Revised ITR deadline extended with a penalty in Budget 2026 - The Economic Times

Contributing sentiments towards policy:

57% : For example, in the United States, tax returns for a calendar year, e.g., 2024, are finalised by April 2025, while the Indian deadline to revise returns for FY2023-24 so far was 31 December 2025.
54% : According to the current Income Tax Act, an individual can file revised ITR for a particular assessment year by December 31.
50% : This change aims to address issues faced by taxpayers, particularly those with foreign income, by better aligning Indian tax timelines with global practices and reducing disputes.Finance minister Nirmala Sitharaman has proposed to extend time available for revising returns from 31st December to up to 31st march with the payment of a nominal fee.
50% : ●Cash flow disruptions and increased administrative burden for both taxpayers and the tax department.
49% : Finance Minister Nirmala Sitharaman has proposed extending the deadline for revising income tax returns from December 31 to March 31, allowing for a nominal fee.
47% : While the December 31 deadline for belated and revised returns did not align with the global tax timelines, the current changes, albeit with a small fee, as recommended by the Finance Minister are expected to help the taxpayers.
39% : ●Overpayment of taxes results in large refunds that are often delayed due to verification issues.
34% : However, many tax payers faced issues in claiming foreign credit .

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.