Money and taxes: Checklist After January 01st 2026

Income Tax Return Filing- Updated Return

• Taxpayers who have missed filing or need to correct errors in past returns can still comply by filing an Updated Income Tax Return (ITR-U) under Section 139(8A).
• The last date for filing Updated Income Tax Return for AY 2021-22 (FY 2020- 21) is 31^st March 2026

After this date, filing an updated return for this year will no longer be allowed.

Revised Additional Tax on ITR-U (Post 31 March 2026)

If updated returns are filed after 31 March 2026, the additional tax payable for other assessment years will be as follows:

• AY 2022-23 (FY 2021-22) – 60% to 70%
• AY 2023-24 (FY 2022-23) – 50% to 60%
• AY 2024-25 (FY 2023-24) – 25% to 50%

Earlier compliance helps minimize penalty exposure.

Refer Updated Return (ITR-U) u/s 139(8A) Income Tax Guide for more information

Tax Planning for FY 2025–26

As Financial Year 2025–26 is nearing its end, taxpayers have limited time left to complete tax-saving investments. Proper tax planning is essential to reduce tax liability and maximize eligible deductions before the financial year closes on 31/03/2026.

Taxpayers opting for the old tax regime must complete eligible investments like deductions under Sections 80C, 80D, 80G, 80CCD, 24 etc on or before 31/03/2026 to claim tax benefits.

Plan your tax-saving investments with EZTax.in to select the most beneficial tax regime and optimize your tax liability before the deadline.

Learn more on Best Income Tax Saving Investment Options in India

Advance Tax Payment for FY 2025-26

15^th March 2026 / 31^st March 2026 is the due date for payment of advance taxes for last quarter of FY 2025-26. The taxpayers are required to pay the advance tax before the due date to avoid interest u/s 424 of IT Act 2025 (u/s 234B of IT Act 1961).

Learn more on Advance Tax: What, When & How to Pay?

Application for Lower deduction of TDS (Form 13)

NRI's who are selling the properties in FY 2025-26 can apply for lower deduction of TDS by 15^th March 2026. Otherwise, they need to file the tax returns and claim the refund once the IT Filing starts

EZTax specializes in NRI TDS planning & Form 13 filing.

Learn more on How to Submit Form 13 ?

Tax Loss harvesting

• Tax loss harvesting is a strategy where taxpayers sell loss-making investments before the end of the financial year to set off capital losses against capital gains, thereby reducing overall tax liability.
• As the financial year 2025-26 is coming to an end, the taxpayers who have profits in stock market can plan for the tax loss harvesting to minimize or optimize the taxes for FY 2025-26

Plan your tax loss harvesting effectively with EZTax.in to optimize capital gains tax before year-end.

Learn more on Taxation on — Futures & Options (FOs) Trading

Opt for Composition Scheme for FY 2026-27

The taxpayer who wants to convert from regular GST to Composition scheme for FY 2026-27 can change between 05th Feb 2026 to 31^st March 2026. As this is a 1-time window given by GST department, the desired taxpayers are required to utilize the option

EZTax evaluates whether composition scheme suits your business model.

Refer Indian Budget 2026 | Pre-Budget Expectations for more information

TDS/TCS correction from FY 2018-19(Q4) to FY 2023-24 (Q3)

TDS/TCS corrections can be filed within 2 years from the end of the financial year in which the statement is required to be filed as per new changes in Income Tax Act. As per this, the taxpayers are required to file their TDS/TCS corrections before 31^st March 2026.

EZTax helps with full TDS reconciliation and correction filing.

Refer TDS or TCS Correction for more information