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News India Live, Digital Desk: Another big relief news has come for the middle class and taxpayers in the Budget 2026-27 of Modi Government 3.0. Finance Minister Nirmala Sitharaman has made the tax filing process easier. Revised Income Tax Return (Revised ITR) A historic proposal has been made to extend the filing deadline. Now if you have made any mistake while filing your income tax return, then you do not need to panic. You will be able to correct your mistake by 31st March by paying a nominal fee.

The hassle of 31st December is over, now you get 3 months extra time

As per the existing rules, taxpayers had only time till December 31 to correct any errors in their returns. But by extending this deadline in Budget 2026 31st March “I propose that the deadline for filing revised returns be extended from December 31 to March 31. For this, taxpayers will have to pay only a nominal fee.” — Nirmala Sitharaman, Finance Minister

Who will get the most benefit from this relief?

This is no less than a boon for those people who forgot to give information about their income, investments or deductions while filing returns at the last moment. Now with additional time of 3 months, taxpayers will be able to update their information without any heavy penalty.

New timeline for ITR filing: at a glance

To bring more clarity to the filing process, the government has streamlined the deadlines as follows:

ITR-1 and ITR-2 (Individual): their filing deadline 31st July Will remain the same.

Non-Audit Businesses and Trusts: date of filing return for 31st August It is proposed to do.

Revised ITR: Last date to fill it is now 31st March Will happen.

Rules become stricter: 100% penalty if wrong information is given

Along with relief, the government has also indicated strictness. The Finance Minister has clarified that if a taxpayer deliberately hides his income or gives wrong information (misreporting), then the tax outstanding on him will not be charged. 100% fine Will be imposed. This step has been taken to prevent tax evasion and increase transparency.

Other big tax announcements:

Cancer Medicines: 17 life saving medicines have been completely exempted from Customs Duty.

Education and treatment: TCS rate on remittances for study and treatment abroad reduced from 5% to 2%.

New Tax Act: Finance Minister announced that the new ‘Income Tax Act 2025’ April 1, 2026 Will come into effect from.