Skip to main content

Don't File Your ITR Before These Crucial Updates (Avoid Risks!)

Image
By
Think Twice Before Filing Your ITR Early—Here’s Why

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 income tax return (ITR) after December 31, you may incur higher taxes along with applicable interest and penalties.

Taxpayers: Here's Your Next Step for ITR Filing

  • Every taxpayer should wait for Form 26AS and Annual Information Statement (AIS) updates, which are typically available by June 15.
  • In such a case, taxpayers can use this time to collect and confirm their financial information.
  • Please check your records against the AIS to ensure they are accurate.
  • Please submit a revised return by December 31 to avoid incurring higher penalties.

File Your ITR Easily with Gen Income Tax Software

Gen Income Tax Software, coded by SAG Infotech Private Limited, has introduced new features and improvements to ease the tax filing process. Users can now easily electronically file the latest Income Tax Return (ITR) forms, specifically ITR-1 and ITR-4, providing a more convenient online experience while reducing paperwork. Additionally, Gen IT software now includes preview feature for the ITR-6 form, enabling users to review their forms per the recent schema updates.

The software now includes a new WhatsApp feature in the reporter’s print preview, making it easy to share documents like PDF files through WhatsApp or email. SAG Infotech’s Gen Income Tax Software also offers convenient tools such as bank account validation, the ability to send summarised reports via email, and sharing income tax remarks through both WhatsApp and email. It provides schedule-wise previews of ITR forms and permits users to directly download XML or JSON files from the IT portal.

Comments

Post a Comment

Popular posts from this blog

Gen Online Payroll Software for Small Business in India

By
In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech.  Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ID t...
Post a Comment
Read more

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

By
Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.  This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.  Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.  They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.  This dedication is also evident in the ₹...
Post a Comment
Read more

A Full Guide to GST E-Way Bill 2 for Faster Compliance

By
  Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seco...
Post a Comment
Read more