Income Tax Filing: Big news for tax payer’s. Filing your income tax return (ITR) can officially kick off in April, but the actual deadline is typically July 31. This gives most taxpayers plenty of time to file their returns without rushing. So, what’s the best approach to tackle your ITR? Should you jump in and file now, or is it better to hold off for a bit?
Waiting is Necessary for Some Taxpayers
While the ITR filing period begins in April, many salaried individuals find themselves unable to file right away. The main reason is that they need to wait for Form-16 from their employer, which serves as proof of the TDS deducted from their salary. Similarly, those who have invested in bank fixed deposits (FDs) also need to wait for Form-16 from their bank. Typically, both employers and banks issue this form in May or later, and sometimes it may not arrive until June. Form-16 confirms that TDS has been deducted from either the employee’s salary or the interest earned on FDs and that it has been submitted to the government. This is why salaried individuals and bank FD investors must wait for Form-16 before they can file their ITR.
TDS Return Filing Deadline is May 31
For TDS deductors, the deadline to file TDS returns for the January-March 2024 quarter is May 31. After this date, it may take additional time for them to issue the TDS certificate or Form-16. If that’s the case, you won’t be able to start filing your return until after June 15. Even if you have all your TDS deduction details organized and feel confident in your calculations, it’s still wise to wait for Form-16 before filing. Any discrepancies between Form-16 and your records could lead to unnecessary complications later on. Plus, the Income Tax Department won’t process your return until the TDS return has been filed by those who deduct TDS.