INCOME TAX RETURN: KNOW WHY TAXPAYERS SHOULDN’T FILE ITR FOR FY 2021-22 | AY 2022-23 BEFORE JUNE

 

Income Tax Return: Know Why Taxpayers Shouldn’t File ITR for FY 2021-22 | AY 2022-23 Before June

The Central Board of Direct Taxes (CBDT) has released income tax return (ITR) forms for FY2022-23. The Central Board of Direct Taxes (CBDT) issued a circular in this regard, notifying new ITR forms 1 to 6. Can assesses file ITR for AY 2022-23 after receiving intimation of these ITR forms?

Due Date for Filing TDS Return

The deadline for reporting TDS returns is May 31, 2022, according to tax and investment experts, and without it, an income taxpayer’s Form 26AS would not be updated. Companies will be unable to give Form 16A to its employees whose TDS was deducted in Q4 FY22 if the TDS return is not filed. Experts urge earning persons to wait until May 31, 2022, and then file their ITR from June 2022 onwards.

Why one should not file ITR for AY 2022-23 until May 31, 2022?

“The deadline for filing TDS returns is May 31, 2022. As a result, a taxpayer’s Form 26AS will not be amended until June 2022. As a result, employee whose employer has deducted TDS will be unable to give Form 16 until June 2022. Similarly, if any TDS deduction is made from any of their business partners in Q4 FY22 while providing payouts, self-employed or small businessmen will not be able to acquire their updated Form 26AS. As a result, it is preferable to wait until June 2022 to file an ITR once Form 26AS has been updated.”

Wait for TDS Returns to be Filed by all Parties in case of Business and for Salaried Employee TDS Return of Q4 should have been filed by the Employer. Bank Interest income will also be updated once Bank will File the TDS Return for Quarter 4.

Many times it has also been noticed that Income Tax Department updates the Utility of ITR Filing and because of that one needs to file the revised return in many cases. Let’s wait for some time and see whether Income Tax Department updates the utility or not for the F.Y 2021-22.

Therefore it is advisable that Till the time the TDS return is Not filed for Quarter 4 of the F.Y 2021-22 one should not file the Income Tax Return for the F.Y 2020-21.

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