The Income Tax Department has notified all the utilities and forms for filing returns. Through these, online returns can be filed. But, along with people having income from salary, there are many people who cannot file returns even if they want to.
The Income Tax Department has notified all the forms for online return filing. The deadline for filing income tax returns is usually 31 July. Many people file returns at the last moment, while some want to be free by filing returns in advance. There is a technical problem with some people. Especially working people cannot file returns much in advance even if they want to. This is because Form 16 is necessary for ITR filing. TDS payment will be made by employers (companies) and banks till April 30. Only after that the companies issue TDS to their employers.
Form 16 is necessary for salaried taxpayers
Chetan Chandak, director of tax consultancy firm TaxBirable, said, “Companies and banks will start issuing Form 16 and TDS Certificates only after May 31. Only after this, salaried individuals and those earning income from fixed deposits will start issuing them. People with ITR will be able to start the ITR filing process. Form 16 is a certificate of TDS deducted from salary. It is necessary for every company to issue this certificate to its employees.
Taxpayers should wait to receive Form 16
Experts say that even if you have calculated your gross income, taxable income, deductions and exemptions, you should still wait to receive Form 16. The reason for this is that if there is any error or mismatch in your ITR, you may get a notice from the Income Tax Department. Nitish Buddhadev, founder of Nimit Consultancy, said, “To avoid any problem later, you should wait for Form 16 to be received.”
Income tax return will not be processed until TDS payment
“The income tax department will not process your return until the deductor entity files the TDS return,” Chandak said. This means that only a few people can file income tax returns in April. These include NRIs who do not have any other source of income in India (capital gains from sale of property).
Do not wait for the deadline to file returns
Experts say that you should not be in a hurry to file income tax return in April. But, this does not mean that you file income tax return on the deadline i.e. 31st July. The reason for this is that more people file income tax returns closer to the deadline, which leads to technical problems due to increase in traffic. Second, the sooner your income tax return is processed, the sooner you will get the refund. With this your money will not remain blocked for long.
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