‘Prayas’ means become young again. ‘Chit’ means your mind becoming young again. Your chitta, mind or consciousness becomes old when it is bogged down by regrets. To remove the regrets becoming new and young again is what prayaschit is.
I did a mistake, never mind now I am going to chant ‘Om Namah Shivaya’ and do my pranayama. Pranayama is the best prayaschit and when you do pranayama all that energy that is bogged down wakes up.