Why taxpayers should wait before filing ITR for AY 2026-27

As the income tax return filing season begins for Assessment Year 2026-27, tax experts are urging taxpayers not to rush.

While ITR forms are already available on the e-filing portal, key tax documents may not yet reflect complete information, increasing the risk of filing errors.

Tax professionals recommend waiting until at least June 15 before filing income tax returns, as key tax documents may not be fully updated before then.

Filing returns based on incomplete records could result in mismatches and may require taxpayers to submit an updated return later.

A key document for salaried individuals is Form 16, which employers must issue after filing quarterly TDS returns for the January-March period.

The deadline for issuing Form 16 for FY 2025-26 is June 15, 2026. Once received, taxpayers should carefully verify details such as PAN, name, address, gross salary, TDS deductions, exemptions claimed, and other tax-related information.

Experts also recommend matching Form 16 details with Form 26AS and the Annual Information Statement (AIS).

Form 26AS provides a consolidated record of TDS, TCS, advance tax payments, and other tax transactions.

AIS offers a broader financial picture, including interest income, dividend earnings, and securities transactions reported to the tax department.

The concern is that Form 26AS and AIS may not be fully updated in the initial days of the filing season.

As a result, filing returns before these records are updated could trigger discrepancies between the taxpayer’s declaration and the tax department’s database.

Waiting until mid-June allows taxpayers to access updated versions of Form 16, Form 26AS, and AIS, making it easier to reconcile information and reduce the chances of receiving notices for mismatches.

For AY 2026-27, the filing deadlines are July 31, 2026, for salaried individuals and non-audit taxpayers; August 31, 2026, for certain businesses under the new timeline; October 31, 2026, for taxpayers requiring tax audits; and November 30, 2026, for those required to submit transfer pricing reports.

With several weeks remaining before the first deadline, experts suggest prioritising accuracy over speed to ensure a smooth and error-free filing process.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Published on February 11, 2017

Image Reference: https://pxhere.com/en/photo/676191