Tax return: why taxpayers should not file it for Ay 2022-23 before June

The Income Tax Department has notified the Income Tax Return Forms (ITRs) for the 2022-23 fiscal year. By issuing a circular in this regard, the Central Commission for Direct Taxation (CBDT) has notified the new ITR Form 1 to ITR Form 6. Thus, after notification of these ITR forms, assessees can file an ITR for AY 2022 -23?

According to tax and investment experts, the due date for filing the TDS return is May 31, 2022 and without it, a taxpayer’s Form 26AS will not be updated. Without filing the TDS statement, the recruiter will not be able to provide Form 16A to his employees whose TDS was deducted in T4 FY22. Thus, winners are advised to wait until May 31, 2022 and file their ITR from June 2022, experts said.

On why ITR should not be filed for AY 2022-23 until May 31, 2022; Pankaj Mathpal, MD and CEO of Optima Money Managers said, “The due date for filing the TDS return is May 31, 2022. Thus, prior to June 2022, a taxpayer’s Form 26AS will not be Therefore, for a salaried person, whose recruiter has deducted the TDS will not be able to provide the Form 16 until June 2022. Similarly, for the self-employed or small contractors, they will not be able to get their Form 26AS updated. updated if there is a TDS deduction from any of their trading partners in the fourth quarter of FY22 when issuing payments, therefore it is best to wait until June 2022 and file an ITR once the Form 26AS is updated.

Advise taxpayers not to file tax returns immediately after the TDS filing deadline; Jitendra Solanki, a SEBI registered tax and investment expert, said: “One should keep checking Form 26AS as it takes time to update after the TDS filing due date. So, after logging into the Income Tax website, taxpayers are advised to first check on Form 26AS and file their ITR for AY 2022-23 only when updated there.”

Solanki said that salaried people who have an annual income below 2.5 lakh are also advised to wait until June 2022 as there might be a TDS deduction on their bank deposits in Q4 FY22. ‘ITR for AY 2022-23 and wait for June.

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