Now you will get a chance to fill revised ITR till 31st March
Revised Return: Since the presentation of Union Budget 2026, there is a heated discussion among the working and middle class of the country regarding the new tax provisions. There were many big announcements in the budget but there is one decision which is directly related to the mental peace of the taxpayers and their pockets. It is often seen that while filing Income Tax Return (ITR), some mistake is made due to haste or lack of information. Understanding this problem, the government has given a big relief to the taxpayers. Now you can take time till March 31 to correct your mistake. However, you will get a chance to rectify the mistake, but for this you will also have to pay a fine.
Now you will be able to correct your mistake till 31st March
Under the new income tax rules, taxpayers have now been given time till March 31 to file ‘late’ or ‘revised’ ITR. This decision is no less than a boon for those people who often get late Form-16 from their employers or interest certificates from banks. Due to lack of documents, many times people file returns on the basis of guesswork, which leads to distortion in the data.
If you have filed your return and later remember that some income has been omitted from declaration or any required deduction has not been claimed, then there is no need to panic. You can correct it by March 31 through revised return.
Correcting a mistake is not free, you have to pay a price
The government has given relief with one hand by extending the deadline, while with the other hand it has also sought financial discipline. This facility is not completely free. If you file or amend your ITR after the due date, you may have to pay ‘late filing fee’.
The amount of fine has been decided on the basis of your income. If your total annual income is up to Rs 5 lakh, then this penalty will be less. But, if your income is more than this, you may have to pay a higher amount as penalty. Apart from this, another catch is that if you have any tax liability outstanding, then interest will also be charged on that outstanding tax.
Who will benefit most?
The salaried class i.e. salaried employees will get the most direct benefit of this new rule. Often employed people have multiple sources of income, such as interest from bank fixed deposits, earnings from the stock market or any freelance work. These small details are often missed while filing returns.
Apart from this, this system will prove to be very helpful for the youth who are paying taxes for the first time. Many times, due to lack of information, they choose the wrong form or fill wrong data. In such a situation, instead of living in fear of getting a notice, it is better that they themselves admit their mistake and file a revised return. This new rule gives them a safe way to avoid future problems.