In India, many taxpayers file their Income Tax Return (ITR) early to get a head start. However, experts advise waiting until Form 26AS and the Annual Information Statement (AIS) are fully updated. Filing too early can lead to significant issues and discrepancies. Risks of Filing Your ITR Too Early If taxpayers file their Income Tax Return (ITR) before Form 26AS and the Annual Information Statement (AIS) are fully updated, it can lead to significant problems. These forms usually take about a week to reflect updates after the TDS and Statement of Financial Transactions (SFT) filing deadline on May 31. Here are the risks associated with filing your ITR too early: Your Income Tax Return (ITR) might show discrepancies related to Tax Deducted at Source (TDS) or reported income If there are discrepancies, you may receive a notice from the Income Tax Department. If the claim for TDS is missing, in some cases, you might need to file a revised return. Additionally, if you update your i...
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