ITR Filing Alert: Do not file income tax return even by mistake before May 31! Chartered Accountants (CA) gave a big warning

As soon as the new financial year begins, the buzz of filing Income Tax Returns (ITR Filing) has become very intense among the employed and business class. Many taxpayers are busy preparing to file returns in the early days in order to get their tax refund as soon as possible. But if you are also in this hurry, then just wait! Well-known Chartered Accountants (CA) of the country have clearly forbidden taxpayers from filing their income tax returns before May 31, 2026. CA experts believe that filing returns in the month of May can lead to huge financial and legal losses instead of benefits. Why is CA refusing? Know the strong argument of Abhinandan Pandey. Senior CA Abhinandan Pandey, while throwing light on this technical subject in detail, said that filing income tax return in a hurry before May 31 can create serious problems for the taxpayers later. The most important and practical reason for this is that during this period your essential documents and income related details are not completely updated on the digital systems of the government and tax department. Returns filed on the basis of incomplete information always lead to mistakes. The real catch is the last date of TDS: CA Santosh Mishra Explaining the financial nuances, CA Santosh Mishra explains that the most important and authentic documents while filing income tax returns include Form 16, AIS (Annual Information Statement) and Form 26AS. TDS Return Deadline: The last date for filing quarterly TDS is May 31 for all companies, employers and banks in the country. PAN Card Mapping: Companies have additional time of 15 days to issue Form 16 to employees after deducting TDS. Whatever tax the employers deduct, that data starts appearing officially on your PAN card (PAN) and the Income Tax Department portal only after May 31. For this reason, the correct information about your tax and investments is fully reflected in AIS, TIS and Form 26AS only in the first week of June. CA Ajay Bagadia cautioned that if a taxpayer submits his return before these government documents are updated, then there is bound to be a data mismatch between his actual income and the data available with the Income Tax Department. This error may result in the following severe penalties: Notice from the Income Tax Department: If there is even a slight difference between the income declared by you and the AIS records of the department, a notice for defective return or under-reporting may come. Significant delay or reduction in refund: If your TDS is not completely updated on the system and you file your return, the software will reduce the amount of your refund or put it on hold altogether. Hassle of Revised ITR: If the mistake is discovered, taxpayers have to work hard again and file the revised return, which poses a risk of penalty or additional tax liability. Common mistakes: CA Ajay Bagadia explains that many taxpayers file returns only by looking at their salary slip or salary information. They forget to provide other important information like annual interest from bank accounts, fixed deposit (FD) income, stock market/mutual fund dividends and capital gains, which are directly recorded and captured in the AIS after May 31. The month of June is the most accurate and safe for ITR. All three chartered accountants have strongly advised the taxpayers in one voice that after May 31, the possibility of errors and notices becomes almost zero. By the first or second week of June, most companies issue Form 16, banks completely sync their TDS data, and your entire financial horoscope appears identical in AIS and Form 26AS. Therefore, to avoid any kind of legal hassles or notices and secure your full refund, file your income tax return only after June 1 with exact matching through your CA.