HomeWhat's TrendingWhy Wait Until June 15 for Income Tax Return Filing?

Why Wait Until June 15 for Income Tax Return Filing?

The Income Tax Department has geared up for ITR filing for the fiscal year 2023-24, with all forms now available on the e-filing portal. Despite the rush, taxpayers, especially salaried individuals, are advised against filing ITR before June 15.

Filing ITR is about declaring all taxable income, deductions, and exemptions for a financial year. But rushing to file by a certain date may lead to incomplete details, especially regarding employer-provided Form 16, which showcases tax deductions. Employers usually issue Form 16 by June 15, ensuring accurate reporting of TDS.

Besides Form 16, taxpayers need other essential documents like bank certificates, capital gains certificates, and Form 26AS. Rushing to file in April may lead to incomplete reporting, as documents like bank certificates are issued later in April or May.

Form 26AS, providing an overview of financial activities, is crucial for accurate tax filing. Delays in updating TDS information, particularly for other income sources like equity shares or mutual funds, highlight the importance of waiting until June 15 for filing ITR.

In summary, while the urge to file early is understandable, waiting until June 15 ensures comprehensive and accurate reporting, safeguarding against potential discrepancies and facilitating hassle-free tax return filing.

Monika Shanmugam