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News India Live, Digital Desk: Another big relief news for the middle class and taxpayers has come in the Budget 2026-27 of Modi Government 3.0. Finance Minister Nirmala Sitharaman has made a historic proposal to extend the deadline for filing Revised Income Tax Returns (Revised ITR), making the process of tax filing easier. 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. According to the existing rules, taxpayers used to get time only till 31st December to correct any error in their return. But in Budget 2026, this deadline has been extended to March 31. “I propose that the deadline for filing revised returns should 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 the 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 The government has streamlined the deadlines to bring more clarity in the filing process as follows: ITR-1 and ITR-2 (Individual): The filing deadline for these will remain the same as July 31. Non-audit businesses and trusts: The return filing date for these is proposed to be August 31. Revised Returns (Revised ITR): The last date to fill it will now be March 31. Rules made stricter: Along with 100% penalty relief if wrong information is given, 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 a penalty of 100% of the outstanding tax will be imposed on him. This step has been taken to prevent tax evasion and increase transparency. Other major tax announcements: Cancer medicines: 17 life-saving medicines have been completely exempted from Customs Duty. Education and treatment: TCS rate on remittances for studies and treatment abroad reduced from 5% to 2%. New Tax Act: Finance Minister announced that the new ‘Income Tax Act 2025’ will come into force from April 1, 2026. It will be done.