Should Salaried Individual Wait Until June 15 to File ITR? 🤔

Filing Your Income Tax Returns for FY 2023-24 (AY 2024-25)

Now that the online ITR filing process for FY 2023-24 (AY 2024-25) is live on the e-filing income tax portal, it’s time to consider the best approach to file your returns efficiently. Take note of some crucial factors before diving into the process:

Why Wait Till June 15 to File Your Returns?

Annual Information Statements (AIS) and Form 26AS are fully updated only by May 31.
Salaried individuals receive their TDS certificates within 15 days from May 31.

Therefore, waiting till June 15 can ensure that you have all necessary information to avoid underreporting income and potential penalties.

Useful Information in AIS and Form 26AS

Banks and financial institutions file Statement of Financial Transactions (SFT) annually.
AIS provides details on various transactions, including income from shares, mutual funds, dividends, and more.

Understanding the information in AIS and Form 26AS is essential for accurate filing of tax returns without any discrepancies.

The Significance of TDS Certificates

TDS certificates (Form 16, Form 16A) are crucial for verifying tax deductions made by employers and others.
Evaluate your TDS certificates to ensure they align with the information in AIS and Form 26AS.

Matching the details in these certificates can prevent tax notices and discrepancies in your returns.

The Impact of Incorrect Income Reporting

Underreporting or misreporting income can lead to penalties ranging from 50% to 200% of the tax payable on the underreported income.
Ensure that the income declared in your ITR is accurate to avoid any penalties or issues with the tax department.

Always prioritize filing your returns with correct and complete income information to steer clear of any potential penalties.

Hot Take: File Your Taxes Wisely to Avoid Penalties!

By waiting till June 15 to file your returns, you can ensure that you have all the necessary information to avoid potential penalties from underreporting income or misreporting details. Remember to double-check your TDS certificates, AIS, and Form 26AS to guarantee accuracy in your tax filings. Filing your returns correctly and on time is key to maintaining a hassle-free tax process and staying compliant with tax laws.