Do not rush to file your ITR; if filed before June 15, you could receive an Income Tax notice! Your refund may get stuck..

If you file an ITR (Income Tax Return), it is essential to be aware of the finer details involved. As the time to file ITRs approaches, most people begin gathering their documents. While the habit of filing an ITR is commendable, the timing of its submission is equally crucial. Driven by haste, many individuals file their returns as early as April or May; however, they should ideally wait until June 15th. Such haste can be technically risky for you, and it may even result in your tax refund getting stuck.

**Why is it Important to Wait Until June 15th?**

The most critical documents required for filing a tax return are Form 16, Form 26AS, and the Annual Information Statement (AIS). Banks and companies are granted time until May 31st to submit details regarding your Tax Deducted at Source (TDS) to the Income Tax Department. However, these vital tax documents are typically updated or issued only by mid-June. Filing your return before these records have been fully updated increases the likelihood of discrepancies in your income or TDS details.

**Will the Income Tax Department Issue a Notice?**

Form 16 is a pivotal document as it contains a comprehensive breakdown of your salary income, exemptions, deductions, TDS deducted, and total tax liability. If you file your ITR before June 15th, the information you provide may be incomplete. Submitting incorrect or incomplete information in haste could prompt the Income Tax Department to issue you a notice. Furthermore, if there is a mismatch between your submitted data and the department's records, your tax refund may get stalled. If you file your ITR after June 15th, all your relevant data will become visible and accessible on the portal. This is precisely why the deadline for filing is set for July 31st.

**Those Who May Face Complications**

Individuals with multiple sources of income—that is, those earning from more than one avenue—must exercise particular caution. If you generate income through the stock market, interest earnings, or a business, it may take longer for your data to be fully updated. Banks, for instance, sometimes delay making necessary corrections to their reports. Consequently, if there is a discrepancy between the information you have submitted and the data available with the Income Tax Department, the processing of your tax return could get held up.

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