ITR Filing 2026: Don’t Rush to File ITR Before May 31, Know What Will Happen Next
If there’s an error in the Income Tax Department’s records that you haven’t accounted for in your return, you might receive a notice from them.
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ITR Filing 2025
ITR Filing 2026: The Income Tax Return (ITR) filing season is underway, and many individuals might have already submitted their ITRs or are in the process of doing so to get a swift refund. If you’re considering this, hold on! Chartered Accountants (CAs) are advising against filing income tax returns before May 31st. Let’s delve into their reasoning and understand the rationale behind this…
CA Abhinandan Pandey pointed out that rushing to file your ITR before May 31st could result in complications down the line. The primary concern is that the essential documents and income information may not be completely updated.
Why should you wait?
CA Santosh Mishra emphasizes that the key documents required for ITR filing include Form 16, AIS, and Form 26AS. The TDS filing deadline is the 31st, and companies have a 15-day window to submit Form 16. However, this form only becomes accessible in PANs after May 31st. All taxpayer data, including AIS, TIS, and 26AS, will be available post-May 31st.
What are the risks of filing ITR before May 31?
CA Ajay Bagadia warns that if you file your return before these documents are updated, there may be discrepancies between your income and tax details. Such errors could lead to delays in receiving notices, revised returns, or refunds.
Common mistakes made in haste
He noted that many taxpayers submit their ITRs based solely on their salary details. Later, they realize they have overlooked information regarding bank interest, fixed deposit earnings, stock market gains, or other investments.
If there’s an error in the Income Tax Department’s records that you haven’t accounted for in your return, you might receive a notice from them. Occasionally, TDS information may not be fully updated, which could lead to a smaller refund or an unexpected tax obligation.
Why does the chance of error decrease after May 31?
In response, all three CAs provided nearly the same explanation. They clarified that most companies issue Form 16 after May 31st. Banks update TDS information, and complete data is reflected in AIS and Form 26AS. Therefore, filing ITR after May 31st increases the likelihood of accurate matching of income and tax details.
Sweta Mitra
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