Why you should avoid filing tax returns before 15 June 2024 ?

Thinking of Filing Your Income Tax Returns Early? Stay Cautions before filling.

Introduction

The income tax department has started tax filings Portal for the assessment year 2023-24, with a deadline set for 31^st July 2024 ( for Salaried person, Non Audit Business Entity, Pensioner and other persons.

Although it might seem like a good idea to be proactively and file your income tax returns (ITRs) at the earliest as possible, It’s crucial to realize that filing taxes too early may pose potential risks, particularly in terms of inadequate information present in annual income statements (AIS).

Understanding the Process

Crucial data related to tax deducted at source (TDS) and statements of financial transactions (SFT) are transmitted to the government by May 31st 2024. However, there is a 15-day or longer update process for this data. SFT captures significant transactions exceeding ₹10 lakh, including high-value credit card payments, large cash deposits, time deposits, share buybacks, Fixed deposit Interest Saving bank interest and more

Suggestions before Filling Income Tax Return (ITR)

We advise against filling of Income tax return shall be after 15 June 2024, if we file early then discrepancies that arise when TDS data is updated later. We emphasize the importance of meticulously reviewing the AIS to ensure the accuracy of updated data before proceeding with filing. Additionally, salaried individuals are strongly encouraged to await the issuance of Form16 by their employers, as it aids in reconciling with Form 26AS and AIS.

Recommendations for Salaried Individuals

Salaried individuals are encouraged to wait for the issuance of Form 16 by their employers. This form helps in reconciling with Form 26AS and AIS, providing a comprehensive overview of your tax-related information. Taking the time to cross-verify these details can help prevent errors and discrepancies in your filing.

Importance of Strategic Tax Filing

it’s crucial to strategize your tax filing approach. While the urge to file early may be strong, waiting for updated data and ensuring its accuracy should be the priority. This strategic approach can save you from headaches and Review of Department down the line.

Conclusion: Plan Wisely for a Hassle-Free Tax Filing Experience

Income tax filing is an annual obligation that demands careful attention and planning. Rushing into it without considering the nuances of data transmission and updates can lead to avoidable complications. Exercise patience, review your AIS diligently, wait for Form 16, and ensure the accuracy of your information before filing. This thoughtful approach will not only make the tax filing process smoother but also help you avoid potential pitfalls in the future. Happy filing!

Remember, patience is key in income tax filing. Waiting for updated data and meticulously reviewing your financial information can save you from unnecessary complications. Choose wisdom over haste in your tax filing strategy for a hassle-free experience!

Benefits of Filing Your Income Tax Returns

Effortlessly file your tax returns and enjoy hassle-free tax season with e-filing.

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Claim Tax Refund :

If you have paid more income tax, you are eligible for a tax refund

Avoid Late Filing Fee :

A delay in filing ITR makes you liable to pay a fee of up to 10,000

Easy Loan Approval :

The income tax return serves as an important document for loan approval

Obtaining Visa :

Foreign consulates may ask you to furnish your income tax returns for obtaining Visa

Documents Required For Filing Income Tax Return

If you are a Salaried Person

If you are business owner

Apart From this You Can Submit

File Your Income Tax Return For Financial Year 2023 -24

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