The due date to submit tax return (ITR) for FY 2023-24 (AY 2024-25) is July 31, 2024. This due date applies to taxpayers whose accounts are not needed to be investigated – such as employed people, specific self-employed experts and so on. To offer sufficient time for filing ITR, the earnings tax department launched the ITR types at the start of the fiscal year. Numerous employed people can not begin the ITR filing procedure due to non-availability of crucial TDS certificates such as Form 16 and Form 16A. Check out: Last date to submit ITR is July 31; Taxpayers take to social media to grumble about concerns with e-filing website Usually, TDS certificates are provided by June 15 which is the last date for deductors to do so. This offers taxpayers basically 45 days to submit their tax return. This circumstance likewise makes a case for a long-term extension of the last date to submit ITR for particular classifications of taxpayers. Here are the factors: 1. AIS and Form 26AS are totally upgraded by May 31: The earnings tax department shows Annual Information Statement (AIS) for each taxpayer in its e-filing website to notify him/her about the earnings details it has about that individual. Type 26AS is a tax passbook revealing the tax deducted/collected from and transferred versus a taxpayer’s PAN throughout the fiscal year. Both files are upgraded by May 31 of the pertinent evaluation year. This is due to the fact that the last date, for tax deductors and tax collectors (mainly companies/banks/financial organizations) to submit the Statement of Financial Transactions (for AIS) and TDS return (for Form 26AS) is May 31, based on earnings tax laws. The SFT and TDS return need to be submitted with the earnings tax department by these entities. 2. Date to get Form 16, Form 16A: TDS certificates like Form 16, Form 16A are typically provided by the deductors (companies, shared funds, banks, and so on) after submitting their TDS return. Based on earnings tax laws, a TDS certificate need to be provided within 15 days of submitting the TDS return. Keep in mind, the Central Board of Direct Taxes (CBDT) had in 2017 extended the due date to submit a TDS return by 15 days. The notice extended the last date to submit TDS returns by companies, banks and other banks to May 31, from May 15. The last date to release Form 16/16A ended up being June 15, from May 31 earlier. This extension offered more time to submit TDS returns however the subsequent time frame to submit ITRs was not extended. If a specific gets Form 16A/16 on June 15 then he/she now has 45 days to submit an ITR, from practically 60 days previously. Kind 16 and Form 16A are vital TDS certificates for ITR filing. Type 16 is released to a staff member by a company with information of the overall wage paid and tax deducted on it in a fiscal year. Kind 16A is provided by banks and other monetary organizations for TDS deducted on interest, dividend and other earnings. Suresh Surana, creator, RSM India, a service consulting group, states, “Most of the taxpayers, consisting of employed taxpayers, count on the TDS certificates offered by their companies for the function of submitting their tax return. Thinking about that the last day for submitting TDS returns is May 31, the tax deductors (banks and companies) concern TDS certificates normally by June 15. Taxpayers would have 45 days till the due date of July 31 for providing their earnings tax returns.” Not everybody requires TDS certificates. Particular taxpayers may not need TDS certificates if no tax is subtracted from their earnings. F
Find out more
