Mumbai, May 16 -- Many Indians prefer to act early, reaching the airport well ahead of time and getting out of the aeroplane as soon as it lands. However, tax experts caution against such haste while filing income tax returns (ITRs), even if the utility becomes available.

Taxpayers should wait until 15 June. This is because banks, employers, and other reporting entities have until 31 May to report specified financial transactions, tax deducted at source (TDS), and tax collected at source (TCS).

Additionally, it typically takes another 7 to 10 days for this information to be processed and reflected in the annual information statement (AIS).

"Taxpayers should wait for SFT (statement of financial transaction), AIS, and 26AS to be updated ...