Skip to main content

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

Image
By Arpit Kulshrestha
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

Why Small Firms Should Consider Gen Payroll Software?

By Arpit Kulshrestha
Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...
3 comments
Read more

How ITR Software Assists Individuals in Filing Tax Returns

By Arpit Kulshrestha
Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...
Post a Comment
Read more

A List of Top Chartered Accountant Software in India

By SAG InfoTech Pvt. Ltd.
Here, we introduce Genius as a helpful tax compliance software for chartered accountants in India. As we know, the taxation system is vast, with several taxes levied by the Indian government in the form of income tax, TDS, wealth tax, etc. So, instead of e-filing that many taxes, the need for software arises, which can e-file several taxes at once. SAG Infotech's developer team always gives new updates to the taxation industry. Genius Tax Software It is a complete package with facilities like Gen BAL, Gen IT, Gen CMA, Gen Form Manager, Gen e-TDS and AIR. Also, It provides maintenance aids of the database containing information of clients such as their address and telephone directory, partner’s details and signatory details. With Genius, one can also grow with your business.  Genius is an unlimited tax return filing software for clients in such a way that one can backup, restore data set passwords, etc. While the help option gives a solution for any of your problems. Another fa...
Post a Comment
Read more