Section 139(5) of the Income Tax Act provides for the filing of a revised Income Tax Return. This provision enables a taxpayer to submit a corrected return to address any inaccuracies, omissions, or mistakes discovered in the original return, irrespective of whether the original was filed within the deadline or as a belated return.
Purpose and Scope
The revised return:
- Entirely replaces the original, becoming the final version for processing.
- Corrects errors from unreported income and wrong deductions to incorrect personal details or an unsuitable ITR form.
- Can be filed even after the original is processed or a notice is received, unless a final assessment has been completed.
Revised Deadline: March 31
Previously, the deadline to file a Revised or Belated Return was December 31 of the assessment year . As per the latest Budget 2026 announcements:
New Deadline: You can now file a revised return until March 31 of the relevant Assessment Year .
Condition: While you have more time, filing after December 31 will now attract a nominal fee.
- ₹5,000: If total taxable income exceeds ₹5 lakh.
- ₹1,000: If total taxable income is below ₹5 lakh.
Effective Date: This change is part of the new Income Tax Act, 2025, which officially takes effect from April 1, 2026.
Quick Comparison for AY 2026–27
| Return Type | Old Deadline | New Deadline (Budget 2026) |
| Original ITR (ITR-1/2) | July 31 | July 31 (No change) |
| Original ITR (Non-Audit Business) | July 31 | August 31 (Extended) |
| Revised / Belated Return | December 31 | March 31 (Fee applies after Dec 31) |
Key Highlights to Note
- Staggered Filing: To prevent portal crashes, the government has staggered deadlines. While individuals (ITR-1 & 2) still follow the July 31 deadline , small businesses and trusts not requiring an audit now have until August 31 .
- Updated Returns (ITR-U): If you miss even the March 31 deadline, you still have the option to file an Updated Return within 48 months (increased from 24 months) from the end of the relevant assessment year, provided you pay additional tax.
- Completion of Assessment: You can only file a revised return if the Income Tax Department has not already completed the assessment of your original return.
Why was it extended?
The extension to March 31 was implemented primarily to assist taxpayers with foreign income. This is because the necessary documentation, such as statements of overseas income or evidence for foreign tax credits, often isn't finalized by the previous December deadline. The later date allows for more accurate data reconciliation in the Indian return.
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