ITR Filing for AY 2024-25: How will the new feature in AIS introduced by CBDT recently help taxpayers?

financialexpress.com:

Question: When will ITR e-filing start this year? When can salaried taxpayers start filing their tax returns for AY 2024-25? Also, kindly enlighten us on the new AIS functionality.

Answer given by Dr. Suresh Surana, Founder, RSM India: Please note that the original income tax return for the financial year 2023-24 has to be filed on or before 31st July 2024 (generally in case of salaried taxpayers) and if the taxpayer (salaried) fails to file the return or wants to revise the tax return, then it can be filed upto 31 December 2024, subject to late filing fees as applicable.

Generally, the filing of income tax returns would commence from the 1st day of April of the relevant assessment year (AY) or from the date such income tax forms are notified by the CBDT, whichever is later. Since the income tax forms for AY 2024-25 were notified in the month of January 2024 itself, taxpayers could technically commence their ITR filings for Financial Year 2023-24 (relevant to AY 2024-25) from 1st April 2024 itself.

Also Read: Tax saving options under New Tax Regime most taxpayers may not be aware of

However, it is pertinent to note that salaried individuals usually file their tax returns based on the TDS certificate (Form 16) received from their employers. Such form is generally issued by the employers in the first half of June as the last day for TDS filing for the quarter ending March is 31st May and Form 16 is to be issued within 15 days from such return filing. Thus, once such TDS certificate is obtained, the salaried taxpayers should file their return after verifying the details of such certificate. Further, considering that the due date for filing tax return for salaried taxpayers is 31st July 2024, it is recommendable to file