ITR Forms are Released but Do not Hurry to File your Income Tax Return

This year the income tax return (ITR) Forms have been notified and released on April 9th. However we suggest you to wait at least till May 31 before you start filing your returns. This might sound unusual because in most cases recommendation is to complete things as soon as possible. The due date for filing the ITR for individuals is July 31, 2019. 

Here are the reasons:

An individual tax payer relies on 2 documents to file his tax return Form 16 and Form 26AS. Form 16 is issued by employer for salaried employees and contains the details of the salary and the TDS deducted by employer. If you are salaried your employer might not have given your Form 16, so you anyway cannot file your returns.

Also  Read: Tax Notices You can get and What to do about it?

Wait till May 31 to file Income Tax Returns
ITR for AY 2019-20: Wait till May 31 to file Income Tax Returns

Form 26AS contains all the details of the TDS (Tax deduction at source) and TCS (Tax collection at source). The problem is the last date of depositing TDS/TCS is March 31 but the last date of filing TDS return with income tax department is May 31. So you might not see TDS/TCS information of the last quarter of last financial year. This would only reflect once TDS is filed which is May 31. In fact last year I saw some TDS reflecting as late as June 15th. 

Majority of notices issued by income tax department is due to mismatch in TDS claimed in ITR and TDS shown in Form 26AS. This can be avoided by referring Form 26AS while filing your ITR.

Also Read: Know More about Form 26AS

Though government has notified the ITR forms early but it’s hardly of any use until they also sync the TDS return dates.

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Here are some posts which can help you with e-filing of ITR 2019:

1. 9 Most Important Changes in ITR Forms for AY 2019-20

2. Calculate your Tax liability for FY 2018-19 (AY 2019-20)

3. Download 44 page slideshow showing all tax exemptions

4. Which ITR form to fill for Tax Returns for AY 2019-20?

5. How to Claim Tax Exemptions while filing ITR?

6. Use Challan 280 to Pay Self Assessment Tax Online

7. Form 26AS – Verify Before Filing Tax Return

8. 5 Ways to e-Verify your Income Tax Returns

9. What if You DO NOT file your Returns by due Date?

10. Can I file my Last Year Tax Return?

11. Why and How to Revise Your Tax Return?

12. What does Intimation U/S 143(1) of Income Tax Act mean?

13. What happens after you file your ITR?


3 thoughts on “ITR Forms are Released but Do not Hurry to File your Income Tax Return”

  1. Chandra Kishor Dhand

    Dear Sir,
    When i filed itr -1 My tds deducted on fd and tds deducted on profesional income deducted up to 3rd quarter auto comes in form but not comes that tds which was deducted in 4th quarter In 26AS shown tds is ok when i manually wants to rectify then system is not shown year 2018

  2. Nice information.. Particular 31 may for TDS and 26as form

    Sir your articles are full of information and in a very understandable language

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