Noida, June 2 (APAC Media): Salaried taxpayers should consider waiting until at least mid-June before filing their income tax returns (ITR) for the financial year 2025-26 to avoid errors and potential compliance issues, tax experts have said.
While the Income Tax Department has enabled return filing for the assessment year 2026-27, experts caution against submitting returns immediately, as several critical tax documents may not yet be available or fully updated.
A key factor behind the proposed extension of the income tax return (ITR) filing deadline is the timeline for issuance of Form 16 by employers, a document that provides details of salary income and tax deducted at source (TDS) for the financial year.
The document, which details an employee’s salary income and tax deducted at source (TDS), is typically issued after June 15 following the completion of employers’ TDS return filings.
Tax experts note that filing ITRs before receiving Form 16 may increase the likelihood of errors in income disclosure and tax computation, potentially leading to discrepancies in returns.
Experts also noted that taxpayers should verify information reflected in their Annual Information Statement (AIS) and Form 26AS before filing returns.
Data relating to interest income, securities transactions, mutual fund investments and other specified financial transactions may take time to be updated by banks, employers and other reporting entities.
According to tax professionals, early filing without reconciling these records may lead to mismatches between taxpayer disclosures and information available with the tax department. Such discrepancies could trigger notices, require revised returns or delay the processing of refunds.
They advised taxpayers to use the intervening period to collect all relevant financial documents, cross-check deductions and exemptions claimed during the year, and ensure that TDS credits are correctly reflected in tax records.
The deadline for filing income tax returns for most salaried individuals remains July 31, giving taxpayers sufficient time to complete the process after the necessary information becomes available.
Experts said a cautious approach could help taxpayers avoid unnecessary corrections later and ensure smoother processing of returns and refunds.
Disclaimer:Â Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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