The e-filing income tax portal has made the online income tax return (ITR) filing process for FY 2023-24 (AY 2024-25) available, along with the release of utilities for commonly used ITR forms on April 1. Salaried individuals are advised to wait until June 15 before filing their returns, as this allows for the most updated Annual Information Statements (AIS) and Form 26AS, typically fully updated by May 31. This waiting period is crucial to avoid penalties due to underreported income resulting from incomplete information.
The deadline for salaried individuals to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024. Financial institutions must file a Statement of Financial Transactions (SFT) with the income tax department annually, providing information on various taxpayer transactions throughout the financial year. AIS, which reflects this information, offers details on an individual’s financial transactions, including details on salary income, tax deductions, and interest earned from savings bank accounts.
Additionally, the deadline for filing a TDS return for the last quarter of a fiscal year is May 31, with TDS returns filed quarterly by the tax deductor. The information in Form 26AS is updated once a TDS return is filed, showcasing the total taxes deducted or collected against a PAN.
It’s crucial for salaried individuals and taxpayers to wait for complete and accurate information before filing their income tax returns, as any underreported income may result in penalties. However, individuals with complete information on their total income earned throughout FY 2023-24 (AY 2024-25), and no TDS or TCS deductions, may proceed with filing their ITR without waiting until June 15.