Shubham R K and Associates

The Income Tax Department has enabled filing utilities for ITR-1 and ITR-4 for Assessment Year 2026-27, thereby commencing the return filing process for the financial year 2025-26.

With the filing utilities now available, taxpayers may find it useful to avoid filing returns in haste and first review whether relevant financial information is appropriately reflecting in the tax records. In many cases, details relating to TDS, interest income, securities transactions, high-value transactions, mutual fund investments, and other reportable information may continue to get updated in Form 26AS and AIS/TIS over a period of time.

Accordingly, before proceeding with return filing, taxpayers may review whether tax credits, income details, and other reportable transactions are properly appearing and reconciled with the available records, wherever applicable. In cases where any TDS entry or financial information is not appropriately reflecting, the same may require updating by the concerned deductor or reporting entity.