Kolkata: The window to file Income Tax Returns is now open. Nowadays with simplification of procedures and rules, it is quite possible for an individual
to file his/her own ITR, especially if he/she is in the new tax regime. But it is not prudent for a salaried individual to do so right now. Mrinal Mehta, joint secretary of the Bombay Chartered Accountants Society explains for News9 readers why one shouldn’t hasten to file ITR now. The last date of filing income tax for FY26 is July 31, 2026.
It should be noted that Bombay Chartered Accountants’ Society is one of the oldest and largest independent voluntary bodies of chartered accountants in the country. It has a nationwide network of over 11,000 members in more than 350 cities and serves as an advocacy group, educational forum and professional think tank.
Why ITR filing right now is not advisable
The opening of the income tax portalis often treated as a starting gun. But for salaried taxpayers, it should not be treated as such. The reason: an income tax return is only as reliable as the data beneath it — and that data is rarely settled when the portal first goes live, Mrinal Mehta said. Mehta went on to explain citing the compliance calendar. “Deductors such as employers and banks file their fourth-quarter TDS returns by May 31. Reporting entities file their Statement of Financial Transactions (SFT) by the same date,” he said. These filings feed your Form 26AS and Annual Information Statement (AIS), which are typically updated and stabilised only by mid-June, he added.
Second half of June
Mehta’s advice: Reconciliation is best undertaken in the second half of June, once these records reflect complete information. He also insists that a taxpayer should keep in the mind the following essential checkpoints before filing ITR:
- Reconcile Form 16 salary and TDS against Form 26AS
- Verify interest, dividend and mutual-fund entries reflected in the AIS
- Confirm that SFT-reported high-value transactions are correctly captured
- Submit feedback on the AIS portal for any mismatch, and allow the deductor time to rectify
- Independently cross-check the portal’s pre-filled figures, which are not infallible
Precision more important than speed
“Filing before these records settle invites avoidable consequences — mismatch notices, refund delays, or a revised return. More significantly, failing to report income reflected in 26AS or the AIS but omitted or under-reporting income invites penalties under Section 270A of the Income Tax Act. The penalty is 50% of the tax due for simple under-reporting, but can jump to 200% of the tax due if it is classified as deliberate misreporting or tax evasion,” says Mehta.
He recommends that one could file ITR from the first week of July. He also explains that the second half of June should be used to reconcile thoroughly. “In tax compliance, precision protects you far more than speed,” is Mehta’s parting shot.
