Income Tax Filling: Most salaried taxpayers will no longer be able to file their returns. This is because TDS payments – by employers (for tax deducted at source on salaries) and banks (for TDS on fixed deposit interest) – will be made by April 30.
All the forms related to filing ITR have been issued by the Income Tax Department. In such a situation, the question is arising in the minds of many people whether they should submit all the ITRs or wait for the last date for filing ITR 31 July.
Investors and FD investors will have to wait
Most salaried taxpayers will no longer be able to file their returns. This is because TDS payments — by employers (for tax deducted at source on salaries) and banks (for TDS on fixed deposit interest) — will be made by April 30. Form 16 and TDS certificate will be issued by most entities only after May 31. Only then can salaried individuals and those earning interest on fixed deposits start the filing process. Form 16 is a certificate of TDS on wages paid by employers to employees.
Who can submit ITR in April?
At present, only very limited category people can file ITR returns in April. For example, if you are an NRI, you can easily file taxes. Because being an NRI, there will be no source of income.
Fill returns on time
The last date for filing ITR is July 31. Forms are issued by almost all employers by May 16 or June. After all the documents related to income come, you should submit your ITR as soon as possible. The biggest advantage of this is that the sooner you submit the ITR, the sooner you will get the refund.
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