ITR 2026 Filing Starts: What Taxpayers Need to Know Before Submitting Returns

ITR 2026 Filing Starts: What Taxpayers Need to Know Before Submitting Returns

ITR filing has started for the financial year 2025-26 (Assessment Year 2026-27). The government has released all ITR forms by the end of March. Now people are starting to file their income tax returns. But experts are clearly saying not to file ITR in haste. Even a small mistake can cause a delay in a penalty, tax notice, or refund.

This year’s deadlines are as follows:
July 31st 2026	Salary and pension recipients
August 31st 2026	Businessmen and professionals
October 31st 2026	Accounts that are audited

If you file after these dates, penalties may apply.

Why is it important to carefully file ITR Filing 2026?

It is not a tricky task to file an ITR. It is just that you need to be very careful while filling in every minor detail. In this, you have to show your entire income correctly and claim whatever deductions you can get. With this, you pay only as much tax as you should. Many people pay more tax or face penalties due to small mistakes. The penalty can be up to 200% of the tax amount in some cases, especially when income is misreported.

Common Mistakes Made While Filing ITR

The Income Tax Department has now tightened scrutiny on income tax returns; it now cross-checks your information with systems like Form 26AS and AIS. Therefore, even a small mistake can cause problems.

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1. Choosing the wrong ITR Form

Every person has a different ITR form according to their income. Like ITR-1 is for salaried people and ITR-3 is for business people. Filling out the wrong form may result in return rejection.

2. Using the wrong assessment year

The correct AY for FY 2025-26 is 2026-27. Entering the wrong year may delay your refund.

3. not revealing full income

You have to declare all your types of income, like the following:

bank interest
FD interest
rental income
Earning from shares or mutual funds

Tax-free income also has to be shown at the right place.

4. Mismatch in Form 26AS and TDS

Form 26AS contains information about TDS. This should match your Form 16. If there is a mismatch, the refund may not be received.

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5. Incorrect personal or bank details

If the PAN or bank account details are incorrect, the refund may be delayed. So fill in the details carefully.

6. Ignoring AIS and TIS

AIS and TIS contain complete information about your financial transactions. Failure to check these may result in a notice.

7. Not reporting foreign assets or high income

If your income is more than Rs 50 lakh, then it is necessary to fill Schedule AL. Apart from this, foreign assets also have to be declared.

8. Not claiming deductions

Many people forget to take these deductions:

life insurance
health insurance
HRA

Due to this, their tax becomes higher.

9. Not verifying ITR

After filing the return, it is necessary to verify it within 30 days. Verification can be done through Aadhaar, net banking, or EVC. ITR is not valid without verification.

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10. Ignoring the tax notice

If a notice comes from the Income Tax Department, do not ignore it. It is important to respond on time; otherwise, a penalty may be levied.

11. Claiming HRA wrongly

To claim HRA, it is necessary to provide the rent receipt and the PAN of the landlord. If this is not done, the claim may be rejected.

12. Not paying advance tax on time

Advance tax has to be paid four times a year. If payment is not made on time, interest may have to be paid.

13. Not disclosing high-value assets

If the income is more than Rs 50 lakh, then it is necessary to give information about property, jewellery, and investments.

14. Not disclosing foreign income

It is necessary to give information about foreign income and foreign bank accounts, whether it is taxed externally or not.

15. Repeatedly making mistakes or intentionally giving wrong information

If someone makes repeated mistakes or hides income, they may have to face penalties, interest, or litigation.

The Income Tax Department has now increased its inspection of financial transactions with the help of advanced systems. Consequently, it has become more important than ever to fill in the ITR correctly. If you file ITR carefully and with correct information, you can avoid any trouble and get your refund on time. Always check your complete information once before submitting.

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Income Tax Return Filing 2026: Frequently Encountered Tax Penalties
Situation	What it means	Penalty
Tax was not paid properly	You did not pay the full tax on time	You may have to pay the tax again with extra interest
Under-reporting income	You showed less income than you actually earned	50% penalty on the unpaid tax
Hiding or misreporting income	You hid income or showed the wrong details	Penalty can go up to 200% of the tax
Late ITR filing	You filed your tax return after the due date	Penalty up to Rs 5,000 (Rs 1,000 if income is below Rs 5 lakh)
Delay in TDS/TCS filing	TDS or TCS return not filed on time	Rs 200 per day penalty until you file (with limits)
Wrong or fake entries	You added false or wrong details to reduce tax	100% penalty on the wrong amount