Income Tax Refund: If you haven’t filed your income tax return (ITR) on time or have already filed but there are errors or omissions, the last chance to correct it is until December 31, 2025. After this date, no corrections or outstanding returns can usually be filed. Tax experts say this is the final opportunity for taxpayers to enter correct information in their returns and rectify any errors in their income, deductions, or any other mistakes under the law.

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Why is a Revised Return Necessary?

According to experts, revising the return is necessary because it allows the taxpayer to correct any errors, omissions, or incorrect claims. This may include charitable donations, donations to political parties, or any other incorrect deductions. Additionally, if the taxpayer has any assets or income abroad, it is mandatory to declare them correctly. Providing information about foreign bank accounts and assets in the Foreign Assets (Schedule FA) section can help avoid potential action under the Black Money Act.

What is Possible After the Deadline?

If the return needs to be revised after December 31, 2025, an updated return can only be filed under Section 139(8A) within 48 months of the end of the relevant financial year. In this case, the taxpayer may have to pay an additional tax of 25% to 70%. For example, the updated return for the year 2021-22 can be filed until March 31, 2026.

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Refunds and Bank Details

The IT department has issued most tax refunds, but in some cases, refunds may be delayed due to discrepancies in bank details or incorrect data. If the bank accounts are pre-validated, the refund process is completed quickly. Tax experts advise taxpayers to take advantage of this final opportunity as soon as possible to avoid potential legal troubles and additional taxes.