Filing Fumbles: A tax return deserves scrutiny, not a hurried signature

For many taxpayers, filing the income-tax return is a race to meet the deadline. But rushing through the process can create problems long after the return has been submitted. As the tax system becomes more data-driven, accuracy matters as much as timeliness.

The first mistake is treating Form 26AS and the Annual Information Statement (AIS) as optional reading. Form 26AS primarily reflects TDS and TCS details, while the AIS includes wider financial information reported by banks, employers, mutual funds and other entities. Taxpayers should reconcile these statements with salary slips, bank records, investment statements and their own calculations before filing. From AY 2023–24, information beyond TDS and TCS is primarily available through the AIS. A mismatch does not automatically mean the taxpayer is wrong. AIS entries can be duplicated, delayed or incorrectly classified. However, ignoring an apparent error is risky. The taxpayer should verify the source and submit feedback through the income-tax portal where necessary.

Another common error is reporting only salary and forgetting other income. Bank interest, dividends, rental income, freelance receipts, capital gains and income from overseas assets must be examined separately. Similarly, taxpayers often claim deductions without checking whether they have opted for the tax regime that permits them. Choosing the wrong ITR form can be equally troublesome. A salaried individual with capital gains, foreign assets or more than one house property may not qualify for the simplest return form. Filing an incorrect form can lead to defective-return notices or delays.

Finally, filing is not complete until the return is verified. An unverified ITR is treated as invalid. Taxpayers should also check bank-account pre-validation and ensure that tax credits and refund details are accurate. If an omission is discovered, taxpayers should not panic—or ignore it. For AY 2026–27, a revised return can generally be filed by March 31, 2027, subject to statutory conditions and the completion of assessment. The best tax strategy, therefore, is simple: reconcile, disclose, verify and retain the supporting documents.