ITR Filing Utility Is Live, Experts Advise Many Taxpayers To Wait Until June 15 Before Filing Returns

Mumbai: The Income Tax Department has made the online and Excel-based Income Tax Return (ITR) filing utilities available for Assessment Year (AY) 2026-27.

This means taxpayers can start filing their returns now. However, tax experts say many individuals should consider waiting until at least June 15 before submitting their returns.

The advice is mainly for salaried employees, pensioners and people who earn income from multiple sources.

Why June 15 Is Important?

Most employers issue Form 16 to their employees by June 15. This document contains details about salary income and tax deducted at source (TDS).

At the same time, banks, companies and other financial institutions submit their Specified Financial Transaction (SFT) reports by May 31.

The information from these reports is later reflected in the Annual Information Statement (AIS), which helps taxpayers verify their income details before filing returns.

AIS Helps Avoid Errors

According to Chartered Accountant Abhishek Soni, co-founder of Tax2Win, AIS keeps getting updated throughout the year.

Once financial institutions file their SFT reports, the information generally starts appearing in AIS within a few weeks.

Experts say waiting until June 15 allows taxpayers to check updated income details, interest earnings, dividends, capital gains and other transactions before filing.

This reduces the risk of mistakes and possible tax notices later.

Who Should Wait Before Filing?

Taxpayers with multiple income sources may benefit from waiting.

This includes people earning income from fixed deposits, mutual funds, stock investments, property sales, house rent, pensions and other sources.

For such taxpayers, AIS and Taxpayer Information Summary (TIS) updates can help ensure that all financial information is correctly reported.

Who Can File Early?

Some taxpayers may not need to wait.

For example, retirees with only pension income and FD interest can file earlier if they already have all the required information.

Similarly, salaried individuals with simple income structures who urgently need an ITR acknowledgement for a loan application may choose to file in May itself.

Key Deadline to Remember

For AY 2026-27, individuals who are not required to undergo a tax audit must file their ITR by July 31, 2026.

Experts advise taxpayers to verify Form 16, AIS and TIS details carefully before filing to avoid future complications and ensure smooth processing of returns.