US EditionUnion Budget 2026: ITR revision deadline extended to March 31
Taxpayers get extended time to file revised returns with a nominal fee after Dec 31, easing compliance and reducing penalties ahead of the new Income Tax Act rollout.
- On Sunday in New Delhi, Finance Minister Nirmala Sitharaman announced that taxpayers can file revised income-tax returns until March 31 instead of December 31 in the Union Budget 2026.
- To ease compliance, the Budget measures aim to reduce penalties and prepare small taxpayers for the Income Tax Act, 2025, effective April 1, 2026.
- A nominal fee is proposed for late revised returns, with individuals filing ITR 1 and ITR 2 due by July 31 and non-audit business cases and trusts by August 31.
- Individual and small taxpayers stand to gain from longer timelines and lower penalty risk, while simpler TDS rules and an automated process will ease compliance in FY27.
- Sitharaman emphasised the simpler filing terms and added, `File revised ITR till 31 March with nominal fee` while the Budget also lowers TCS rates to 2 per cent on overseas tour packages, liquor, scrap and minerals.
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14 Articles
Missed the ITR deadline? Here's how belated filers may still get time to revise returns after the budget 2026 announcement
It is proposed to extend the prescribed time limit for filing a revised return from the existing nine months to twelve months from the end of the relevant tax year
Deadline for filing revised IT returns extended to March 31 from Dec 31
The time limit for filing a revised income tax returns has been extended to March 31 from December 31, on payment of a nominal fee, Finance Minister Nirmala Sitharaman proposed on Sunday while presenting the Union Budget 2026.
Budget 2026 Key Highlights: Income tax slab, new ITR forms, filing due dates, stock buyback taxation; penalty on crypto-related income tax reporting and more
Budget 2026 brings key changes for taxpayers. The income tax return correction window extends to March 31. TDS and TCS rules are simplified, easing compliance and cash flow. Litigation and penalties are softened with reduced pre-deposits. Corporate tax sees MAT reduction and STT increases. A foreign asset disclosure window offers a compliance route for small taxpayers.
Budget 2026: Your income tax remains same, more time to file returns
Finance Minister Nirmala Sitharaman on Sunday, February 1, proposed to increase the time limit for filing the revised income tax returns (ITR); however, no changes were made to income tax (IT) rates and slabs. The government also proposed a reduction in the tax collected at source (TCS) rate for pursuing education and medical education under the liberalised remittance scheme. IT rates, slabs The tax rates under the new tax regime, which is the d…
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