New Delhi, July 30 -- With the July 31 deadline for filing income tax returns (ITRs) for AY 2026-27 approaching, many salaried taxpayers are rushing to submit their returns. However, tax experts caution that choosing the wrong ITR form or overlooking key disclosures can result in a defective return, refund delays or even notices from the Income Tax Department.

One of the biggest misconceptions, according to Adhil Shetty, CEO of BankBazaar, is that every salaried individual should file ITR-1.

"A common mistake is assuming that salary income automatically means ITR-1 is the right form," Shetty said. "Many taxpayers overlook other income they may have earned during the year, such as capital gains, rental income from a second house or forei...