ITR Filing AY 2026-27

[Rakshitha_M]

Months have passed since the September 16 ITR deadline, yet a segment of the taxpayers are still waiting for their refunds. Although most filings have already been processed, the delay has prompted many individuals to check their refund status repeatedly and review their submissions.

Why Are Some Refunds Still Pending?

According to Ravi Agrawal, the Chairman of the Central Board of Direct Taxes (CBDT), the department is assessing certain refund cases that were flagged as “high-value” or “red-flagged” due to specific dedication claims. In such instances, the department has requested the taxpayers to file a revised return if discrepancies are identified.

Typical Refund Processing Timeline

As per the Income Tax Department, the refund process begins only after an ITR is e-verified. After verification, refunds usually reach the taxpayer’s account within 4-5 weeks.

There are usually some common issues which led to delays such as:

• Unvalidated bank account
• Incorrect or invalid IFSC code
• Name mismatch with PAN details
• Mismatches between the ITR and Form 26AS or AIS

If there’s no update even after the normal processing time, taxpayers should review any emails or notices from the department, as overlooking a verification or correction request can halt the refund process.

How to Check Your Refund Status

The status of an income tax refund can be checked directly on the Income Tax Portal.

Steps:

1. Visit: eportal.incometax.gov.in/iec/foservices/
2. Go to the e-Filing homepage.
3. Log in using your registered user ID and password.
4. Navigate to e-File > Income Tax Returns > View Filed Returns.
5. Choose the relevant assessment year and select View Details.

You will be able to see whether your refund has been issued, is under review, or is pending due to missing or incorrect information.

The department has also highlighted that refunds will fail if the PAN is inoperative. Taxpayers can link their PAN with Aadhaar using the “Link Now” option on the portal.

Common Reasons for Delayed Refunds

• Incorrect or unvalidated bank details
• PAN-Aadhaar not linked
• Deduction claims need additional verification
• Inconsistencies between Form 16, AIS, and Form 26AS

What should you do?

Most refunds are issued within the standard timeline. For delayed cases, resolving bank issues, updating PAN-Aadhaar details, and responding to notices can help speed up processing. Regularly reviewing the income tax portal remains the simplest way to avoid further delays.

Disclaimer: Alice Blue Disclaimer on Financial Services and Trading Risks

[Narayanan_01 (Narayanan)]

Refund delays are mostly due to verification issues like bank details, PAN-Aadhaar linking, or mismatches with AIS/Form 26AS. Taxpayers should check the income tax portal regularly for notices and respond promptly to avoid further delays.

Thanks for sharing this detailed overview. Refund delays can understandably be frustrating, especially after the standard processing timeline has passed. As highlighted, most pending cases are linked to high-value or red-flagged returns, bank validation issues, PAN-Aadhaar linking, or mismatches with Form 16, AIS, or Form 26AS.

Taxpayers facing delays should regularly check the Income Tax Portal for notices or correction requests and ensure their bank details and PAN status are valid and updated. Promptly responding to any communication from the department or filing a revised return, if required, can significantly speed up the refund process. Staying proactive is the key to avoiding further delays.

[Pranita_Phadatare]

Form 16 Explained: How to Verify Salary, Check TDS Details & File Your Income Tax Return

Important Disclaimer:
This content is shared for general information and awareness purposes only. It does not constitute tax, legal, or financial advice. Tax laws, rules, and interpretations are subject to change. Members are advised to refer to official Income Tax Department sources or consult a qualified tax professional for guidance specific to their circumstances.

What Is Form 16?

Form 16 is a certificate issued by an employer under Section 203 of the Income Tax Act, 1961, to an employee from whose salary Tax Deducted at Source (TDS) has been deducted and deposited with the Income Tax Department.

It serves as documentary evidence of:

• salary paid by the employer, and

• tax deducted and deposited on behalf of the employee during a financial year.

