Tax experts advise taxpayers to file their Income Tax Returns (ITR) before the July 31 deadline instead of waiting for a possible extension. Early filing allows enough time to verify details in Form 26AS and the Annual Information Statement (AIS), correct any mismatches in income or TDS, and avoid delays in refunds.
Experts also recommend comparing the old and new tax regimes using final income and deduction figures. Financial changes during the year-such as taking a home loan or purchasing health insurance-may make one regime more beneficial than the other. Filing early helps prevent penalties, last-minute technical issues, and ensures a smoother, more accurate tax filing process.
