TAXPAYERS SHOULD NOT wait for the last moment to file their income tax return (ITR). If they miss the deadline, it can lead to losing out on several benefits. Filing ITR by July 31 enables a taxpayer to file an updated return in Form ITR-U in case of any discrepancy within 24 months from the end of the relevant assessment year. Filing ITR on time also saves the taxpayer from paying late filing fees and interest on the due tax amount.
Another advantage is that it enables carry forward of the losses to offset future gains for a period of eight years. Moreover, processing of the return will be faster and if these is any tax refund, it will be paid sooner.
Taxpayers must download and check their annual information statement (AIS) which will have details of all earnings such as salary, capital gains, interest from deposits, dividends and tax deducted at source.
For resident individuals, Hindu Undivided Family, partnership firms offering income from business or profession on a presumptive basis should file ITR-4 or Sugam. “Eligibility to file Form ITR-4 does not mean exemption from maintenance of books of accounts,” says Yogesh Kale, executive director, Nangia Andersen.
