As the July 2027 ITR filing window for the 2026-27 financial year approaches, salaried taxpayers are advised to start preparing now. A systematic approach can help reduce last-minute errors and ensure the correct tax liability is calculated.
Key steps to initiate the process
- Collect Form 16 and salary slips from your employer, along with any TDS certificates.
- Review Form 26AS and the Annual Information Statement (AIS) to confirm income and tax credits align with your records.
- Assess deductible investments and expenses such as sections 80C, 80D, 80G, and home loan interest where applicable.
- Compare the old and new tax regimes to decide the most beneficial option for the year.
Month-by-month checklist
- April 2027: Ensure access to the e-filing portal, update contact details, and begin gathering essential documents (Form 16, salary slips, investment proofs).
- May 2027: Reconcile salary income with Form 26AS and AIS; compile proofs of deductions under 80C, 80D, 80G, and other eligible sections; verify rent and HRA details if applicable.
- June 2027: Finalize all proofs of investments and deductions; run a comparison of tax liability under both regimes; check for any mismatches between AIS, Form 26AS, and your records.
- July 2027: Prepare and submit the ITR; verify electronically (e-verify) or through other accepted methods; retain the acknowledgement for records.
Keeping documents organized and verified now can reduce errors and speed up filing once the deadline approaches.
