The Final Day Rush and the 30-Minute Claim

July 31 marks the last date for salaried individuals and other eligible taxpayers to file income tax returns using ITR-1 or ITR-2 for the assessment year. While the Income Tax Department has made strides with pre-filled forms, tax professionals caution that waiting until the final hours risks portal congestion, technical glitches, and costly slip-ups.

The notion that one can complete a return in 30 minutes is realistic only when all groundwork has been done beforehand, say chartered accountants. Shreya Gupta Goyal, a chartered accountant, explains that pre-filled data cuts down manual entry, but does not shift the legal responsibility for accuracy away from the taxpayer. Every figure reported — whether auto-populated or not — must be correct.

If you have a single salaried income, Form 16 in hand, and have already reconciled your Annual Information Statement (AIS), Form 26AS, bank interest details and deduction proofs, the digital filing itself can be quick. The sequence is straightforward: log into the e-filing portal, select the correct assessment year and ITR form, verify pre-filled entries against your documents, disclose all income — including savings account and fixed deposit interest — and pay any outstanding tax before hitting submit.

Missing the deadline doesn’t entirely lock you out; a belated return is possible, but it may attract late fees, interest and loss of certain tax benefits. The key, experts stress, is not speed but getting it right the first time.

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Where Taxpayers Get It Wrong

In a last-minute dash, the most common pitfalls are easy to overlook. Harshit Aggarwal, partner at HJ Aggarwal & Co., cautions against blindly racing through the pre-filled fields. “Spend a few additional minutes checking AIS, TDS, and tax payable or refund status before hitting submit. Correcting an error later is considerably more difficult than getting it right the first time,” he says.

Why Refunds Get Delayed

Bank account details are a frequent source of trouble. If the account number or IFSC code doesn’t match AIS records, or if the account is not validated, refunds are held up and tax notices may follow. Rakesh Goel, Lead Consultant at AQUILAW, points out that the real time-saver is not the filing click but the reconciliation work done in advance. “If taxpayers organise their documents, reconcile financial information and resolve discrepancies in advance, the final act of filing may indeed take only a few minutes.”

The Hidden Cost of Rushing

A return filed in ten hurried minutes may appear done, but experts say a twenty-minute careful filing is always preferable if it avoids subsequent notices or re-filing. Small omissions — like forgetting to report fixed deposit interest or a second savings account — can trigger department queries. With pre-filled data, the onus remains entirely on the taxpayer to cross-check and ensure completeness.

Your Pre-Filing Checklist for Today

  • Gather Form 16, Form 26AS, AIS, bank interest statements and deduction proofs before opening the portal.
  • Log in, choose the correct assessment year and ITR form; do not skip the dropdown that matches your income profile.
  • Compare every pre-filled figure with your own records. Pay special attention to savings account interest and fixed deposit interest, which often get missed.
  • Check the tax computation and pay any outstanding demand. The portal will show the payables.
  • Ensure the bank account used for refund is accurate and matches the AIS. Validate it if the portal asks.
  • Finally, e-verify immediately via Aadhaar OTP or net banking — an unverified return is invalid.