Belated & Revised ITR for AY 2026-27: 31 December Explained

The original due dates for income tax returns for Financial Year 2025-26 (Assessment Year 2026-27) have now passed for almost every category of taxpayer. Two filing routes are still open: the belated return for anyone who has not filed at all, and the revised return for anyone who filed but now needs to correct a mistake.

Both routes have a common reference date this year — 31 December 2026 — but the consequences of that date are different for each. The Finance Act, 2026 also changed the time limit for revised returns and introduced a new fee, so the rules that applied last year are no longer the full picture.

This guide explains what each type of return is, the time limits, the fees and interest, and the benefits that are lost when a return is filed late.

Which Law Applies to This Year's Return

Returns for FY 2025-26 (AY 2026-27) are still filed under the Income-tax Act, 1961, so the familiar section numbers — 139(4), 139(5), 234A, 234F — continue to apply. The Income-tax Act, 2025 takes effect from 1 April 2026 and governs income of Tax Year 2026-27 onwards, where the same concepts carry new section numbers.

The Belated Return — Section 139(4)

A belated return is an original return filed after the due date under Section 139(1). For AY 2026-27 the original due dates were:

A belated return can be filed up to three months before the end of the assessment year, or before the assessment is completed, whichever is earlier. For AY 2026-27 this means 31 December 2026. The Finance Act, 2026 did not extend this limit — only the revised-return window was lengthened.

Late fee under Section 234F

The fee must be paid before the belated return is uploaded. Where total income is below the basic exemption limit and the return is filed only voluntarily, the fee generally does not apply.

Interest under Section 234A

If any tax remains unpaid after TDS, TCS and advance tax, interest at 1% per month or part of a month runs from the day after the original due date until the date of filing. Interest under Sections 234B and 234C for shortfalls in advance tax is computed separately.

What a belated return costs beyond the fee

The fee is often the smallest cost. A belated return also means:

• No carry-forward of most losses. Business losses, speculative losses and capital losses can be carried forward only if the return of the loss year is filed by the original due date. House property loss and unabsorbed depreciation are the main exceptions.
• Loss of the old tax regime for many taxpayers. For individuals and HUFs without business income, the old regime can be chosen only in a return filed by the original due date. A belated return is processed under the default new regime, so deductions such as 80C, 80D and HRA exemption fall away.
• Business taxpayers who wished to stay in the old regime had to file Form 10-IEA by the original due date; a belated return does not cure a missed Form 10-IEA.
• Certain profit-linked deductions (for example, those under Part C of Chapter VI-A) are available only where the return is filed by the original due date.
• Less interest on refunds. Where a refund is due, interest on it generally runs only from the date the belated return is filed, not from 1 April.

The Revised Return — Section 139(5)

A revised return replaces a return already filed when the taxpayer discovers an omission or wrong statement — an income source left out, a deduction claimed wrongly, the wrong ITR form, a bank interest figure missed from AIS, and so on. Both an on-time return and a belated return can be revised, and a return can be revised more than once; the last valid revised return is the one that counts.

What changed from AY 2026-27

Earlier, a revised return had to be filed three months before the end of the assessment year — 31 December, or nine months after the financial year closed. The Finance Act, 2026 extended this to twelve months, so a revised return for AY 2026-27 can now be filed up to 31 March 2027, with a fee for the extra period:

The window also closes earlier if the assessment of that year is completed before 31 March 2027.

Worked example

Suppose a salaried individual with total income of ₹9 lakh filed ITR-2 on 25 July 2026 but omitted interest of ₹40,000 on a fixed deposit, which later appears in AIS.

• Revised on 15 December 2026: no fee; the additional tax on ₹40,000 plus any interest under Section 234B/234C is paid before filing.
• Revised on 20 February 2027: the same tax and interest, plus ₹5,000 under Section 234I, because total income exceeds ₹5 lakh.

Now suppose the same person had not filed at all and files a belated return on 20 December 2026. A late fee of ₹5,000 under Section 234F applies. If an error in that belated return is found and corrected on 10 March 2027, the revision attracts a further ₹5,000 under Section 234I. Two separate fees can arise on the same year's return.

When Neither Route Is Available — the Updated Return

After 31 December 2026 a person who has not filed at all can no longer file a belated return for AY 2026-27, and after 31 March 2027 a revised return is no longer possible. The remaining route is the updated return (ITR-U) under Section 139(8A), which can be filed within 48 months from the end of the assessment year, but only on payment of additional tax:

An updated return generally can be used only to increase income or tax. It cannot be used to claim a fresh refund or reduce tax, and it is barred in several situations, such as where a search, survey or assessment is pending or completed for that year. It is a correction route, not a substitute for timely filing.

Common Mistakes to Avoid

• Treating 31 December as a "free" deadline. The belated return is still late — fee, interest and loss of carry-forward all apply from the day after the original due date.
• Revising instead of responding. Where an intimation under Section 143(1) or a defective-return notice under Section 139(9) has been issued, the correct reply may be a rectification or a response to that notice, not a fresh revised return.
• Choosing the old regime in a belated return. The utility may allow deductions to be entered, but processing will apply the new regime if the option was not validly exercised by the due date, resulting in a demand.
• Forgetting e-verification. A return — original, belated or revised — is not treated as filed until it is verified, ordinarily within 30 days of upload.
• Not quoting the original acknowledgement. A revised return must quote the acknowledgement number and date of the return it replaces.
• Ignoring AIS and Form 26AS before filing. Most revisions arise from income already reported in AIS — interest, dividends, securities transactions — that was missed in the original return.

A Short Checklist Before 31 December 2026

1. If no return has been filed for AY 2026-27, file the belated return with the Section 234F fee and any Section 234A interest.
2. If a return has been filed, compare it once more against AIS, TIS and Form 26AS.
3. If anything is missing or wrong, file the revised return before 31 December 2026 to avoid the Section 234I fee.
4. E-verify the return and keep the acknowledgement.

This guide reflects the Income-tax Act, 1961 as amended by the Finance Act, 2026, as it applies to AY 2026-27. Due dates can be extended by CBDT, and fee amounts and procedures can change by notification. Confirm the current position on the Income Tax e-filing portal before filing.

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Related Advisory Services & Practice Guides

• Assistance with ITR filing for individuals, firms and companies in Chhattisgarh and Odisha.
• Information on responding to income tax notices and appeals.
• Background reading: Common ITR filing mistakes and AIS/TIS mismatch notices.
• Related: Opting in or out of the old tax regime with Form 10-IEA.