ITR season 2026: Filing your taxes? Don’t jump the gun - Key tips for taxpayers

It’s that time of the year again.  

The time when you start hunting for bank statements, trying to make sense of your stock market trades and mutual fund transactions and digging up records of TDS and TCS deductions. 

It is the season for filing income tax returns.  
And the pressure is building. 

More than two months have passed since the new financial year began. Several income tax return forms, including ITR-1 and ITR-2 for individual taxpayers, have already been released. The filing deadline, which could still be extended, is now barely 50 days away. 

Adding to the challenge, this period coincides with the summer holiday season as usual. But this year, there’s the FIFA World Cup too, with late-night matches that could easily eat into the time you had set aside for tax filing. 

So, should you file your return right away? 

Not necessarily. There are some very good reasons to wait. 

Information mismatch 

One of the biggest technological advances made by the Income Tax Department in recent years is the 'autofill’ feature in income tax returns. 

The department now digitally collates information from employers, banks, brokers, mutual funds and even high-value purchases reported by businesses. This data is processed and reflected in documents such as the Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS, all of which are available on the Income Tax portal. 

Much of this information is automatically populated on your return. 

And here's the rub. 

There is always a possibility that the data available with the department is incomplete. 

The financial year may have ended on March 31, but that does not automatically mean every piece of information has already reached the tax department's systems. While the deadline for reporting many transactions is May 31, delays can and do happen. Just as some taxpayers file late, some reporting entities may also take longer than expected to submit data. 

Patience pays off 

This is where patience becomes a virtue. 

Filing your return in haste, before all relevant information has been updated on the tax portal, can create avoidable complications later. Suppose you file your return and new information is subsequently uploaded to the system. In that case, a mismatch could be flagged between your return and the department's records. 

The rules allow taxpayers to file a revised return, but the additional paperwork, follow-up and potential delay in receiving refunds are headaches that can often be avoided altogether. 

The risks increase with every additional source of income. 

While ITR-1 and ITR-2 are among the ‘Saral’ or simpler return forms, taxpayers with foreign remittances, capital gains, high-value expenditures, multiple bank accounts, or investment sales should exercise extra caution. In such cases, waiting a little longer can help ensure that all relevant information has been accurately captured before filing. 

Right time for return 

Many tax experts suggest waiting until June 15. 

By then, most financial information reported to the Income Tax Department has typically been reflected on the portal, significantly reducing the risk of mismatches. 

Even then, one principle remains timeless: trust, but verify. 

Before submitting your return, cross-check every major entry against your own records. Verify bank interest, dividends, capital gains, TDS credits and any TCS collected on high-value purchases. 

A little patience and a little due diligence today can save a lot of inconvenience tomorrow, and make your journey through tax-filing season far smoother.