Why employers should file IT returns after June 15, know | Live Updates, Unveiling the Latest India News Trends

Lok Sabha elections are going on in the country right now. Then everyone is worried about who will form the next government. Now this thing will be clear on 4th June, but if you are a working person. Then the date of 15th June should be more important for you. Because if you file your ITR after this date then you can get a big benefit.

In such a situation, the online process of filing income tax returns for the financial year 2023-24 has started. Its last date is 31st July. So then why do the salaried class need to file ITR only after June 15?

Why file ITR only after June 15?

ITR forms are currently active online. But the salaried class is advised to file ITR after June 15, because by this date their Form-26AS or Annual Information Statement also becomes available on the Income Tax Department site and is completely updated. This makes it easier for them to file income tax returns.

There is another reason to file income tax returns after June 15. Most companies calculate employee tax and issue Form-16 by May 31 itself. This information is likely to get a buffer of 15 days to reach the Income Tax Department and be updated online. Therefore, filing ITR after June 15 helps you to make correct tax calculations.

Your TDS data is also updated

Before May 31, people can update some information in their annual income certificate or Form-26AS, but it is completely updated only by May 31. In such a situation, salaried employees get TDS (Tax Deduction at Source) certificate within 15 days, so their data also becomes available on the Income Tax Department site by June 15, which makes filing tax returns easier.

Benefits of filing ITR after June 15

The advantage of filing ITR after June 15 for taxpayers, especially the salaried class, is that they have correct and complete tax information. This enables them to file their tax returns correctly. Therefore, it would be advisable to wait till June 15. At the same time, if you file income tax return with incomplete information, then you may have to pay a penalty for filing a wrong ITR.