Do not file ITR now if you want to avoid potential losses; know details here

The new financial year has already commenced, with many individuals swiftly filing their Income Tax Returns (ITR) for the Assessment Year 2024-25, according to the Income Tax Portal's report. Approximately 59 thousand people have successfully filed their ITR reports.

Although ITR filing is currently open, it is crucial to refrain from filing it right away to avoid potential losses.

Currently, the Tax Deducted at Source (TDS), 26AS, TIS, and AIS section only displays updates until December, with no data available for the January to March quarter yet. Details such as property information, cash deposits, online gaming earnings, employer salaries, TDS, and TCS remain pending for update.

As per the official Income Tax report, this information is expected to be updated by May 31st, with the updated data becoming visible on the platform in the first week of June.

Financial advisors recommend filing your ITR between June 15th and July 31st to ensure alignment with the 26AS statement and avoid discrepancies that may result in Income Tax notices.

As per Income Tax regulations, the due date for filing an income tax return for individuals is July 31st, with late fees applicable for filings beyond this date.

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