The deadline for filing income tax returns (ITR) for the financial year 2025-26 (assessment year 2026-27) is July 31, 2026. Tax experts recommend that individual taxpayers wait until after June 15 to file their returns. This is because critical financial documents, such as Tax Deducted at Source (TDS) details, interest income, and high-value transaction reports, typically undergo updates until the end of May and may take additional time to reflect accurately in the necessary forms. Filing too early can result in reporting incomplete income or claiming incorrect TDS credits, which could lead to mismatch notices, delayed refunds, or the need for revised returns. Taxpayers with capital gains, multiple bank accounts, foreign assets, or substantial financial transactions should be especially cautious, as they need to reconcile various documents like the AIS, Form 26AS, and Form 16 before filing. Experts also caution against relying solely on the AIS, as it may not capture all necessary details accurately. To ensure accurate reporting, taxpayers should verify all relevant documents and maintain supporting records for future inquiries.