Every year, as the tax season approaches, one question pops up in everyone’s mind: “What is the last date to file my Income Tax Return (ITR)?” While the financial year starts on April 1, most people feel the pressure only a month or so before the deadline. This is because, in reality, you get about 30–45 days to complete your tax filing, even though the process officially opens much earlier.
Why Early Filing is Not Always Possible
Delay in Form Updates and Utilities
- The tax department sometimes takes time to update and release all the necessary ITR forms.
- These forms need to be changed every year to match the latest tax rules and amendments announced in the budget.
- Even after forms are released, online and offline utilities (tools to help you file returns) may not be ready immediately.
TDS Data Takes Time to Update
- Tax Deducted at Source (TDS) for the last quarter of the financial year is updated in Form 26AS only after May 31.
- If you want to file your ITR early, you might not see all your TDS details for the year.
- This means you have to wait until all your TDS data is processed and reflected in your account.
Form 16 and Salaried Employees
- Salaried individuals receive Form 16 from their employer, which summarizes their income and TDS.
- Employers usually give Form 16 after June 15, once the TDS details are updated in Form 26AS.
- While it’s possible to file ITR without Form 16 (using Form 26AS and other documents), most people prefer to wait for it.
Will the ITR Deadline Be Extended This Year?
What Usually Happens
- The official deadline for filing ITR is July 31 for most taxpayers.
- In the past, the deadline has been extended only in special cases, such as:
- Technical issues with the e-filing portal
- Delays in releasing important forms
- Extraordinary events like natural disasters or pandemics
- Technical issues with the e-filing portal
What to Expect This Year
- Unless there are major technical problems or unexpected events, the deadline is likely to remain July 31.
- The tax department usually announces any extension closer to the due date and only if absolutely necessary.
Tips to Make Your ITR Filing Easy
- Collect all documents early: Gather your salary slips, investment proofs, bank statements, and TDS certificates.
- Check Form 26AS: Make sure all your TDS details are updated before you start filing.
- Don’t wait for the last day: Filing early helps you avoid last-minute rush and technical glitches.
- Use online utilities: These tools make the process smoother and help you avoid mistakes.
- Keep an eye on updates: Watch out for any announcements about changes in deadlines or procedures.
Common Reasons for Delay in ITR Filing
- Late release of ITR forms and utilities
- Delay in TDS data update in Form 26AS
- Waiting for Form 16 from employer
- Unawareness about required documents
- Technical issues on the e-filing portal
What Happens If You Miss the Deadline?
- You may have to pay a late fee.
- You might not be able to carry forward certain losses.
- Refunds, if any, may get delayed.
The ITR filing process can seem confusing, but staying informed and preparing early makes it much easier. Keep all your documents ready, check for updates, and don’t wait until the last minute. This way, you can file your ITR smoothly and avoid any unnecessary stress.
