Budget 2026: ITR Revision Deadline Extended to March 31, Taxpayers Get More Time

• Finance Minister Nirmala Sitharaman announced the extension of the ITR revision deadline from December 31 to March 31 in Budget 2026-27.
• The move allows taxpayers additional time to correct errors, disclose missed income, and ensure better compliance with a nominal fee.
• Individuals filing ITR-1 and ITR-2 will retain the July 31 deadline for original filings.
• Non-audit business cases and trusts will have an extended original filing deadline until August 31.
• The Income Tax Act, 2025, will be effective from April 1, 2026, aiming to reduce disputes and improve voluntary compliance.

Why It Matters: The Budget 2026 extends the ITR revision deadline to March 31, offering taxpayers more flexibility and compliance ease.