In a taxpayer-friendly announcement, the government has proposed extending the deadline for filing revised income tax returns (ITRs) to March 31, instead of the earlier December 31 cut-off. Finance Minister Nirmala Sitharaman announced the change during her Union Budget 2026–27 speech on Sunday.
She clarified that individuals filing ITR-1 and ITR-2 will continue to have a filing deadline of July 31, while non-audit business cases and trusts will be given time until August 31. The Income Tax Act, 2025, will come into force from April 1, 2026.
The extended revision window is aimed at giving taxpayers more flexibility to rectify errors, report missed income, and comply accurately without the pressure of tight timelines.
This measure is expected to particularly benefit salaried individuals, small taxpayers, and professionals, who often receive updated financial details or face reconciliation challenges after the original filing deadline. By permitting revisions until the end of the financial year, the government hopes to reduce disputes, encourage voluntary compliance, and minimize litigation.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com