Taxpayers are filing their income tax returns (ITRS) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties. However, it also has many drawbacks.
Mid-June is the sweet spot
File ITRS from the second week of June onwards since most incomes, like salary, interest, and rent are now affected by tax deducted at source (TDS). "Data related to your ITR is reported by others too. So, wait till June's first week to reconcile your figures with TDS data reported on your PAN," says Akarsh Garg, partner, Triolegal Associates.
Wait for Form 26
AS and AIS TDS, filed by the payer with the payee's permanent account number (PAN) by May 31, reflects in Form 26AS and the Annual Information Statement (AIS), for claiming in ITR.
"If you file ITR before May 31, you may not claim TDS. If claimed but not updated in Form 26AS, TDS might be disallowed, inviting a demand notice from the Income-Tax (IT) Department.
Any transaction not reported in ITR also prompts departmental communication for clarification," says Alay Razvi, partner at Accord Juris LLP.
Bu hikaye Business Standard dergisinin May 07, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin May 07, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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