ITR filing for AY 2022-23: Should you file before June? Know here


 







Earlier this month, the Income-tax department notified ITR forms for FY2021-22. In its circular, the Central Board of Direct Taxes (CBDT) notified new ITR form 1 to ITR form 6. So, does this mean that an assesee can file their ITR for AY 2022-23?


While filing ITR, an important document is Form 16A which is given by the recruiter to its employees. With the due date for filing a TDS return being May 31, 2022, the income taxpayer's Form 26AS would not get updated before June 2022. And so, without the TDS return filing, the employer will not be able to give Form 16A to its employees whose TDS got deducted in Q4 FY22.
Hence, it is advisable that salaried individuals wait till May 31, 2022 to file their ITR from June 2022 onwards.


Likewise, any self-employed or a small businessperson will not be able to get their updated Form 26AS if their TDS is deducted by of business partner in Q4 FY22.


Moreover, individuals should keep an eye on their 26AS as it takes time to get updated after the due date of TDS return filing.
The Income Tax department, on April 1, 2022, notified forms for filing I-T returns for 2021-22 fiscal, which also seek details of income from overseas retirement benefit accounts from taxpayers.


ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.
Sahaj can be filed by an individual who has an income of up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc.). ITR-4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.


ITR-3 is filed by people having income as profits from business/ profession, while ITR-5 is filed by LLPs.

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