Income Tax Return: Income Tax Department warns taxpayers; After 31st December, mistake correction will be costly

• 15 lakh taxpayers corrected errors in returns
• 31st December is the last chance to file returns
• Email advice to those claiming incorrect deductions

Income Tax Return: The Income Tax department’s rigor and data analysis monitoring has had a significant impact. Following notices and campaigns sent by the Central Board of Direct Taxes (CBDT) to those claiming dubious deductions, more than 1.5 lakh taxpayers have filed revised returns for the current assessment year (2025-26) and corrected their errors. The department has clearly warned that the last date for filing returns is 31 December 2025. After this, there will be an opportunity to correct the mistake, but it can be expensive.

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Exposing fake political donations

According to data released by the Income Tax Department, taxpayers have become more serious about compliance. So far, more than 1.5 lakh taxpayers have revised their returns for the assessment year 2025-26. In the current financial year, more than 2.1 million taxpayers have filed updated returns. Due to this performance of the Income Tax Department, wrongdoings have been curbed to a large extent. About Rs 2,500 crore additional tax has accrued to the government exchequer through updated returns.

Through data analysis, CBDT found that a large number of taxpayers have resorted to unfair means of tax evasion. The department launched a campaign, advising taxpayers through email and SMS who claimed wrongful deductions for donations to unrecognized political parties. The department found that several political parties, though registered with the Election Commission but not active, were used for money laundering, hawala transactions and issuance of bogus invoices. Based on this, the department started sending warning messages to taxpayers from December 12.

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At present, it will be important to see what the decision of the Income Tax Department will take in the background of the end of the year and Maharashtra elections. The benefit of this campaign by the Income Tax Department was that the government’s coffers were filled with additional taxes.