Found errors in your filed ITR? Check due date and whether revising attracts penalty
Taxpayers can file a revised income tax return (ITR) to correct mistakes made in their initial submission before the 31 July deadline without incurring penalties in many cases. The deadline for filing revised returns extends to 31 March of the relevant assessment year, as per the Union Budget 2026, while a new fee under Section 234I will apply for revisions made after 31 December starting from AY 2026-27. Taxpayers should be aware that revisions made after this date may incur a fee, emphasizing the importance of timely corrections.