An employer is required to issue Form 16 only where TDS has been deducted from salary.

Purpose and Importance of Form 16

Form 16 enables an employee to:

• understand the composition of salary and taxable income

• verify TDS deducted by the employer

• assist in accurate filing of Income Tax Returns (ITR)

• maintain records for financial or administrative requirements (such as income verification, where applicable)

Components of Form 16

Form 16 consists of two distinct parts:

Part A – TDS Certification

Part A contains:

• PAN of the employee and TAN of the employer

• Employer’s name and address

• Summary of tax deducted and deposited on a quarterly basis

• Period of employment during the financial year

This section is generated through the TRACES portal of the Income Tax Department and reflects data reported by the employer in TDS returns.

Part B – Salary and Tax Computation

Part B provides a detailed computation of income and tax, including:

• Gross salary and salary components

• Allowances and exemptions considered (if applicable)

• Deductions under Chapter VI-A (such as Sections 80C, 80D, etc., where declared)

• Total taxable income

• Tax liability and tax deducted

Part B is prepared by the employer based on information and declarations provided by the employee during the year.

How Employees Should Verify Details in Form 16

To ensure accuracy and avoid discrepancies while filing returns, employees should undertake the following checks:

1. Reconcile With Salary Slips

Compare:

• gross salary

• allowances

• TDS deducted

with monthly or annual salary slips issued during the financial year. Any material mismatch should be clarified with the employer.

2. Cross-Verify with Form 26AS / AIS

Employees should verify that:

• TDS reflected in Form 16 appears correctly in Form 26AS / Annual Information Statement (AIS)

• employer details (TAN, name) are accurate

Form 26AS/AIS represents tax credits available as per Income Tax Department records.

Issuance of Form 16

Form 16 is issued by the employer and cannot be independently downloaded by employees from the Income Tax portal.

Employers typically provide Form 16 through:

• official email communication

• internal HR or payroll systems

• secure digital portals

Employees are advised to verify:

• PAN

• financial year

• employer details

• tax figures

before relying on Form 16 for return filing.

Using Form 16 for Filing Income Tax Return (ITR)

Form 16 acts as a supporting document for filing ITR. The actual responsibility for correctness of the return lies with the taxpayer.

General Process Overview:

1. Collect relevant documents, including Form 16, Form 26AS/AIS, bank interest details, and other income information.

2. Select the appropriate ITR form based on income sources and eligibility as prescribed by the Income Tax Department.

3. Enter income, deductions, and tax details, ensuring consistency with Form 16 and Form 26AS/AIS.

4. Compute tax liability or refund, as applicable.

5. Submit and verify the return within the prescribed timelines.

Points of Caution for Taxpayers

• Form 16 reflects only salary income from the issuing employer.

• Income from other sources (interest, capital gains, freelance income, etc.) must be separately disclosed, where applicable.

• Filing a return without reconciling Form 16 with Form 26AS/AIS may result in notices or processing delays.

• Timely verification of the return is mandatory for it to be considered valid.

Key Message for Community Members

Form 16 is an important reference document, but it does not replace personal responsibility for accurate tax reporting.

Members are encouraged to:

• verify all figures independently

• rely on official government portals for confirmation

• seek professional assistance for complex tax matters

Note:

For official updates, forms, and instructions, please refer to the Income Tax Department’s official website and notifications.

[Rakshitha_M]

Income Tax Department’s 7 Essential Checks Before Filing Your ITR for AY 2026-27

To help taxpayers avoid common filing mistakes, the Income Tax Department has shared a seven-point checklist covering some of the most important aspects of the ITR filing process. Reviewing these points before filing may help identify discrepancies, reduce errors, and ensure that the return is complete.

1. Choose the Appropriate Tax Regime

One of the first decisions while filing an ITR is selecting the applicable tax regime.

Currently, taxpayers may have the option to file under either the Old Tax Regime or the New Tax Regime, subject to the provisions of the Income-tax Act, 1961.

