Section references: returns for AY 2026-27 are under the Income-tax Act, 1961 (Sections 139(4), 139(5), 139(8A), 234A and 234F). From tax year 2026-27 the corresponding provisions are Section 263 (return of income), Section 423 (interest) and Section 428 (fee) of the Income Tax Act, 2025.
Quick answer: If you missed the original due date for AY 2026-27 (FY 2025-26), you can still file a belated return by 31st December 2026. The late fee under Section 234F is ₹1,000 if your total income is up to ₹5 lakh, and ₹5,000 if it is higher, plus interest at 1% per month on any unpaid tax. Made a mistake in a return you already filed? A revised return can be filed up to 31st March 2027. Missed both windows? An updated return (ITR-U) is still possible, for up to 4 years from the end of the assessment year.
Missing the ITR date feels like a big deal. Usually it isn’t a disaster. But it does cost money, and it can quietly cost you something bigger: the right to carry forward your losses. Here is exactly what each option means, what it costs, and which one fits your situation.
First, Which Deadline Did You Miss?
The original due date depends on who you are and whether your accounts need an audit. For AY 2026-27, the usual dates were:
- 31st July 2026: salaried individuals and others filing ITR-1 or ITR-2
- 31st August 2026: business and professional income without a tax audit (ITR-3, ITR-4)
- 31st October 2026: taxpayers whose accounts are subject to audit. The audit report itself was due by 30th September 2026
- 30th November 2026: cases that need a transfer pricing report
If you fall in the 31st October group, you have not missed anything yet. If you are in one of the earlier groups and haven’t filed, read on.
Option 1: Belated Return (Section 139(4))
A belated return is your original return, just filed after the due date. For AY 2026-27 you can file it on or before 31st December 2026, or before the assessment is completed, whichever comes first.
What it costs:
- Late fee (Section 234F): ₹1,000 if total income is up to ₹5 lakh, ₹5,000 otherwise. This applies even if you owe no tax, as long as your income is above the basic exemption limit
- Interest (Section 234A): 1% per month or part of a month on the unpaid tax, counted from the original due date until you file
- Delayed refund: if you are owed money, it will usually take longer to reach you
The cost most people miss: a belated return generally means you cannot carry forward business losses or capital losses to future years. If you had a loss this year, that loss could have offset profits for the next several years. Filing late throws that benefit away. Loss from house property is one of the few exceptions.
Also note that if you have business or professional income and wanted to opt out of the new tax regime in favour of the old one, that choice is tied to filing on time. A late return can lock you into the default regime.
No fee applies if your income is below the basic exemption limit and you were not otherwise required to file.
Option 2: Revised Return (Section 139(5))
A revised return is for when you already filed and then spotted a mistake. Wrong bank account, a missed deduction, income you forgot to report, a wrong figure in a schedule. You can correct it.
- Last date: 31st March 2027 for AY 2026-27. Budget 2026 extended this window from 31st December
- Fee: revising after 31st December 2026 attracts a fee (₹1,000 up to ₹5 lakh income, ₹5,000 above). Revise before 31st December and there is no fee
- Extra tax: if the correction increases your tax, pay the difference along with interest before you file
One catch. You can only revise a return that was filed validly. If your original return was defective or was never verified, the rules are different, so check with your CA first.
Option 3: Updated Return, ITR-U (Section 139(8A))
This is the last resort. If the belated and revised windows have both closed, you can still file an updated return, generally within 4 years from the end of the relevant assessment year. For AY 2026-27 that runs to 31st March 2031.
Know the trade-offs before choosing it:
- You must pay additional tax on top of the tax and interest due, and the percentage rises the later you file
- It is meant for reporting additional income or correcting under-reported income. It generally cannot be used to claim a refund or to show a lower tax liability
- An updated return cannot itself be revised again
Quick Comparison: Which Return Do You Need?
- Never filed, and the due date is gone: file a belated return, by 31st December 2026
- Filed on time but made an error: file a revised return, by 31st March 2027 (before 31st December to avoid the fee)
- Missed the belated window, or need to report income you left out: file an ITR-U
- Received a notice: talk to a CA before filing anything. The right response depends on what the notice says
How to File a Belated Return: Step by Step
- Collect your documents: Form 16, AIS and Form 26AS, bank interest certificates, capital gains statements, and investment proofs
- Check AIS against your records. Mismatches are the most common reason for notices later
- Calculate tax under both regimes if you are eligible to choose, then pick the lower one
- Pay any tax due including 234A interest and the 234F fee, through the e-filing portal challan
- Select the right ITR form and choose the section “139(4) belated return” while filing
- E-verify within 30 days. A return that is not verified is treated as not filed
Mistakes That Make a Late Return Worse
- Waiting for an extension. India has no personal extension request. A date moves only through an official notification, so never plan around one
- Skipping the return because no tax is due. The 234F fee can still apply, and a nil return protects your loss carry-forward and keeps your refund and loan records clean
- Forgetting to e-verify. This one silently undoes the whole exercise
- Ignoring the AIS. Interest and dividend income you forgot will show up in it, and the department can see it even if you can’t
- Paying 234A interest wrongly. It counts from the original due date, not the day you file
Note: Dates and fees are based on the Income-tax Act, 1961 as it applies to AY 2026-27 (FY 2025-26), as of September 2026. The Income-tax Act, 2025 applies to income from 1st April 2026 onward. Deadlines can change by official notification, and your exact position depends on your facts. Confirm with your CA before filing.
Related: see our full guide on how the Income Tax Act, 2025 changes filing going forward.