Income tax return: Why taxpayers shouldn’t file ITR for AY 2022-23 before June

  • April 17, 2022
  • CA Chandan Agarwal's Office

Income tax return: Due date for TDS return filing is 31st May 2022. So, before June 2022, Form 26AS of a taxpayer won’t get updated

Income tax department has notified income tax return (ITR) forms for FY2022-23. Issuing a circular in this regard, the Central Board of Direct Taxes (CBDT) notified new ITR form 1 to ITR form 6. So, after notification of these ITR forms, can assessees file ITR for AY 2022-23? 

According to tax and investment experts, due date for TDS return filing is 31st May 2022 and without this an income taxpayer’s Form 26AS won’t get updated. Without filing TDS return, the recruiter won’t be able to provide Form 16A to its employees whose TDS has been deducted in Q4 FY22. So, earning individuals are advised to wait till 31st May 2022 and file their ITR from June 2022 onwards, said experts.

On why one should not file ITR for AY 2022-23 till 31st May 2022; Pankaj Mathpal, MD & CEO at Optima Money Managers said, “Due date for TDS return filing is 31st May 2022. So, before June 2022, Form 26AS of a taxpayer won’t get updated. Hence, for a salaried person, whose recruiter has deducted TDS won’t be able to provide Form 16 before June 2022. Similarly, for self employed or a small businessman, they won’t be able to get their updated Form 26AS if there is any TDS deduction from any of their business partner in Q4 FY22 while issuing payouts. Hence, it is better to wait till June 2022 and file ITR once Form 26AS gets update.”

Advising taxpayers not to file income tax return immediately after the due date for TDS return filing; SEBI registered tax and investment expert Jitendra Solanki said, “One should keep on checking form 26AS as it takes time to get updated after the due date of TDS return filing. So, after logging in at the income tax website, taxpayers are advised to first check at the Form 26AS, and file one’s ITR for AY 2022-23 only when it is updated there.”

Solanki said that those salaried individuals who have an annual income of less than ₹2.5 lakh are also advised to wait till June 2022 as there might be TDS deduction on their bank deposits in Q4 FY22. So, one should not show any kind of hurry in ITR filing for AY 2022-23 and wait till June.

Source: https://www.livemint.com/money/personal-finance/income-tax-return-why-taxpayers-shouldn-t-file-itr-for-ay-2022-23-before-june-11650164924536.html
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