Synopsis: The deadline for investors, pensioners, and salaried taxpayers to file ITR-1 or ITR-2 is quickly approaching, July 31, 2026. To prevent mistakes and refund delays, taxpayers need to double-check their paperwork, AIS entries, and asset transfers in addition to filing on time.
With only 5 days to go, the deadline to file the returns is nearing. As most of the taxpayers know the 31 July deadline, but only few check the key details that decide whether a return gets filed correctly the first time. Here’s a simple and quick checklist and you should check before filing.
10 things every taxpayer must recheck before 31 July
1. Know which deadline applies to you
Salaried individuals, pensioners, and investors filing ITR-1 or ITR-2 must file by 31 July 2026. ITR-3 and ITR-4 filers without audit get till 31 August, while audit and transfer pricing cases have later dates.
2. Collect all documents, not just Form 16
Keep Form 26AS, AIS or TIS, bank interest certificates, capital gains statements, home loan certificates, and deduction proofs (80C, 80D, and other eligible deductions) ready before you start filing.
3. Reconcile every AIS entry
AIS covers far more than income and covers interest, dividends, rent, foreign remittances, and property or securities transactions. Match each entry with your own records and record anything which is incorrect.
4. Verify property sale or purchase reporting
Property sales show up in the seller’s AIS, while buyers’ TDS on property gets reported via Form 26QB/16B. Check the sale deed, stamp duty value, and indexed cost before computing gains.
5. Don’t treat every AIS entry as taxable
A property purchase or a big credit card payment showing in AIS isn’t automatically taxable. Only the actual income, like future rent or capital gains on sale is.
Also read: ITR Filing 2026: Fixed Deposit Interest Is Fully Taxable – Here’s How to Report It Without Mistakes
6. Use the right statements for capital gains
Stock and mutual fund gains need broker or RTA-issued statements separating short-term and long-term gains. Using ITR-1 despite having capital gains can make your return defective, so check properly before filing.
7. This year still follows the old Income-tax Act
Even though the new Income-tax Act, 2025 is in force, AY 2026-27 returns are filed under the Income-tax Act, 1961. Only one ITR needs to be filed and there is no separate form under the new Act yet.
8. E-verify after filing
A return only becomes valid once verified via Aadhaar OTP, net banking, or bank/Demat EVC. An unverified return counts as not filed.
9. Pick your tax regime consciously
The new regime is the default. If old-regime deductions (like, 80C, 80D, HRA, home loan interest) work out cheaper for you, select it actively while filing also, filing late can lock you into the new regime.
10. Check foreign assets and Schedule AL
Foreign bank accounts, property, or shares must be declared under Schedule FA, regardless of income. Schedule AL (assets and liabilities) now applies only if total income exceeds ₹1 crore.
Quick checklist before 31 July
All in all
The 31 July deadline is less about rushing to submit and more about getting the details right including the documents, AIS, and any asset transactions. A few minutes of rechecking now can save weeks of dealing with notices later.
