Categories: Income tax Return

ITR Filing: Wait Until June 15 to File ITR for FY 2023-24

Income Tax Return Filing: Why You Should Wait Until June 15 to File ITR for FY 2023-24

Filing your income tax return (ITR) is an important financial task that every taxpayer must complete accurately and on time. For the financial year (FY) 2023-24, there are compelling reasons to consider waiting until June 15 before filing your ITR. Here’s why:

Essential Documents Required for ITR Filing

To file your ITR correctly, you need to gather several important documents. These documents provide the necessary information and evidence for the income and deductions you report. Key documents include:

  • Form 16: Issued by your employer, Form 16 contains details of your salary, deductions, and the tax deducted at source (TDS). Issued by Employers: Form 16, provided by June 15, includes detailed information about your salary, tax deductions, and proof of tax deposited by your employer.
  • Month-wise Salary Slips: Detailed Salary Information: These slips offer a month-by-month breakdown of your earnings and deductions.
  • Forms 16A, 16B, and 16C: TDS on Other Incomes: These forms detail TDS on various types of income like interest (16A), property transactions (16B), and rent (16C).
  • Bank Certificates: These include interest certificates from savings accounts, fixed deposits, and other investments that indicate the interest earned during the financial year.
  • Interest Income and Certificates: Income from Deposits: Certificates from banks and financial institutions detailing interest earned on savings, fixed deposits, etc.
  • Bank Account Details and Statements/Passbooks: Interest and Transactions: These documents provide information on interest earned and other transactions in your bank accounts.
  • Investment Proofs: Deductions under Sections 80C, 80D, etc.: Proofs for investments and expenses eligible for deductions under various sections (80C for investments, 80D for medical insurance, etc.).
  • Capital Gains Statements: If you have investments in stocks, mutual funds, or other securities, you’ll need statements detailing any capital gains or losses incurred during the year. Sale of Assets: Detailed information on capital gains from the sale of property, mutual funds, and shares.
  • Investment in Unlisted Shares: Details and Valuation: Information about investments in unlisted shares and their valuation.
  • Home Loan Statement: Interest and Principal: Details on the interest paid and principal repaid on home loans.
  • Form 26AS: This form is a consolidated annual tax statement that includes details of TDS, tax collected at source (TCS), advance tax, and self-assessment tax paid during the financial year. Tax Credit Statement: Provides a consolidated view of your tax credit, including TDS, TCS, and advance tax paid.
  • Rental Income: Income from Property: Documentation of rental income received from property.
  • Foreign Income/Dividend Income: Global Earnings: Details of any income earned from foreign sources or dividends from investments.
  • PAN Card and Aadhaar Card: Identity Verification: Both PAN and Aadhaar are essential for identity verification and linking of financial transactions.

Reasons to Wait Until June 15

  • Availability of Form 16- Employers are required to issue Form 16 to employees by June 15. Form 16 is crucial for salaried individuals as it includes details about your income and the TDS deducted by your employer. Without this form, accurately reporting your salary income and claiming TDS credits is challenging.
  • Accurate Form 26AS-Form 26AS is a vital document that reflects all tax-related information, including TDS, TCS, and taxes paid. Waiting until mid-June ensures that all TDS entries made by deductors (like employers, banks, etc.) are updated and accurately reflected in Form 26AS. This reduces the chances of discrepancies between the tax reported by you and the tax records held by the Income Tax Department.
  • Receipt of Other Financial Statements- By June 15, banks and financial institutions typically provide all necessary certificates and statements, including interest certificates and capital gains statements. These documents are essential for accurately reporting interest income and capital gains, as well as for claiming deductions and exemptions.
  • Error-Free Filing- Filing your ITR in haste can lead to mistakes, such as missing out on reporting income, claiming incorrect deductions, or errors in personal details. By waiting until you have all required documents, you can ensure that your tax return is complete and accurate, minimizing the risk of notices from the Income Tax Department and potential penalties.
  • Claiming All Eligible Deductions- Having all your financial documents allows you to review and claim all eligible deductions, such as those under Section 80C, 80D, and others. This can help in reducing your taxable income and tax liability effectively.

Waiting until June 15 to file your ITR for FY 2023-24 is a prudent decision. It allows time for all necessary documents to be issued and received, ensures the accuracy of tax details reflected in Form 26AS, and helps you file a complete and error-free tax return. By taking a little extra time, you can avoid common mistakes, ensure compliance, and make the most of available tax benefits.

Make sure to gather and review all relevant documents before proceeding with your ITR filing to ensure a smooth and hassle-free experience.

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Tags: ITR filling
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