The 2026 budget has introduced an extension for individual taxpayers, allowing them until March 31 to file their returns or make corrections. This change provides additional time beyond the original deadline, helping taxpayers avoid penalties for late submissions.
The extension applies to returns that were missed or contained errors during the current assessment year, offering a more flexible timeframe to comply with tax regulations.
**Why this matters**
This extension reduces pressure on taxpayers by giving them extra time to meet filing requirements. It also helps improve compliance rates and reduces the risk of penalties, benefiting both individuals and the tax authorities.
Source: NewsData