well to wait for some time, until June 15, 2024, to be precise, to file their income tax returns. May 31, 2024 is the deadline for tax filing by tax deductors as well as SFT filing by banks and financial institutions.
Why salaried taxpayers should file tax after June 15
Taxpayers must wait until June 15, 2024 to file their income tax return. This is because key documents required to file ITR only get updated after May 31, 2024. These include:
Annual Information Statements
Form 26AS
Another key document, the TDS certificate, is released within 15 days of May 31, 2024. Data for the fourth quarter of FY24 will only get updated on AIS and Form26AS can only be updated by May 31, 2024.
What happens if you file ITR without AIS, Form 26AS
Taxpayers who file returns without updated AIS and Form 26AS may end up filing an incomplete tax return. This may result in the underreporting of income. Filing your ITR after June 15, 2024 will be ideal since your data will have been updated for the last quarter of FY24, and you will have time to file the ITR until July 31, 2024.
Taxpayers must ensure that the tax deducted shown in Form 16/16A issued by their employer and banks or mutual funds match with the information on AIS and Form 26AS. Filing an incomplete ITR can invite a penalty of 50-200 per cent of tax payable on underreported income under section 270A of the Income Tax Act. However, don’t get worried if you have filed the wrong ITR. There is still scope for you to file a revised ITR until December 31, 2024.
What are AIS and Form 26AS
Form 26AS is the statement of detail of tax deduction at source and tax collected at source. from multiple sources of a taxpayer’s income. You can find your form 26AS on the e-filing portal after logging into your account.
Click e-file
Select Income Tax Returns
Now select View Form 26AS
Click confirm
Click on view tax credit
Select the assessment year
Select ‘View type’
Click on ‘download’
According to the I-T department, the AIS provides a comprehensive view of a taxpayer’s information.
If you are a salaried taxpayer then you can wait until June 15, 2024 to file your income tax return. There are 2 key reasons behind waiting until then to file your ITR. One, your AIS will be updated and second your Form 26AS will be up to date only by May 31, 2024. The Form 16 is issued 15 days after this update. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
