Have you filed your income tax return? Are you aware of the essential documents required in your case to file your taxes properly? If you don’t, as per experts, this is the opportune time to refocus, collect essential information and documents such as your Aadhaar, PAN, salary slips, and other similar documents, and proceed with filing your tax returns, instead of waiting any further.
This is something that requires immediate attention now, with nearly two crore already submitted for the assessment year, and the 31 July deadline just about two weeks away. Tax experts are advising all taxpayers not to delay or defer their tax submissions any further, in the expectation that the 31 July deadline will be extended.
Now, it is a given that extensions might be granted only in specific cases, as they have been granted in previous years; they have still largely been limited to exceptional circumstances. This year, experts strongly believe that taxpayers should adhere to the provided deadlines and avoid any laxity in their tax filings. To ensure accurate filing, the remaining 15-16 days can be utilised to ensure that the returns are accurate, updated and complete.
Don’t base your tax planning on extension hopes
CA Chandni Anandan, Tax Expert at ClearTax, highlights the importance of treating 31 July as the final due date. “With nearly two crore income tax returns already filed, taxpayers should not assume that the 31 July deadline will be extended. Filing early not only helps avoid last-minute technical issues and errors but also ensures faster processing of refunds and sufficient time to address any notices or discrepancies. Unless the government makes an official announcement, taxpayers should plan to well before the due date,” Anandan said.
Adhil Shetty, CEO, Bankbazaar, also advises taxpayers against relying on the possibility of an extension, “should plan their return filing based on the notified deadline rather than the possibility of an extension. Extensions are exceptional and depend on circumstances such as technical issues or administrative considerations. For example, if there is a mismatch in or the AIS close to the filing deadline, verifying and addressing it may take time. Filing early gives taxpayers enough time to resolve such issues, and ensure they do not miss eligible tax credits or face delays in receiving refunds.”
Early filing means fewer errors, faster refunds
CA Anshul Bhargava highlights how taxpayers have made a habit of postponing return filing each year, expecting an extension that may never come: “Taxpayers seem to have developed an annual ritual of procrastinating their Income Tax Returns every year, hoping that the 31 July deadline will be extended. While extensions have been granted before, these are exceptions made during exceptional circumstances. Therefore, all taxpayers should assume that 31 July is the last date and plan their filings accordingly. Taxpayers must realise that an filing is not just a compliance exercise but also allows them to reconcile their books, verify that all income has been taxed correctly, check tax credits, and identify mismatches before filing their return. Doing this exercise in advance will give them sufficient time to , gather additional documents, and even consult with a tax expert if needed.”
Bhargava further adds, “Waiting till the last minute creates unnecessary stress and panic, leading to poor decision-making. Filing your return early has its advantages, too. Firstly, you will receive your refund (if any) at the earliest. Secondly, a refund claim also acts as a financial document, which may be required for credit checks, visa applications, etc. Thirdly, if you have business income/investment income, early filing ensures that you don’t have late compliance-related issues popping up at a later date. So, my suggestion to taxpayers is – don’t leave your hoping for a reprieve! If your documents are in place, file that return today itself. It’s better to be done with it!”
In short, it is wise to take your income tax filing seriously and complete it, including the compliance work, as soon as possible. This will give you much-needed respite and peace of mind. Furthermore, millions of taxpayers have already completed their income tax submissions.
Taking into consideration these developments and the advice of , you should also proceed with your filing as soon as possible and ensure that you avoid last-minute hassles or panic.
Finally, completing the exercise well before July 31 can help taxpayers identify discrepancies, claim eligible credits, receive refunds sooner, and stay compliant without the stress of a deadline rush.