We all know the consequences of late filing of Income tax returns. Even though TDS is deducted at source non filing/late filing will attract interest under section 235. So we need to mandatorily file the returns to avoid payment of interest before the due date which is 31st of July every year. But do not make the mistake of filing it immediately. Wait at least till May 31st, otherwise you may end up getting a notice from the tax department regarding the mismatch.
The main reasons for this is because there are mainly two documents on the basis of which a salaried person files his returns. One is Form16 which is issued by the employer and the other is Form 26AS where all the details of TDS deducted are present.
Form 16 is normally issued after May. So you may not be able to file returns without the Form. The last date for depositing TDS/TCS is March 31st every year but the last date of filing return of TDS with income tax department is May 31st. So the TDS deducted in the last quarter January – March is not reflected till May 31st of every year, It may be reflected in certain cases by June 15th also.
You will be able to avoid getting a notice from the income tax department due to mismatch in TDS claimed in income tax return and TDS shown in form 26AS if you wait and file your return after checking the whether the TDS of the last quarter is reflected in 26AS. As most of the income tax notices received is due to mismatch of TDS.
Though government has notified the ITR forms early but it’s hardly of any use until they also sync the TDS return dates.
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