In a relief for taxpayers, the Union Budget announced an extension in the deadline for filing revised income-tax returns. Finance Minister Nirmala Sitharaman proposed that revised returns, earlier required to be filed by December 31, can now be submitted up to March 31. The move is aimed at giving individuals and businesses additional time to correct errors or omissions in their original filings. However, the extension comes with a provision for payment of a nominal fee. The decision is expected to reduce compliance pressure, especially for salaried individuals and small taxpayers, while improving accuracy in tax reporting. The extended timeline reflects the government’s intent to balance ease of compliance with accountability, offering flexibility without diluting fiscal discipline.
Taxpayers Get More Time as Revised Return Window Extended
