Income Tax Return Filing: Why you should wait until June 15 to file ITR for FY 2023-24

financialexpress.com:

Income tax return filing for 2023-24: The Income Tax Department has activated all the necessary utilities and enabled forms to facilitate ITR filing for the fiscal year 2023-24 (AY 2024-25). On the e-filing portal, all forms are available – ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, and ITR 6.

As these forms were enabled at the start of April 2024, many taxpayers, including salaried ones, started filing their income tax returns for Assessment Year 2024-25. In this article, we will delve into why it’s not a good decision to file ITR before June 15, especially by salaried individuals.

Before understanding the motive behind filing an Income Tax Return (ITR), one thing you must know is that it is done to declare all your taxable income, deductions, and exemptions that you are entitled to in a particular financial year. In short, you are required to provide details of all your financial transactions from April 1 to March 31 of any given year. Now, consider whether, by filing an ITR by a certain date, could you provide all the details for the previous financial year?

Also Read: ITR Filing 2024: Income tax return forms 1-6 enabled on e-filing portal! Which one is for you?

Form 16 is an important document that helps you in quick and hassle-free ITR filing. Most employers provide Form 16 to their employees by June 15 every year. Form 16 serves as proof that the government has received the tax deducted by your employer from your salary income. When you file your ITR, for instance, in April, it’s certain that the Income Tax Department hasn’t yet received your TDS for the month of March as first it takes time at the employer’s end to deposit TDS and then at department’s end to process and record it. Besides this, the tax is deposited