The process of filing income tax returns has started. Salaried people are being advised to file ITR after June 15. Let us know the reason behind this?
Income Tax Return: The process of income tax return for the financial year 2023-24 has started. The last date for filing ITR is 31st July. A big update has come out for salaried taxpayers. If you draw salary every month, then you are advised to file ITR only after June 15. If you do this, then you can get many benefits.
Why fill ITR after June 15?
Actually, Form-26AS i.e. Annual Information Statement is available on the Income Tax Department website by June 15. This information is completely updated. Usually the data of AIS and Form-26AS is updated by 31st May. However, some information may be available earlier as well. All these data are required to pay income tax. Having correct and accurate information makes it easier to fill ITR. In such a situation, salaried people also get TDS certificate within 15 days.
Why is updated ASI necessary?
Let us tell you that banks and financial institutions have to give details of credit card bills, deposit interest, savings account, shares, mutual funds, PPF and other transactions to the Income Tax Department. This process takes time. Only after getting all this data, the available Annual Information Statement is updated for taxpayers. ASI has special importance in the process of ITR, it gives information about the taxpayer’s transaction. This shows how much tax has been deducted from the salary and how much has been deposited.
You may have to pay a heavy penalty
Filing ITR with incomplete information can cause you huge losses. If a taxpayer gives wrong information in the form while filing income tax return, he may have to pay a heavy penalty. Therefore, salaried people are advised to wait.
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