ITR Filing AY 2026-27: What To Do if You Discover an Error After Filing Your Return
A growing number of taxpayers are revising their Income Tax Returns (ITRs) as the Income Tax Department's increasingly comprehensive data collection systems continue to uncover income and financial transactions that may have been missed during the initial filing process.
A growing number of taxpayers are revising their Income Tax Returns (ITRs) as the Income Tax Department's increasingly comprehensive data collection systems continue to uncover income and financial transactions that may have been missed during the initial filing process.
According to Mrinal Mehta, Joint Secretary at the Bombay Chartered Accountants' Society (BCAS), the rise in revised returns is largely linked to the expanding scope of information captured through the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).
The AIS now consolidates details such as salary, interest income, dividends, mutual fund and securities transactions, property purchases and sales, foreign remittances, and high-value expenditures. Since reporting entities continue updating this information even after the financial year ends, taxpayers who file their returns early may later discover new entries in their records. Income Tax Return Calendar: Check Category-Wise ITR Filing Deadlines for AY 2026–27.
"The rise in revised returns is, in large measure, a by-product of how comprehensively the tax department now captures financial data," Mehta said.
He also noted that the AIS and TIS are dynamic documents, meaning figures can change even after an ITR has been filed. At the same time, the department's technology-driven scrutiny systems can automatically flag discrepancies between taxpayer disclosures and third-party information, prompting many individuals to voluntarily revise returns before receiving a notice.ITR-3 Filing for AY 2026–27 Goes Live: Check Eligibility, Deadlines and Key Changes.
For Assessment Year (AY) 2026-27, taxpayers can file a revised return under Section 139(5) of the Income Tax Act, 1961, until December 31, 2026, or before assessment completion, whichever is earlier. The Finance Bill, 2026 proposes extending this deadline to March 31, 2027, with an additional fee for revisions filed after December.
Tax experts advise taxpayers to carefully reconcile AIS, TIS, Form 26AS, Form 16, bank statements and investment records before filing to minimise errors and avoid the need for revisions.
(The above story first appeared on LatestLY on Jun 22, 2026 12:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).