Note: The tax regime that works best depends on your income and eligible deductions. Review both options before filing your return.

2. Select the Correct ITR Form

The Income Tax Department has prescribed different ITR forms based on the taxpayer’s category and sources of income.

Select the Correct ITR Form

The Income Tax Department has prescribed different ITR forms based on the taxpayer’s category and sources of income. Filing the appropriate form helps ensure that the return is processed in accordance with the applicable provisions.

Note: The applicability of each ITR form depends on the taxpayer’s income sources, residential status, and other conditions prescribed by the Income Tax Department. Taxpayers are encouraged to refer to the latest ITR instructions available on the official Income Tax e-Filing portal before filing their return.

3. Keep All Relevant Documents Ready

Preparing the required documents before filing can make the process smoother and help verify the information reported in the return.

Depending on individual circumstances, commonly used documents include:

• Form 16

• Form 26AS

• Annual Information Statement (AIS)

• Taxpayer Information Summary (TIS)

• Salary slips

• Interest certificates from banks

• Capital gains statements

• Dividend statements

• Home loan interest certificate

• Investment proofs

• Rent receipts, where applicable

• Details of any other taxable income

Having these documents readily available may help reduce the possibility of omissions or incorrect reporting.

4. Verify the Pre-filled Information

The Income Tax Department pre-fills several fields in the ITR using information received from employers, banks, financial institutions, mutual funds, stock exchanges, registrars, and other reporting entities.

Before submitting the return, taxpayers may compare the pre-filled information with their own records.

Particular attention may be given to:

• Salary income

• TDS details

• Interest income

• Dividend income

• Capital gains

• Securities transactions

• Other reported income

It may also be useful to reconcile the information with:

• Form 26AS

• Annual Information Statement (AIS)

• Taxpayer Information Summary (TIS)

If discrepancies are noticed, taxpayers may review the underlying documents or seek clarification from the relevant reporting entity before filing, wherever applicable.

5. Report All Applicable Income

While salary may be the primary source of income for many individuals, taxpayers may also need to report other taxable income, wherever applicable.

This may include:

• Savings account interest

• Fixed deposit interest

• Dividend income

• Capital gains from shares

• Capital gains from mutual funds

• Rental income

• Freelance income

• Professional income

• Income from other sources

Reporting all applicable income helps ensure that the return reflects the taxpayer’s overall income for the relevant financial year.

6. Claim Eligible Deductions Carefully

Before claiming deductions or exemptions, taxpayers may verify that:

• The deduction is available under the selected tax regime.

• The eligibility conditions are satisfied.

• Supporting records are available, where applicable.

Examples include deductions relating to specified investments, insurance premiums, education loans, and other eligible provisions under the Income-tax Act.

Even where documents are not required to be uploaded during filing, retaining supporting records may be useful for future reference.

7. Complete the Filing Process by E-Verifying Your Return

Submitting the ITR is only one part of the filing process.

The return generally needs to be verified within the prescribed timeline through one of the verification methods made available by the Income Tax Department.

Common verification methods include:

• Aadhaar OTP

• Net Banking

• Electronic Verification Code (EVC)

• Digital Signature Certificate (where applicable)

Completing the verification process helps ensure that the filing process is completed in accordance with the applicable provisions.

Additional Checks Before Filing

Before submitting the return, taxpayers may also consider reviewing the following:

PAN and Aadhaar details

Name, date of birth, and contact information

Pre-validated bank account details

Refund bank account information

TDS entries

Income reported in AIS, TIS, and Form 26AS

Deductions and exemptions claimed

Tax computation

Supporting documents

A final review may help identify clerical or reporting errors before submission.

