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ITR Filing: As soon as the portal of filing income tax returns (ITR) opens, many of us think of filing our returns immediately. After all, who wants to wait long! But if you are also among those who are busy in paying tax as soon as the portal opens, then this news is very important for you. Let us understand what is the right time to pay tax and how well it can be for you to make a hurry.
Why can hurry to fill ITR cost expensive?
Whenever the portal of ITR filing opens, it is very important to wait for some important information to be updated before filing the return directly. Tax experts recommend that taxpayers at least Be patient by June 15This is because to update information about financial transactions, TDS (tax cuts at source) and TCS (tax collection at source) to banks, your company (employer) and other institutions Time till 31 May Get Subsequently, all these information in your Annual Information statement (AIS) and Form 26AS 7 to 10 days more can takeTherefore, if you show hurry, you may have to face unnecessary trouble.
What will happen if you file an ITR before AIS and Form 26AS are fully updated?
It is a simple matter, there may be a difference in your information and government records. For example, suppose your company cuts ₹ 10,000 TDS every month. By March 2025, it increases to ₹ 1.2 lakh. But if your company does not update the TDS for the January-March quarter till 31 May, then only ₹ 90,000 TDS will be seen in the Income Tax Department system. Now if you claim TDS of ₹ 1.2 lakh on the basis of your salary slip, then it will be directly disturbed in the data. And such disturbances can get you notice from the Income Tax Department.
In such a situation, two types of difficulties can arise:
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First: If you gave information about TDS and income of the whole year, but it has not been updated to AIS/26AS, then notice can come. Then you may have to file correction to correct your returns.
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Second: If you filed only nine months of data (which was visible at that time) and later AIS and 26AS were updated, then the difference between your income or TDS will be clear! In such a situation, you have to file revised returns by 31 December. And if this deadline is also missed, then there may be an updated returns with additional tax and interest.
So what to do now?
Experts clearly believe that the AIS and Form 26AS is the most intelligent to be fully updated before filing ITR. Your company also usually releases Form 16 by June 15, which contains complete information about your salary and TDS. Meanwhile, you can collect all your financial documents and match your information as soon as AIS updates are updated.
If you see a mistake in AIS, you can also request for improvement through the portal. Yes, people whose income is only from interest or rent of fixed deposits and no TDS is deducted, they can probably file returns a little early. But, in cases associated with TDS or TCS, it is extremely important that you give complete and correct information.
Overall, tax experts recommend not to make hurry in filing ITRs at all. Waiting to update the Financial Transaction Details (SFT), AIS and 26AS, the possibility of mistakes and income tax department is significantly reduced. At the right time, filing returns with the right and complete information is the safest and right way.