According to reports from Zee News, home loan interest certificates are essential documents for Income Tax Return filing under section 24 of the Income Tax Act. These certificates serve as detailed documentation of home loan repayment, containing summaries of interest and principal payments made toward home loans during the specified financial year. The certificates are particularly important for homeowners claiming deductions of up to ₹2 lakh under interest on home loan deduction, which is one of the most popular tax rebates among salaried and individual taxpayers. As per Canara HSBC Life Insurance, these certificates are crucial for reporting taxable interest, eligible loan deductions, and correlating ITR filing with government tax records, as home loan interest deductions are matched with the Annual Information Statement (AIS).
As reported by Zee News, the due date for filing income tax returns for most individual taxpayers is July 31, 2026. Taxpayers can download interest certificates for ITR purposes by logging into their respective bank's net banking portal, where banks usually have a service certificate section in their utility navigation. The certificates are crucial for reporting taxable interest, eligible loan deductions, and correlating ITR filing with government tax records, as home loan interest deductions are matched with the Annual Information Statement (AIS).
According to Zee News, for Assessment Year 2026-27, multiple ITR forms including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 are applicable under the Income Tax Act, 1961. These forms are available on the e-filing portal, and taxpayers should select AY 2026-27 while filing ITR for income earned during FY 2025-26. The Income Tax Department has emphasized the importance of reconciling Form 16, AIS, and Form 26AS before filing ITR, along with verifying income from bank and broker statements. As per Canara HSBC Life Insurance, among several tax benefits, income tax rebate under section 80C remains the most common among salaried and individual taxpayers.
As reported by Zee News, missing the ITR deadline will trigger late fees, interest on unpaid tax, and the loss of the right to carry forward certain losses. The Income Tax Department has advised taxpayers to file their ITR before the due date to avoid last-minute stress and consequences of non-compliance. Taxpayers should ensure they have all investment proof for the fiscal year 2025-26 to submit to the tax department for computation purposes, as among several tax benefits, income tax rebate under section 80C remains the most common among salaried and individual taxpayers. The department has emphasized that filing ITR on time is essential for maintaining tax compliance and avoiding penalties.
