The 31 July deadline (salaried, ITR-1/2) and the 31 August deadline (non-audit business, ITR-3/4) for AY 2026-27 have both passed, and neither was extended. If your return is not filed, nothing is lost yet — but every option from here has a price tag, and the prices rise with time. Here is the full map.
Short answer
Short answer: you can still file a belated return for AY 2026-27 under Section 139(4) any time up to 31 December 2026 — same portal, same forms, plus a late fee of ₹5,000 (₹1,000 if total income is ₹5 lakh or less) and 1% per month interest on any unpaid tax. Miss 31 December too, and the only route left is the updated return (ITR-U), which stays open for 48 months but charges additional tax starting at 25% — and can never be used to claim a refund.
What missing the deadline costs
| Cost | How much | Applies when |
|---|---|---|
| Late fee — Section 234F | ₹5,000 (₹1,000 if income ≤ ₹5 lakh) | Any return filed after your due date, up to 31 Dec 2026 |
| Interest — Section 234A | 1% per month (or part) on unpaid tax | From the day after the due date until you file and pay |
| Interest — 234B/234C | 1% per month on advance-tax shortfall | If advance tax was underpaid — runs independently |
| Loss carry-forward | Lost (except house-property loss) | Business and capital losses cannot be carried forward from a belated return |
| Refund interest | Reduced | Interest under 244A runs from filing date, not 1 April, for belated returns |
Filing a belated return — Section 139(4)
- Log in to the e-filing portal and file exactly as you would have before the deadline — same ITR form, selecting Section 139(4) as the filing section.
- Pay the self-assessment tax including 234A/234B interest BEFORE submitting — the portal computes the 234F fee automatically.
- E-verify within 30 days (Aadhaar OTP is fastest). An unverified return is treated as never filed — the most expensive small mistake in this entire process.
- The last date is 31 December 2026, or completion of assessment if earlier. Do not plan for the last week: portal load and bank cut-offs eat days.
What a belated filer loses
- Carry-forward of losses: business losses and capital losses of FY 2025-26 die with a belated return. Only house-property loss survives. If you booked a large capital loss this year, this alone can outweigh every other cost.
- Old-regime option for business income: opting out of the new regime needs Form 10-IEA filed by the ORIGINAL due date — a belated business filer is locked into the new regime for the year.
- Certain profit-linked deductions (80-IA/80-IB family and some others) require an on-time return.
- Peace with the department: repeated belated filing is a scrutiny-selection input, and refunds process slower.
Filed on time but got it wrong? Revised return — Section 139(5)
If you DID file (on time or belated) and then discover a mistake — missed interest income the AIS shows, wrong bank account, unclaimed TDS — you can revise it any number of times up to 31 December 2026. A revised return replaces the original; no late fee applies for revising an on-time return. After processing under 143(1), revision is still possible until the window closes, but reconcile against AIS/26AS before the first filing and you will rarely need it.
After 31 December — the ITR-U route (Section 139(8A))
Once the belated window shuts, the updated return is the only door, and Finance Act 2025 widened it to 48 months from the end of the assessment year. The price is additional tax on top of tax and interest:
| ITR-U filed for AY 2026-27 | Additional tax |
|---|---|
| By 31 March 2028 (within 12 months of AY end) | 25% of tax + interest |
| By 31 March 2029 (within 24 months) | 50% |
| By 31 March 2030 (within 36 months) | 60% |
| By 31 March 2031 (within 48 months) | 70% |
- ITR-U can only INCREASE your declared income and tax — it cannot claim or enlarge a refund, report a loss, or reduce liability.
- It cannot be filed if a search/survey or certain proceedings are underway against you.
- One ITR-U per assessment year — no revisions of an updated return. Get it right the first time.
- Despite the cost, ITR-U beats the alternative: the department already sees your AIS data, and a notice-driven assessment prices worse than 25%.
Refund stuck behind a missed deadline — condonation
If you missed even the belated window but a REFUND is due to you — excess TDS, advance tax overpaid — ITR-U cannot help, but a condonation of delay application under Section 119(2)(b) can. You apply to the jurisdictional authority explaining the genuine hardship that caused the delay; if condoned, the return is filed and the refund processed. Claims can generally be made for up to five assessment years, subject to monetary limits on who approves. It is discretionary, paperwork-heavy, and exactly the kind of application that goes better drafted by a CA than copied from a forum.
Frequently Asked Questions
I missed the 31 August 2026 ITR deadline for my business return. Can I still file?
Yes — file a belated return under Section 139(4) on the same portal, any time up to 31 December 2026. You will pay the Section 234F late fee (₹5,000, or ₹1,000 if total income is up to ₹5 lakh) plus 1% per month interest under 234A on any unpaid tax. Your business and capital losses of FY 2025-26 will not carry forward, and with business income you are locked into the new tax regime for the year.
What is the last date to file a belated return for AY 2026-27?
31 December 2026, or completion of your assessment if that happens earlier. After that, the only route is the updated return (ITR-U), which carries 25-70% additional tax and cannot produce a refund.
What is the penalty for filing ITR late for AY 2026-27?
A late fee of ₹5,000 under Section 234F (₹1,000 where total income does not exceed ₹5 lakh), plus interest at 1% per month under Section 234A on unpaid tax from the due date to the filing date. The fee applies even when no tax is payable because TDS covered everything.
Can I choose the old tax regime in a belated return?
If you have business or professional income: no — opting out of the new (default) regime required Form 10-IEA by the original due date, so a belated business filer stays in the new regime. Salaried taxpayers exercise the choice within the return itself; reconfirm the portal's treatment for belated filings before assuming the old regime is available.
Will I lose my capital loss if I file belated?
Yes — capital losses and business losses of the year cannot be carried forward when the return is filed after the due date. Only loss from house property survives a belated filing. If you have a substantial loss to protect in a future year, this is usually the biggest hidden cost of filing late.
What is ITR-U and when does it apply?
The updated return under Section 139(8A) — available AFTER the belated/revised window closes, for up to 48 months from the end of the assessment year (extended from 24 months by Finance Act 2025). For AY 2026-27 that means until 31 March 2031, with additional tax of 25%, 50%, 60% or 70% of tax-plus-interest depending on the year of filing. It can only add income — never claim a refund or a loss.
My refund is stuck because I never filed. Is it gone?
Not necessarily. ITR-U cannot claim refunds, but an application for condonation of delay under Section 119(2)(b) can — you explain the genuine cause of delay to the tax authority, and if condoned, the return is accepted and the refund processed. It is discretionary and document-driven; professionally drafted applications fare better.
Can Pujara & Co file my belated return?
Yes — belated and revised returns, ITR-U workings with the additional-tax computation, and Section 119(2)(b) condonation applications are all routine work. We reconcile AIS/26AS first so the late filing does not create a second problem, and the fee is confirmed in writing before we start.
Missed the deadline? File the belated return properly
AIS/26AS reconciliation, correct 234A/234F computation, e-verification — fee confirmed in writing before we start.
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