Want to avoid penalties, make most of tax benefits? Here are precautions you should take while filing income-tax returns

Taxpayers can log into the official e-filing portal (https://www.incometax.gov.in/) to file income-tax returns for assessment year 2026-27 (AY27) or financial year 2025-26 (FY26). The I-T return (ITR) forms have been notified and Excel Utility for the ITR-1 (Sahaj) and ITR-4 (Sugam) forms online have also been enabled by the tax department.

Notably, all first-time taxpayers have to register using Aadhaar, PAN and other details, then use Excel utility to prepare your returns offline before digitally uploading the same.

The I-T department has issued clarifications for taxpayers. So, here are the precautions you should take while filing returns:

Precautions to take while filing ITR

• Select your tax regime carefully.
• Download Form 26AS and Annual Information Statement (AIS) and check the actual Tax Deducted at Source (TDS) / Tax Collected at Source (TCS) / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank.
• Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.

• Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data.
• Identify the correct return for you (from ITR-1 to ITR-7) so that your returns are processed in a timely manner. In fact, using the wrong form could trigger an income-tax notice from the department seeking a correction in your filings.
• Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. No documents are to be attached along with ITR-1.
• e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available.

• After e-Filing the return, e-Verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines of filing the return to Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).

Filing ITR? Top FAQs answered by tax department

I made a calculation mistake in my filed ITR. Can I correct it and re-submit my return? You can re-submit your return in case you have already filed your ITR, but you later discover that you have made a mistake. This is called a Revised Return. Your return has to be revised three months before the end of the relevant AY. For AY 2025-26, the due date for filing revised return is 31st December 2025.

Can I file ITR for last 4 assessment years now? Yes, you can file ITR-U, if you have missed to file your previous four years ITRs. For current year you can file your regular ITR.

What happens if I file Income Tax Return after the due date u/s 139(1)? In case you miss filing the ITR within the due date u/s 139(1), you can still file your Income Tax Return, but you may be required to pay a late filing fee / penalty of up to ₹5,000. Additionally, you will also be required to pay interest on the tax liability (if any).

Do I need to file returns if tax has been deducted by my employer / bank? Yes, employers and banks deduct tax at source on salary and interest income respectively. You still need to disclose the income on which tax has been deducted and claim credit for TDS in the Income Tax Return.

Will I get a refund if I have paid excess tax? Any excess tax paid by you can be claimed as refund by filing your Income Tax Return. After your return is processed, ITD checks and accordingly accepts your refund claim, and then the amount is credited to your bank account. You will also get a message on your email ID registered on the e-Filing portal.

What is the deadline for filing I-T returns?

For the current tax year, i.e. financial year 2025-2026 or assessment year 2026-2027, the deadline for individual taxpayers filing ITR is 31 July 2026; while for those using ITR forms 3 and 4, is 31 August 2026.

Notably, taxpayers who miss the July deadline can still file a delayed return by 31 December, for FY25-26 / AY26-27.

• ITR-1 form: Salaried individual with one house property, and other sources.
• ITR-2 form: Individual or Hindu Undivided Family (HUF) without business income.
• ITR-3 form: Individual or HUF with income from business or profession.
• ITR-4 form: Taxpayers with presumptive income from business or profession.
• ITR-5 form: For use by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), or Artificial Juridical Person (AJP).

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