Patna: Taxpayers have been granted more time to file their returns this year, with the Income Tax Department extending the deadline from July 31 to September 15 — a move welcomed by many but prompting caution from tax experts.
While the extension provides relief, some taxpayers are keen to file their returns early and move on. However, the Income Tax Department has not yet uploaded critical financial data to its portal, raising the risk of filing errors.
Banks, insurance companies, the property registry department and other financial institutions are required to upload details such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), Form 26AS, and the Annual Information Statement (AIS) to the portal. These details help taxpayers reconcile their filings with official records.
As of now, TDS returns and annual statements of high-value transactions have not been fully uploaded. The department is expected to update this information by June 15.
Pankaj More, a Patna based noted Chartered Accountant has advised taxpayers against rushing to file their returns. “It is important to wait until the data is updated on the portal. Filing too early could lead to discrepancies,” he said.
Once the information is available, taxpayers will see their financial details auto-populated in forms such as Form 26AS, AIS and the Taxpayer Information Summary (TIS). Filing returns based on incomplete or incorrect data could invite scrutiny or penalties from the department.
