Income Tax Return: All ITR forms enabled for online, offline tax return filing but you should wait until…
The Income Tax Department has enabled all necessary utilities and forms on its e-filing portal for online and offline tax return filing for taxpayers for the financial year 2023-24 (Assessment Year 2024-25).
ITR Forms 1, 2, 4, and 6 were enabled on the tax department’s e-filing portal earlier this month. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 were also made available. Normally, the Central Board of Direct Taxes (CBDT) enables these utilities a bit later towards the end of April every year, but this year the tax department provided these forms earlier than expected.
Even though the tax department has uploaded these forms, if you are a salaried taxpayer, you have to wait for ITR filing until you don’t receive Form 16 from your company. Employers normally issue Form 16 to their employees towards the end of May every year as they need to show TDS (tax deducted at source) of employees for the last quarter of the fiscal year.
Likewise, those who have invested in fixed deposits with banks will also need to wait for their banks to deduct TDS on FD interest. Banks usually deduct and deposit TDS with the Income Tax Department by April 30.
Also Read: Income-Tax Return: Big relief for tax deductors! All taxpayers need to know about PAN-Aadhaar non-linkage
Form 16, a certificate of salary break-up and TDS, is issued by employers to employees for the purpose of tax return filing.
It’s not that you as a salaried taxpayer cannot file income tax return without Form 16, but then the chances are that you might miss certain components of your salary to be put under different heads in the ITR form. If you miss any of the components and file a wrong or incomplete return, you may get a notice from the Income Tax Department.
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