Answer

1. F

   Facts

   For AY 2026-27, revise. A revised return is allowed till 31 March 2027 with no additional tax; a fee of ₹1,000 or ₹5,000 applies from 1 January 2027.

2. P

   Provisions and law

   • Sec 139(5), Income-tax Act 1961 (now Sec 263(5), Income-tax Act 2025)Revised return within the allowed time.
   • Sec 234I, Income-tax Act 1961Fee for a revised return filed after the set period.
   • 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 relevant assessment year, once per year, not to reduce tax or raise a refund.
3. A

   Analysis

   Say missed tax is ₹30,000. A revised return now costs ₹30,000 plus interest, with no fee before 31 December. An ITR-U later would add 25% or more of tax and interest. So revise early.

4. C

   Conclusion

   1. 1Prepare the revised return.
   2. 2Pay any tax due.
   3. 3File before 31 December 2026 if possible.
   4. 4E-verify within 30 days.

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