Always file your ITR promptly? Looking to file your ITR before June? Hold your horses. Here’s why you shouldn’t.
Are you the sort of person that rushes to file their income tax return as early as possible so that it’s done and dusted? Are you very proud of that gold certificate the income tax department sent you for timely filing? So, if you’re mulling filing your returns before June, you might want to reconsider after reading this.
The Income Tax department has notified income tax return forms, i.e., new ITR form 1 through ITR form 6, for the financial year 2022-23. While the circular from the Central Board of Direct Taxes (CBDT) has notified the new ITR forms for FY2022-23, income tax assessees are advised not to file their ITR for AY 2022-23 before May 31st, 2022 or immediately after either.
Additional Reading: Which is Better – New Tax or Old Tax Regime?
How It Works
The due date for TDS return filing (for companies) is May 31st, 2022. An employer will not be able to furnish Form 16A for its employees who have had TDS deducted in the last quarter of FY2022 without filing its TDS return.
So, salaried employees should ideally wait until after May 31st, 2022 and only file their ITR from June 2022 onwards.
When to File
In fact, tax and investment experts even advise taxpayers against filing their income tax return immediately after the May 31st due date for TDS return filing. It would be prudent to first check your Form 26AS by logging into the income tax website. Once you have checked that your Form 26AS is updated as per the website, then go ahead and file your income tax return for AY 2022-23.
While salaried taxpayers are advised to wait until after Form 26AS is updated, in a similar way, self-employed individuals and small businessmen will be unable to get their updated Form 26AS in case of any TDS deduction from any business partners in the last quarter of Financial Year 2022 while making payments.
In conclusion, the early bird may not always get the worm – at least when it comes to income-tax return filing. However, never forget to file your income tax return or delay it beyond the filing deadline.
Additional Reading: Make Sure You Complete Your ITR Process with These Steps
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