Income Tax Return (ITR): The ITR filing season for Assessment Year 2026-27 has begun. While many taxpayers still consider ITR filing as a formality or a way to claim a tax refund, the process has become much more important today. The Income Tax Department now receives financial data directly from banks, employers, mutual funds, stock brokers, and various financial institutions. As a result, even a small mistake in your return can lead to notices, tax demands, penalties, or delays in refunds.

Before filing your ITR, make sure you review these nine important points carefully.

1. Choose the Correct ITR Form

Selecting the right ITR form is the first and most important step.

The applicable form depends on factors such as:

• Salary income

• Business or professional income

• Capital gains

• Foreign assets or income

• Rental income

Using the wrong form may result in your return being treated as defective or invalid, forcing you to file again.

2. Reconcile AIS, Form 26AS and Form 16

Before filing, compare the details available in:

• Form 16

• Form 26AS

• AIS (Annual Information Statement)

• TIS (Taxpayer Information Summary)

• Pre-filled ITR data

Any mismatch in income, TDS, interest earnings, investments, or tax payments should be corrected beforehand to avoid future scrutiny.

3. Report All Sources of Income

Many taxpayers report only their salary income and overlook other earnings.

Make sure to disclose:

• Savings account interest

• Fixed Deposit interest

• Rental income

• Freelancing income

• Capital gains

• Dividend income

• Any other taxable receipts

Failure to report income can trigger notices from the Income Tax Department.

4. Mention Tax-Free Income as Well

Even if certain income is exempt from tax, it should still be disclosed in the return.

Examples include:

• Gratuity

• Leave encashment

• Commuted pension

• Certain exempt allowances

Reporting tax-free income ensures consistency between your financial records and tax filings.

5. Claim Only Genuine Deductions

Claim deductions under Sections such as:

• 80C

• 80D

• 80CCD

• 80G

• 80TTA/80TTB

Only if you are genuinely eligible and possess supporting documents.

Incorrect deduction claims may lead to:

• Additional tax liability

• Interest charges

• Penalties

• Tax notices

6. Verify Your Bank Account Details

If you are expecting a tax refund, ensure that:

• Your bank account is pre-validated on the Income Tax portal.

• Account number and IFSC code are correct.

• The account is active.

Incorrect banking details can delay or block your refund.

7. Review the Entire Return Before Submission

Before clicking the final submit button, double-check:

• Name and PAN details

• Address

• Mobile number

• Email ID

• Income details

• TDS information

• Tax payments

• Bank account details

A simple data-entry error can create unnecessary complications later.

8. File Your ITR Before the Due Date

Do not wait until the last day.

For most individual taxpayers, the due date for AY 2026-27 is 31 July 2026.

Late filing may result in:

• Late filing fees

• Interest on outstanding tax

• Delay in refunds

• Loss of certain tax benefits

Timely filing also provides sufficient time to correct any mistakes.

9. Complete ITR Verification

Filing the return is only half the process.

After submission, the return must be verified within the prescribed time limit through:

• Aadhaar OTP

• Net Banking

• Demat account verification

• Bank account verification

• Physical ITR-V submission (where applicable)

If verification is not completed, the Income Tax Department may treat the return as invalid.

Final Checklist Before Filing ITR

✔ Correct ITR form selected
✔ Form 16 verified
✔ AIS and Form 26AS matched
✔ All income sources disclosed
✔ Exempt income reported
✔ Deductions supported by documents
✔ Bank account validated
✔ Return reviewed carefully
✔ ITR verified after submission

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ITR Filing 2026-27: 9 Important Checks Every Taxpayer Must Complete Before Filing Income Tax Return