Revised Return: Since the Union Budget 2026 was presented, there has been a heated discussion among salaried employees and the middle class in the country regarding the new tax provisions. Several major announcements were made in the budget, but one decision directly impacts the peace of mind and finances of taxpayers. It is often observed that mistakes are made while filing Income Tax Returns (ITR) due to haste or lack of information. Understanding this problem, the government has given major relief to taxpayers. Now you can take until March 31st to correct your mistakes. However, while you will get a chance to correct the mistake, you will also have to pay a penalty.

Now you can correct your mistakes until March 31st
Under the new income tax rules, taxpayers have now been given until March 31st to file a 'late' or 'revised' ITR. This decision is a boon for those who often receive Form-16 from their employers or interest certificates from banks late. Due to a lack of documents, people sometimes file returns based on estimates, leading to discrepancies in the figures.

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If you have already filed your return and later remember that some income was left undeclared or a necessary deduction was not claimed, there is no need to panic now. You can correct it through a revised return until March 31st.

Correcting mistakes is not free; you will have to pay a price
While the government has provided relief by extending the deadline, it has also demanded financial discipline. This facility is not entirely free. If you file or revise your ITR after the stipulated deadline, you may have to pay a 'late filing fee'.

The penalty amount is determined based on your income. If your total annual income is up to five lakh rupees, the penalty will be less. However, if your income is more than that, you may have to pay a higher amount as a penalty. In addition, another catch is that if you have any outstanding tax liability, interest will also be charged on the unpaid tax.

Who will benefit the most?
The most direct beneficiaries of this new rule will be the salaried class, i.e., employees who receive a salary. Often, salaried individuals have multiple sources of income, such as interest from bank fixed deposits, earnings from the stock market, or freelance work. These small details are often overlooked when filing tax returns.

Furthermore, this system will prove very helpful for young people filing taxes for the first time. Sometimes, due to a lack of information, they choose the wrong form or fill in incorrect data. In such cases, instead of living in fear of receiving a notice, it's better for them to admit their mistake and file a revised return. This new rule provides them with a safe way to avoid future problems.

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