The process of filing your Income Tax Returns (ITR) for the financial year 2024-25 (FY25) has kicked off and will run until the last date, which is July 31.
The Income Tax Department (ITD) has put up all the return filing forms â ITR-1, ITR-2, ITR-4, and ITR-6 â for e-filing on their website.
Recently, the ITD made available the excel utility of ITR-6 for Assessment Year (AY) 2024-25. Before this, the excel utilities of ITR-1, ITR-2, and ITR-4 for AY 2024-25 were made ready.
Read More: Taxpayers alert! Major changes made in ITR-1 for AY2024-25
You can find these excel utilities in the ‘downloads’ section on the e-filing portal.
In the first month of AY 2024-25, the tax department got about 6 lakh returns. Almost two-thirds of these returns have already been processed.
Rishab J, Associate Partner, Shivadass & Shivadass Law Chambers said that the ideal date for filing would completely depend on the kind of liability.
“For individuals, the ITR due date is 31st July. An ideal date for filing would completely depend on the kind of liability, i.e. for a person having refund due,it is advisable that ITR is filed at the earliest and for a person having to discharge taxes can file ITR by 15th July to avoid a last-minute rush,” said Rishabh.
Read More: ITR Filling: Why Should You File ITR Even If Your Income Isn’t Taxable? Know Benefits
He futher said that an important factor for deciding the time for filing ITR would be the availability of Form 16/ 16A which provides for TDS details, for which due date is 15th June.Â
Ronodeep Dutta, Counsel, AQUILAW suggested that it is always wise to start filing by 15 June, when entities will complete their TDS reporting by May 31.
“While the early release of the ITR forms for FY 2023-24 was a welcome move, it is always wise to start filing by 15 June by when entities will complete their TDS reporting by 31 May. Likewise, employers typically begin issuing Form 16 to employees around that period. ITR may be revised also when filed within the statutory due date,” said Dutta.
Vinnaayak Mehta, Founder, The Infinity Group said that filing your Income Tax Return (ITR) at the right time is crucial for maximising benefits and avoiding penalties.
“While the due date for filing ITR is July 2024, the optimal time lies between May 31st and the due date. This period allows individuals to take advantage of provisions such as set-off and carry forward of losses, along with various rebates applicable based on their profile,” said Mehta.
He further suggested that waiting until after May 31st allows for the inclusion of TDS credits from the fourth quarter, ensuring accuracy and completeness in the return filing process.
“Timely filing not only reflects positively on one’s financial profile but also saves individuals from incurring interest and late fees. With the timely availability of ITR forms this year, taxpayers have the option to file their returns much earlier than the due date,” said Mehta.
