Answer

1. F

   Facts

   Yes. For AY 2026-27 a revised return can be filed up to 31 March 2027, before assessment is completed. Revisions after 31 December 2026 carry a fee of ₹1,000 or ₹5,000 under the new Sec 234-I.

2. P

   Provisions and law

   • Sec 139(5), Income-tax Act 1961 (now Sec 263(5))A revised return can be filed before the end of the relevant assessment year or before assessment is completed, whichever is earlier.
   • Sec 234-I, Income-tax Act 1961Fee of ₹1,000 if total income is up to ₹5 lakh, else ₹5,000, for a revised return filed after nine months from the end of the year (2025 Act number to be confirmed).
3. A

   Analysis

   If you missed ₹22,000 of FD interest, revise now and pay any extra tax. Revising before 31 December 2026 avoids the fee. A revised return replaces the original fully, so include everything. Returns filed in response to a notice cannot be revised.

4. C

   Conclusion

   1. 1Compute the corrected income and tax.
   2. 2Pay any extra tax first.
   3. 3File ITR-1 choosing revised return u/s 139(5) with the original acknowledgement number.
   4. 4E-verify within 30 days.
   5. 5Do it before 31 December 2026 to avoid the fee.

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