Mid June: Effective time to file for ITR

For the Assessment year 2024 – 2025, taxpayers are suggested to file ITR (Income Tax Returns) early in mid June giving an opportunity to allow for revisions without penalties. Speaking of last financial year about 5.92 lakh returns were filed, however 5.38 lakh were verified and near about 3.67 lakh were processed. This is advocated as every rent, interest or salaries are simulated by TDS (Tax Deducted At Source).

Documents required

i) Form 26AS and AIS : Officials suggest to wait for their TDS till may end for its reconcilation. As for claiming ITR, TDS filed by the payee with its permanent account number and Annual Income Statement mirrors back by may 31 in the form 26AS. Also, its advised if the TDS was collected before may, it may not be updated which can cause trouble as everything is checked by the tax department and shall be disallowed.

ii) SFT reporting : Transactions such as cash deposits, share transactions and others must be outlined to I -T authorities in the statement of financial transactions (SFT).

iii) Form 16 (crucial) : With outlining salary details and TDS employers are required to hand in Form 16 to the employees by june 15 as without the form it would cause trouble and penalties for returns due to delays by tax department.

Who are eligible to file for ITR in may ?

i) Salaried employees with only single source of income and no such financial complications can file for ITR in may,

ii) Individuals who await tax refunds may do so if they dont have multiple sources of income or any complex transactions.

iii) Individuals travelling/ relocating who dont want rush/ hassles last minute as it is a lengthy process.

Summing up, the advised date to file for ITR is mid june by the officials to avoid any last minute hunches or any other unfavourable circumstances.