india employmentnews

Why should employed people file income tax returns after June 15, this is the reason


Lok Sabha elections are going on in the country, everyone will be worried about who will form the next government. Now this will be clear on June 4, but if you are a salaried individual. Then the date of June 15 should be more important for you. Because if you file your ITR after this date, then you can get a lot of benefits.

Although the online process of filing income tax returns for the financial year 2023-24 has started. Its last date is 31 July. Then what is the need for the salaried class to file ITR only after June 15?

Why fill ITR only after June 15?

ITR forms have been activated online at this time. However the salaried class is advised to file ITR after 15 June because by this date their Form-26AS or Annual Information Statements (AIS) are also available on the Income Tax Department's site, and these are completely updated. This makes it easier for them to file income tax returns.

There is another reason for filing income tax returns after 15 June. Most companies calculate the employees' tax and release Form-16 only by 31 May. At the same time, there is a possibility of a 15-day buffer for this information to reach the Income Tax Department and be updated online. That is why filing ITR after 15 June helps you to calculate the correct tax.

TDS data is also updated

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

Benefits of filing ITR after June 15

Taxpayers, especially the salaried class, have the advantage of filing ITR after June 15 when they have the correct and complete information about the tax. With this, they can fill their tax returns correctly. Waiting till June 15 is therefore considered right. On the other hand, if you file income tax returns with incomplete information, then you may have to pay a penalty for filing the wrong ITR later.

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