Budget 2026: ITR Error Correction Deadline Extended to March 31
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Moneycontrol•01-02-2026, 13:36
Budget 2026: ITR Error Correction Deadline Extended to March 31
- •Union Finance Minister Nirmala Sitharaman announced an extension for ITR error correction in Budget 2026.
- •Taxpayers now have until March 31, instead of December 31, to revise their income tax returns.
- •This extension provides an additional three months to update income details or correct errors, reducing penalty risks.
- •A new Income Tax Act, notified in July 2025, will be effective from April 1, 2026, simplifying direct tax laws.
- •The new Act is revenue-neutral, with no changes in tax rates, and aims to reduce litigation through simplified rules.
Why It Matters: Taxpayers get three more months to correct ITR errors; new simplified Income Tax Act effective April 1, 2026.
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