Tax season can feel overwhelming, but don’t fret! While the ITR filing deadline for FY2025-26 has been extended to September 15, 2025, it’s always a good idea to get your income tax return (ITR) filed as soon as possible. Tackling it early helps avoid last-minute stress and reduces the chances of errors.
Thank you for reading this post, don't forget to subscribe!Even though the new tax regime is now the default, you still have the flexibility to choose the option that best suits your financial situation. With utilities for Form 1 and Form 4 already available, and employers having issued Form 16, most salaried taxpayers can file their ITRs now.
Once you’ve hit “submit” on your return, your work isn’t quite done. Here are 5 crucial things every taxpayer must do after filing their ITR to ensure everything is in order and to help with future financial planning:
1. E-Verify Your ITR
Filing your ITR is only half the battle; verification is key. You have a 30-day window from the date of filing to e-verify your return. You can easily do this online using your Aadhaar OTP, through net banking, or via an Electronic Verification Code (EVC). If you miss this deadline, your return will become invalid. So, don’t delay this critical step!
2. Track Your Refund Status
If you’re eagerly awaiting a tax refund, make sure to keep an eye on its status. You can conveniently check this on the Income Tax portal or the NSDL website. Typically, refunds are processed and credited to your bank account within a few weeks of your return being processed.
3. Check Form 26AS & AIS
This step is vital for accuracy. After filing, compare the details in your ITR with the information in your Form 26AS (Tax Credit Statement) and the Annual Information Statement (AIS). These documents provide a comprehensive overview of your financial transactions and tax deductions. Any mismatches between your ITR and these forms could trigger a notice from the Income Tax Department, so it’s best to resolve them proactively.
4. Download and Save ITR-V Acknowledgement
Once your return is successfully verified, immediately download your ITR-V (acknowledgement) copy. This document is your official proof of filing and is essential for your personal records. It can come in handy for various purposes, such as visa applications, loan applications, or as a reference for future tax filings. Keep it safe!
5. Review and Plan Next Year’s Taxes
Don’t just file your taxes and forget about them! Use this moment to assess your income, the deductions you claimed, and your overall savings for the recently concluded financial year. This review offers a fantastic opportunity to strategize for the upcoming financial year (FY2026-27). Consider exploring tax-saving options like Equity Linked Savings Schemes (ELSS), the National Pension System (NPS), or health insurance premiums, which could significantly reduce your tax liability next year.
By following these steps, you’ll not only ensure your current tax filing is complete and accurate but also set yourself up for smarter financial planning in the future.
