North India Statesman
[ad_1]
income tax return: The process of income tax return for the financial year 2023-24 has started. The last date for filing ITR is 31st July. A big update has come out for salaried taxpayers. If you take salary every month, then you are advised to file ITR only after 15th June. If you do this, then you can get many benefits.
Why file ITR after June 15?
Actually, Form-26AS i.e. Annual Information Statement is available on the Income Tax Department website till June 15. This information is completely updated. Usually the data of AIS and Form-26AS is updated by May 31. However, some information may be available earlier. All these data are needed to fill the income tax. Having correct and accurate information makes it easier to fill ITR. In such a situation, salaried people also get TDS certificate within 15 days.
Why is updated ASI necessary?
Let us tell you that banks and financial institutions have to give details of credit card bills, deposit interest, savings account, shares, mutual funds, PPF and other transactions to the Income Tax Department. This process takes time. Only after getting all this data, the annual information statement available to taxpayers is updated. ASI has special importance in the process of ITR, it gives information about the transactions of the taxpayer. This shows how much tax has been deducted from the salary and how much has been deposited.
You might have to pay a hefty fine
Filing ITR with incomplete information can cost you heavily. If a taxpayer gives incorrect information in the form while filing income tax return, he may have to pay a heavy penalty. Therefore, salaried people are advised to wait.
