Most salaried taxpayers will no longer be able to file their returns. This is because TDS payments – by employers (for tax deducted at source on salaries) and banks (for TDS on fixed deposit interest) – will be made by April 30.
Income Tax Department has released all the forms related to filling ITR. In such a situation, this question is arising in the minds of many people whether they should submit all the ITRs or wait for July 31, the last date for filing ITR.
Salaried and FD investors will have to wait
Most salaried taxpayers will no longer be able to file their returns. This is because TDS payments – by employers (for tax deducted at source on salaries) and banks (for TDS on fixed deposit interest) – will be made by April 30. Form 16 and TDS certificate will be issued by most of the institutions only after May 31. Only after this, salaried individuals and people earning interest on fixed deposits can start the filing process. Let us tell you, Form 16 is the certificate of TDS on the salary paid by the employers to the employees.
Who can submit ITR in April?
At present, only a very limited category of people can file ITR returns in April. For example, if you are an NRI then you can easily file taxes. Because being an NRI there will be no source of income.
Fill returns on time
The last date for submitting ITR is 31st July. Almost all employers release the forms by May 16 or June. After receiving all the documents related to income, you should submit your ITR as soon as possible. Its biggest advantage is that the sooner you submit ITR, the sooner you will get the refund.
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