Do not Hurry to File your Income Tax Return

Do not Hurry to File your Income Tax Return

Do not Hurry to File your Income Tax Return

Deviating from the earlier practice the income tax return (ITR) forms for the AY 2016-17 had been notified in the first week of April itself. This was on account of the court order last year when the ITR forms were delayed causing inconvenience to the tax payers.

The due date for filing the ITR for individuals is July 31, 2016. However we suggest you to wait till May last week before you start filing your returns. We explain the reason below.

An individual tax payer relies on 2 documents to file his tax return Form 16 and Form 26AS. Form 16 is issued by employer for salaried employees and contains the details of the salary and the TDS deducted by employer.

If you are salaried your employer might not have given your Form 16, so you anyway cannot file your returns.

Also  Read: 4 Changes in filing Income Tax Returns in Budget 2016

Form 26AS contains all the details of the TDS (Tax deduction at source) and TCS (Tax collection at source).

The problem is the last date of depositing TDS/TCS is March 31 but the last date of filing TDS return with income tax department is May 15. So you might not see TDS/TCS information of the last quarter of last financial year. This would only reflect once TDS is filed which is May 15.

eFile TDS Return Deadline

eFile TDS Return Deadline

Majority of notices issued by income tax department is due to mismatch in TDS claimed in ITR and TDS shown in Form 26AS. This can be avoided by referring Form 26AS while filing your ITR.

Though government has notified the ITR forms early but it’s hardly of any use until they also sync the TDS return dates.

Tagged with 

Your Opinion Matters - Please Share below...