File your income tax return by July 31:Earning more than ₹2.5 lakh a year; don’t file your ITR without knowing these 10 things

Income Tax Return (ITR) filing for the financial year 2025-26 has begun. The last date for filing returns for common taxpayers is July 31, 2026. For some individuals in the business class (ITR-3 and 4), it is August 31. If you miss the July 31 deadline, you can file a ‘belated return’ by paying a penalty until December 31. ITR is the official record of your entire income, investments, and financial transactions. Income Tax Department keeps an eye on the information you provide The Income Tax Department collects information through AI, data analytics, and various portals, including bank accounts, TDS, shares-mutual funds, property, and foreign travel, and matches it with the information provided in the ITR. In such a situation, even a small oversight can lead to tax demand, interest, and penalty. Here, Tax Expert and CA Anand Jain, Indore, tells you 10 important things to keep in mind while filing ITR 1. Don’t rely solely on Form 16 Many salaried individuals believe that whatever is in Form 16 is sufficient. However, Form 16 only provides information about salary and TDS deducted on it.
If you have earned interest from FD, RD, savings accounts, dividends, rent, freelance income, gains from shares-mutual funds, or foreign income, it is also necessary to include it in the ITR. Hiding these may lead to paying additional tax and interest later. 2. Choosing the correct ITR form is very important Choosing the wrong form can lead to the return being considered defective, meaning it will be assumed that you have not filed the return at all. 3. Be sure to check AIS, TIS and Form 26AS Before filing the return, be sure to match Form 16, Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). If the income shown in these differs from your return, the department may ask for clarification. If incorrect information is visible, file a complaint on the portal for correction. 4. If you change jobs, add the salaries from both companies If you have changed jobs in the financial year, file your return by adding the salary received from both the old and new employers. Failing to do so may result in paying tax later due to less TDS deduction. 5. Fill in the bank account details correctly Provide details of all bank accounts. Enter the IFSC code and account number of the refund-receiving account correctly. Mistakes can delay the refund. 6. Do not forget to declare interest income Many people think that if TDS is not deducted, the income is not taxable. This is wrong. The department knows about interest from FD, RD, savings accounts, and bonds through AIS and bank data. Omitting these can be costly. 7. Provide complete details of sale of shares, mutual funds and property Because the Demat account is linked to PAN, all transactions come to the department. Declare both profit or loss incurred from selling shares, redeeming MFs, or selling property. Showing losses can lead to tax savings in the future. 8. Claim deductions with documents Claim deductions like 80C, NPS, 80D (health insurance), and interest on home loans only on genuine investments. Keep documents safe, the department may ask for proof at any time. 9. Full disclosure of foreign investments and income Those investing in foreign shares, ETFs, bank accounts, or platforms must provide its details. Especially for residency and ordinary residency taxpayers, providing information about foreign assets may be necessary. 10. Do e-verification after filing the return Submitting the return is not enough. E-verification using Aadhaar OTP, net banking, demat account, or digital signature is mandatory. If not done on time, the return may become invalid. July 31 is the last date, delay will incur a penalty