Common Mistakes to Avoid

Some commonly observed mistakes during ITR filing include:

• Selecting the wrong ITR form

• Choosing an unsuitable tax regime without reviewing eligibility

• Omitting interest or dividend income

• Not reporting capital gains, where applicable

• Claiming deductions that are not available under the selected regime

• Ignoring mismatches between AIS, TIS, Form 26AS, and personal records

• Forgetting to e-verify the return

• Waiting until the last date to file

Reviewing these aspects beforehand may help reduce the likelihood of avoidable errors.

Official Income Tax e-Filing Portal

Taxpayers can file their Income Tax Return, access applicable ITR forms, view Form 26AS, review the Annual Information Statement (AIS), and complete e-verification through the official Income Tax Department e-Filing portal.

Official Portal: https://www.incometax.gov.in

The portal also provides user guides, FAQs, calculators, and help resources to assist taxpayers during the filing process.

Disclaimer: Alice Blue Online

[Rakshitha_M]

Last-Minute Checklist for Salaried Investors Filing ITR-2

Filing ITR-2 at the last minute is not ideal, but it does not have to become a mess. If you are a salaried investor with capital gains, dividend income, or income from more than one house property, this checklist will help you file correctly, avoid basic mistakes, and keep your refund process smooth.

For many Indian investors, tax season is not just about compliance. It is also a good time to review portfolio records, check post-tax cash flow, and make sure your investing habit stays disciplined.

Understanding ITR-2 for Salaried Investors

ITR-2 is meant for individuals whose income goes beyond salary and simple bank interest. It is commonly used by salaried people who also earn capital gains from stocks or mutual funds, dividend income, or income from other sources that do not fall under business or profession.

If you are filing at the last minute, the main goal is simple: reconcile everything once, file cleanly, and verify without delay. A rushed return with wrong figures can lead to notices, refund delays, or unnecessary correction work later.

Who should file ITR-2?

ITR-2 is usually suitable for salaried taxpayers who also have one or more of the following:

• Capital gains from equity shares, mutual funds, or debt instruments.
• Income from more than one house property.
• Dividend income.
• Foreign assets or foreign income.
• Other income that does not come from business or profession.

If your return includes business income or active trading that is treated as business income, ITR-3 may be more relevant. So before you start, make sure you are using the right form.

Documents to keep ready

Before entering numbers in the return, collect these documents first:

• PAN and Aadhaar.
• Bank account details for the refund credit.
• Form 16 from your employer.
• Latest salary slips, if needed for cross-checking.
• Form 26AS and AIS from the income tax portal.
• Consolidated capital gains statement from your broker.
• Mutual fund transaction or capital gains statement.
• Dividend statement, if you received dividends.
• Interest certificates from banks or post office accounts.
• Proofs for deductions under sections like 80C, 80D, 80E, and 80G.

Keep all files in one folder so you do not waste time searching for numbers while filing.

Final checks before filing

This is the part that saves most last-minute filers from trouble. Do not submit the return until these items are checked properly.

Match salary and TDS:

Compare Form 16 with Form 26AS. The salary income and TDS numbers should broadly match what your employer has reported. If there is a mismatch, do not ignore it.

Check capital gains carefully:

If you sold shares or mutual funds, use the broker statement to verify:

• Purchase date.
• Sale date.
• Sale value.
• Cost of acquisition.
• Brokerage and charges, if applicable.
• Short-term or long-term classification.

A small error here can change the tax outcome, so this part needs extra attention.

Verify dividend and interest income:

Check whether dividend income and bank interest are fully reflected in AIS or Form 26AS. If you earned income from savings accounts, fixed deposits, or mutual fund dividends, make sure the figures are entered correctly.

Confirm deductions:

Only claim deductions you can actually support with proof. A rushed filing often leads to people entering deductions by memory, which is a bad idea. If the receipt or statement is not available, do not guess.

Check refund details:

Your bank account must be correct and ready to receive the refund. A wrong account number or IFSC can delay credit and create avoidable follow-up work.

Common mistakes to avoid

Last-minute filing usually fails because of a few repeated errors.

