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Why You Shouldn’t File Revenue Tax Returns Earlier Than June 1st | BankBazaar

All the time file your ITR promptly? Seeking to file your ITR earlier than June? Maintain your horses. Right here’s why you shouldn’t.

Are you the form of individual that rushes to file their revenue tax return as early as attainable in order that it’s achieved and dusted? Are you very happy with that gold certificates the revenue tax division despatched you for well timed submitting? So, for those who’re mulling submitting your returns earlier than June, you may need to rethink after studying this.

The Revenue Tax division has notified revenue tax return kinds, i.e., new ITR kind 1 by way of ITR kind 6, for the monetary 12 months 2022-23. Whereas the round from the Central Board of Direct Taxes (CBDT) has notified the brand new ITR kinds for FY2022-23, revenue tax assessees are suggested to not file their ITR for AY 2022-23 earlier than Might thirty first, 2022 or instantly after both.

Further Studying: Which is Higher – New Tax or Outdated Tax Regime?

The due date for TDS return submitting (for firms) is Might 31st, 2022. An employer will be unable to furnish Kind 16A for its staff who’ve had TDS deducted within the final quarter of FY2022 with out submitting its TDS return.

So, salaried staff ought to ideally wait till after Might 31st, 2022 and solely file their ITR from June 2022 onwards.

In reality, tax and funding consultants even advise taxpayers towards submitting their revenue tax return instantly after the Might thirty first due date for TDS return submitting. It might be prudent to first test your Kind 26AS by logging into the revenue tax web site. After getting checked that your Kind 26AS is up to date as per the web site, then go forward and file your revenue tax return for AY 2022-23.

Whereas salaried taxpayers are suggested to attend till after Kind 26AS is up to date, in an analogous method, self-employed people and small businessmen will likely be unable to get their up to date Kind 26AS in case of any TDS deduction from any enterprise companions within the final quarter of Monetary Yr 2022 whereas making funds.

In conclusion, the early chicken might not at all times get the worm – no less than in terms of income-tax return submitting. Nonetheless, always remember to file your revenue tax return or delay it past the submitting deadline.

Further Studying: Make Positive You Full Your ITR Course of with These Steps

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