The Income Tax Return (ITR) filing season is underway for the financial year 2025-26, covering the income transactions for April 1, 2025 to March 31, 2026. Eligible taxpayers are required to consolidate their transaction reports and subsequently submit their returns for the relevant assessment year before the deadline.
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Filing an ITR on time helps one avoid penalties, interest and delays in processing refunds. Salaried individuals, businesses, and other taxpayers are advised to verify their income details, tax deductions, and documents such as Form 16 and Annual Information Statement (AIS) before submitting their returns.
ITR Deadline:
For salaried individuals and Hindu Undivided Families (HUFs) whose accounts are not subject to a tax audit are required to file their Income Tax Returns (ITR-1 or ITR-2) by July 31, 2026.
This current deadline may be revised by the government, but taxpayers are advised to submit their ITR in advance to avoid unnecessary technical or compliance issues.
Can You Revise Your ITR After Filing?
Taxpayers can revise their ITR until March 31 of the following year. Earlier, this deadline used to be December 31 of the same assessment year or before assessment completion, but now the due date has been extended for the convenience of the taxpayers.
As per the rules, filing a revised ITR does not attract any penalty, which means that taxpayers can correct genuine errors without paying any additional charge.
According to ClearTax, a return is treated as revised only if the original return is filed by the due date and e-verified within 30 days of e-filing. If the return is filed after the due date, it is considered a belated return, which can attract late fees under Section 234F. Belated returns can be filed with a penalty of up to Rs 5,000.
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A notable feature of revised returns is the flexibility offered by the tax department. There is no statutory limit on the number of revisions that can be filed within the permitted timeframe, allowing taxpayers to correct errors or omissions as needed.
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