• Choosing the wrong form.
• Missing capital gains entries.
• Entering the wrong short-term or long-term classification.
• Forgetting to cross-check AIS and Form 26AS.
• Claiming deductions without proof.
• Filing and forgetting to verify the return.
• Using an inactive or incorrect bank account for a refund credit.

Simple example of reconciliation

Suppose you sold shares and made a short-term capital gain. Your broker statement shows a sale value of ₹1,50,000, purchase cost of ₹1,20,000, and charges of ₹750.

Your short-term capital gain will be ₹29,250.

That number should be entered under the correct capital gains schedule in ITR-2. If the broker has deducted TDS, check whether it appears in Form 26AS. If it does not, still report the income correctly. Do not wait for the TDS to magically appear later.

Why does tax season matter for investors?

Tax season affects more than just paperwork. It also changes cash flow for many investors because money goes out for tax payments, advance tax, and final settlements. Refund timing can also affect how much cash stays available for fresh investments.

That is why this is a useful moment to review your portfolio. If your post-tax cash position is clearer, it becomes easier to decide whether to stay invested, add more to SIPs, or rebalance calmly instead of reacting emotionally.

For long-term investors in India, this matters. A disciplined approach to tax filing usually goes hand in hand with a disciplined approach to investing.

Last-minute filing sequence

If you are filing in a hurry, follow this order:

1. Open Form 26AS and AIS.
2. Download your broker’s capital gains statement.
3. Match salary income with Form 16.
4. Add interest, dividends, and other income.
5. Enter deductions only if you have proof.
6. Review the full return once.
7. File the return.
8. E-Verify immediately.

Note: Do not skip the last step. An unverified return is not complete.

Conclusion

A last-minute ITR-2 filing works best when you slow down long enough to reconcile the key numbers once. Focus on Form 16, Form 26AS, AIS, capital gains, deductions, and bank details, and most filing problems can be avoided.

For salaried investors, this is more than a tax task. It is also a good checkpoint for portfolio discipline, record keeping, and cash planning. A clean return keeps the compliance side sorted and lets you stay focused on investing with less noise.

FAQs

1. Can a salaried person file ITR-2?

Yes. A salaried person can file ITR-2 if they have income such as capital gains, income from more than one house property, or other qualifying income heads.

2. Is ITR-2 enough for stock market investors?

Usually, yes, if your income is in the form of capital gains. If your stock activity is treated as business income, ITR-3 may be needed.

3. What should I check before filing ITR-2?

Check Form 16, Form 26AS, AIS, broker statements, bank interest, dividend income, and deduction proofs.

4. Why is e-verification important?

Because the return is not considered complete until it is verified. File and verify as soon as possible.

5. Can I correct a mistake later?

Yes, a revised return can be filed within the permitted timeline. But it is better to get it right the first time.

6. Does tax season affect investment behaviour?

Yes, it often affects liquidity, cash flow, and short-term portfolio decisions. That is why it is a useful time to review your allocation carefully.

[AakeebTrades (Aakeeb Khan)]

Don’t Wait for an ITR Deadline Extension

Every year, many taxpayers delay filing their Income Tax Return hoping for an extension. But waiting until the last minute can create unnecessary problems.

Here’s why it’s better to file on time:

• Avoid last-minute portal congestion and technical issues

• Reduce the chances of errors while reporting income and deductions

• Receive your tax refund sooner (if applicable)

• Avoid the stress of rushing before the deadline

If you’re an investor, don’t miss these important checks before submitting your ITR:

• Verify your Capital Gains Statement from your broker or mutual fund platform.

• Cross-check your details with AIS (Annual Information Statement) and Form 26AS.

• Report Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) correctly, wherever applicable.

• Ensure dividend income, interest income, and other taxable income are accurately disclosed.

• Review your bank account details carefully to avoid delays in receiving refunds.

A few extra minutes of verification today can save you from notices, revised returns, or refund delays later.

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