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Income Tax Filing: Important information for taxpayers, file ITR in April or wait till 31st July, know what will happen

ITR Tax Filing: It is mandatory for every tax payer to pay tax on his income. The new financial year has started with the beginning of the month of April. Now is the time for taxpayers to settle their tax related work. All taxpayers have to file ITR i.e. Income Tax Return for the financial year 2024-25. ITR filing for the financial year 2024-25 has started but at this time the question in everyone's mind is whether to file ITR in April or wait till 31st July? So let us understand in detail in the news below when is the right time to file ITR...

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Digital Desk:  Income Tax Return: If you are also going to file your return this month, then this news is very important for you. The Income Tax Department has provided forms and facilities for filing ITR in April this year itself. Generally this work is not done at the beginning of the financial year but later. But this does not mean that all taxpayers will file their ITR later. Some people can do it even earlier. 

Many people file ITR at the beginning of the financial year i.e. in April-May. But when should you file ITR, in the month of April or July. Let us know the answer to this question-

Important update for NPS people, these rules have changed

For information, let us tell you that many salaried class taxpayers will not be able to file income tax returns right now. This is because TDS will be paid by the employer (tax deduction on salary) and banks (For TDS on FD interest) till April 30. 

Tax experts say that companies start issuing Form-16 and TDS certificates only after May 31. Only after that, salaried employees and those earning interest on FD can start the process of filing income tax returns. Form-16 is a certificate of TDS deduction given by the employer to the employees.

To avoid any trouble, waiting is the best option.

If it is assumed that a person himself has extracted the information related to TDS and has kept it safely. On this, experts say that it is difficult to do this. For this you will have to be very intelligent in tax related matters. 

Experts advise that you should wait a little and wait for Form 16 (Form 16 for ITR) to arrive. This is because if there is any difference between your calculations and Form-16, the Income Tax Department may ask you questions. To avoid any trouble, waiting is the better option.

NRIs can still file returns

Let us tell you that the TDS that the company deducts on your salary and until that return is filed, the Income Tax Department will not process your return. But certain types of taxpayers can file returns in April. 

These people include NRIs and those who have no other source of income other than capital gains from selling property in India. 

If TDS return has already been filed then the person can benefit from filing the return in April. By doing this, the return process will be faster and if more tax has been deducted, then the refund will also be received quickly.

Will be protected from last minute problems

Ashish Mishra, an expert on tax matters, says that one should not be in a hurry to file the return (Tax Return File Date) in April. But fill it as soon as possible before the last week of July. By filing returns before July 31, you can avoid last-minute hassles and crowds. The faster your return is processed, the sooner your money (if refunded) will be back and you can use it.

They say that if your TDS deduction was made in the last quarter of FY 2023-2024, then you should start filing the return only after May 31. 

This is the deadline when TDS paying companies file their returns. After this, companies can take 15 days to submit TDS certificate or Form-16. Therefore, it would be better for you to start the process of filing returns after June 15.