Filing Your ITR Early Could Cost You: Experts Advise Waiting Until June 15

With the Income Tax Department having released the ITR forms for the financial year 2024–25 (assessment year 2025–26), tax experts are advising individuals to hold off on filing their returns until June 15.

One of the key reasons is the issuance of TDS (Tax Deducted at Source) certificates — Form 16 for salaried individuals and Form 16A for other incomes such as interest and dividends. As per Income Tax rules, these forms must be issued by June 15.

For income earned between January and March 2025, banks and employers are required to report TDS details to the Income Tax Department by May 31. This data is then reflected in Form 26AS — a consolidated tax statement or “tax passbook” — by early June. The official TDS certificates (Form 16/16A) follow shortly after.

These documents, along with the Annual Information Statement (AIS), help taxpayers auto-fill details in their ITR forms, making the filing process more accurate and efficient.

In addition to TDS, Specified Financial Transactions (SFTs) — such as high-value cash deposits, large credit card payments, or fixed deposits — are also reported to the tax department by May 31. This information typically appears in the AIS within 5–10 days and is expected to be complete by the second week of June.

What happens if you file early?

Filing your ITR before Form 26AS, Form 16/16A, and AIS are fully updated could lead to mismatches in reported income or TDS, which might trigger:

• Income tax notices
• Delays in refunds
• Denial of legitimate TDS credits

Experts also point out that the initial versions of the ITR filing utilities — the software tools provided by the tax department — may have bugs or technical glitches. Waiting a few extra days allows time for these to be resolved, ensuring a smoother and more accurate filing experience.