Tax season often brings a familiar rush. Many taxpayers file their returns early, but some later realise they made a mistake or missed the deadline altogether. As key tax timelines approach, it helps to know when you can still correct your return and what advance tax deadlines you should keep in mind.
Recent changes aim to give taxpayers a little more breathing room, especially when it comes to revising their income tax returns.
MORE TIME TO CORRECT YOUR INCOME TAX RETURN
Under the current rules, taxpayers can file a revised return only until December 31 following the tax year. This allows them to correct mistakes made in the original return or update missing information.
However, the government has now proposed extending this timeline. If the proposal comes into effect, taxpayers will be able to file a revised return until March 31 following the tax year. This extended window will apply to both original returns and belated returns.
Finance Minister Nirmala Sitharaman, in her Budget 2026 speech said, “Presently revised return can be filed upto December 31 following the tax year. Return filing period extends upto October 31 for persons engaged in international transactions under section 92E. In this regard, it is proposed to allow extending the time of filing revised return upto March 31 following the tax year. This revised return can be of original return or belated return.”
Under the proposal, a nominal fee may apply if a return is revised after 31 December. Taxpayers with income up to Rs 5 lakh may have to pay a Rs 1,000 fee, while those with higher income may face a Rs 5,000 fee.
Tax expert Harsh Bhuta, Managing Partner at Bhuta Shah and Co, says the move will make compliance easier for taxpayers.
“The due date for filing revised returns has been extended till 31 March, and updated returns are now permitted even during reassessment proceedings, subject to payment of an additional 10 %,” Bhuta explained.
UNDERSTANDING ADVANCE TAX
Apart from filing returns, taxpayers also need to pay attention to advance tax deadlines.
Advance tax follows the principle of “pay as you earn.” In simple terms, if your estimated tax liability for the year crosses Rs 10,000 after TDS, you must pay tax in instalments during the financial year itself instead of paying everything at once later.
The system applies to many taxpayers, including salaried individuals, freelancers, professionals and businesses.
This mechanism ensures tax payments are spread across the year instead of creating a large burden at the end.
ADVANCE TAX PAYMENT SCHEDULE
Advance tax is usually paid in four instalments across the financial year. The first instalment is due on June 15, when taxpayers must pay at least 15% of their total tax liability.
The second instalment falls on September 15, by which time 45% of the total tax liability should be paid after adjusting earlier payments.
The third instalment is due on December 15, taking the payment to 75% of the total tax liability. The final instalment must be paid by March 15, when the full estimated tax should be cleared.
Any tax paid on or before March 31 is also treated as advance tax for that financial year.
WHAT HAPPENS IF YOU MISS THE DEADLINE?
Missing advance tax instalments can lead to interest charges under the Income Tax Act.
Interest may be charged under Section 234B for default in payment of advance tax and under Section 234C for delay or deferment of instalments. In most cases, the interest rate is 1% per month or part of a month.
WHY THESE TIMELINES MATTER
With the tax system increasingly becoming digital, the government has been trying to simplify compliance and give taxpayers more time to fix mistakes.
The proposed extension for revised returns and the structured advance tax schedule are both designed to make tax payments smoother, provided taxpayers keep an eye on the calendar and act before deadlines pass.
