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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 advised the taxpayers 31 May 2026 You are clearly prohibited from filing your income tax return before . 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
Throwing light on this technical topic in detail, senior CA Abhinandan Pandey said that filing income tax returns in a hurry before May 31 can cause 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 intricacies, CA Santosh Mishra explains that one of the most important and authentic documents while filing income tax return is Form 16, AIS (Annual Information Statement) and Form 26AS Are included.
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TDS return deadline: Last date for filing quarterly TDS for all companies, employers and banks in the country 31 may it occurs.
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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.
3 big losses if returns are filed before May 31
CA Ajay Bagadia cautioned that if a taxpayer submits his return before these government documents are updated, there will be a discrepancy between his actual income and the data available with the Income Tax Department. Data Mismatch It is certain to happen. This error may result in the following severe losses:
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Income Tax Department notice: If there is even a slight difference between the income declared by you and the AIS records of the department, a notice of defective return or under-reporting may come.
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Significant delay or shortfall 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.
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Hassle of Revised ITR: Once the mistake is discovered, taxpayers have to work hard and file a revised return, which runs the risk of incurring a penalty or additional tax liability.
Common mistakes: CA Ajay Bagadia explains that many taxpayers file returns only after seeing 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.
So, to avoid any kind of legal hassles or notices and get your full refund secured. 1 June Or file your income tax return only after making exact matching through your CA.
