More than 5.9 crore income tax returns (ITRs) were filed by taxpayers for the assessment year 2026-27 by July 31, marking the close of the due date for individuals and Hindu Undivided Families (HUFs) not requiring an audit of their accounts. The Income Tax Department shared this milestone on August 1 through a social media post, stating that filings had crossed the 5.9-crore mark by the end of the deadline day. The July 31 due date applied to taxpayers filing ITR-1 (Sahaj) and ITR-2 whose accounts are not subject to mandatory audit.
Taxpayers who filed their Income Tax Returns (ITRs) for the assessment year 2026-27 before the 31 July deadline but later spotted errors still have an opportunity to correct them. According to reports from Mint, the Income Tax Act, 1961, permits eligible taxpayers to revise their returns if certain conditions are met, even after the original filing deadline has passed. Returns filed after the deadline may attract interest and other applicable consequences under the provisions of the Income-tax Act unless relief is announced subsequently. Common errors such as entering the wrong bank account number, not declaring some income or assets, claiming an incorrect deduction, or selecting the wrong ITR form can be corrected through the e-filing portal.
Taxpayers are allowed to file a revised return up to March 31 of the relevant assessment year, as per the extended timeline announced in Union Budget 2026. This deadline applies to those who filed their ITRs on time, as well as belated returns filed within the December 31 due date. In case taxpayers miss their last date to file their revised return, they will be able to file an updated return within 48 months from the relevant assessment year. However, from AY 2026-27 onward, a new provision under Section 234I introduces an additional fee if a revised return is filed after December 31 but on or before March 31 of the relevant assessment year. The fee structure is ₹1,000 if the total income does not exceed ₹5 lakh and ₹5,000 in any other case. As per the income tax department's FAQ segment, this means taxpayers who revise their returns on or before December 31 will not have to pay any fee.
Nishant Shanker, Tax Controversy & Dispute Resolution at Navraj Global Advisors, explains that taxpayers who discover errors in their ITR after the due date need not panic. As reported by Mint, the Income-tax Act permits the filing of a revised return under Section 139(5), provided the original return was filed within the prescribed time. Filing a revised income tax return to correct a genuine mistake generally does not attract a separate penalty, and taxpayers can revise an ITR if they discover omissions or incorrect information after filing the original return. However, the revised return can be filed online under Section 139(5), but if the original return was filed in paper format or manually, it technically cannot be revised by online mode or electronically.
Tax and investment professionals advise taxpayers to check and review key details before submitting their revised return. According to Mint, taxpayers should verify income reported in Form 16, Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and tax credits reflected in Form 26AS before clicking on the 'submit' button. This comprehensive review ensures accuracy and reduces the risk of future notices triggered by mismatched tax details. While revising an ITR remains an important option for correcting errors, taxpayers should avoid delaying the revision to avoid paying the additional fee under Section 234-I.
