Income tax division has notified revenue tax return (ITR) kinds for FY2022-23. Issuing a round on this regard, the Central Board of Direct Taxes (CBDT) notified new ITR type 1 to ITR type 6. So, after notification of those ITR kinds, can assessees file ITR for AY 2022-23?
According to tax and funding consultants, due date for TDS return submitting is thirty first May 2022 and with out this an revenue taxpayer’s Form 26AS will not get up to date. Without submitting TDS return, the recruiter will not be capable of present Form 16A to its workers whose TDS has been deducted in This fall FY22. So, incomes people are suggested to attend until thirty first May 2022 and file their ITR from June 2022 onwards, mentioned consultants.
On why one mustn’t file ITR for AY 2022-23 until thirty first May 2022; Pankaj Mathpal, MD & CEO at Optima Money Managers mentioned, “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 to not file revenue tax return instantly after the due date for TDS return submitting; SEBI registered tax and funding knowledgeable Jitendra Solanki mentioned, “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 mentioned that these salaried people who’ve an annual revenue of lower than ₹2.5 lakh are additionally suggested to attend until June 2022 as there may be TDS deduction on their financial institution deposits in This fall FY22. So, one mustn’t present any type of hurry in ITR submitting for AY 2022-23 and wait until June.
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