Missed the due date for your Income Tax Return for FY 2025-26 (AY 2026-27)? You can still file. The Income-tax Act lets you file a belated return up to 31 December 2026, as long as the assessment has not been completed before then. Here is what it costs and what you lose.
What is a belated return?
A belated return is an ITR filed after the original due date under Section 139(4). It is filed with the same ITR form on the income tax e-filing portal, but you must select “belated return” as the filing type.
Late filing fee under Section 234F
- ₹5,000 if your total income is more than ₹5 lakh
- ₹1,000 if your total income is ₹5 lakh or less
- No fee if your total income is below the basic exemption limit and you are filing only voluntarily
Interest under Section 234A
If tax is payable, interest at 1% per month (or part of a month) is charged on the unpaid tax from the day after the due date until the date of filing. Pay the tax and interest before you file, through Challan 280 (e-Pay Tax).
What you lose by filing late
- Loss carry-forward: business losses, capital losses and speculative losses cannot be carried forward to later years. Only house property loss can still be carried forward.
- Old tax regime: if you have business or professional income, you can opt out of the new regime only in a return filed by the due date. Filing late may lock you into the new regime for the year.
- Refund delays: refunds are processed later, and interest on the refund can be lower.
What if you miss 31 December too?
After that date you can file only an updated return (ITR-U) under Section 139(8A). It carries additional tax on top of the tax and interest due, and it cannot be used to claim a refund or increase a loss. It is better to file the belated return now.
Checklist before filing
- Download Form 26AS and the AIS/TIS, and match every income and TDS entry
- Collect Form 16 or 16A, bank interest certificates and capital gains statements
- Pay any balance tax with interest, then file and e-verify within 30 days. An unverified return is treated as not filed.
Get it done with Om Jha & Associates
Our office in Dwarka, New Delhi handles the whole process for you, from checking documents to filing. Call or WhatsApp +91-9899129125, email opjhaom@gmail.com, or book a free consultation.