Answer

1. F

   Facts

   For AY 2026-27, a revised return can be filed up to 31 March 2027 with no additional tax, but a fee from 1 January 2027. For earlier years, only an updated return is possible, with additional tax.

2. P

   Provisions and law

   • Sec 139(5), Income-tax Act 1961 (now Sec 263(5), Income-tax Act 2025)Revised return to correct an omission or wrong statement within the allowed time.
   • Sec 139(8A), Income-tax Act 1961 (now Sec 263(6), Income-tax Act 2025)Updated return within 48 months from the end of the assessment year, with additional tax.
   • Sec 140B, Income-tax Act 1961 (now Sec 267, Income-tax Act 2025)Additional tax of 25% to 70% of tax and interest on an updated return.
3. A

   Analysis

   The revised return is cheaper if still open. Say missed tax plus interest is ₹40,000: a revised return costs just that, plus a ₹1,000 or ₹5,000 fee after 31 December. An updated return for AY 2025-26 filed now would add 25% of ₹40,000, that is ₹10,000. For any year, file the fix before you respond to the campaign so you can quote the acknowledgement.

4. C

   Conclusion

   1. 1Check which year the campaign is about.
   2. 2For AY 2026-27, file a revised return early.
   3. 3For older years, pay tax, interest and additional tax and file ITR-U.
   4. 4Respond to the campaign with the new acknowledgement.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.