Missed the ITR Deadline? Belated, Revised and Updated Returns Explained
Missed 31 July? You can file a belated return until 31 December 2026. What it costs, what you lose, and why a belated return cannot be revised. AY 2026-27 explained.
Three different returns, three different deadlines, three very different costs. People mix them up constantly, usually at the point where the cheap option has already expired.
First: check whether you actually missed anything
Budget 2026 introduced staggered deadlines. Not everyone was due on 31 July.
| Who | Due date |
|---|---|
| ITR-1 and ITR-2, salaried and non-audit | 31 July 2026 — passed |
| ITR-3 and ITR-4, non-audit business or professional | 31 August 2026 |
| Tax audit cases | 31 October 2026 |
| Transfer pricing | 30 November 2026 |
If you have business or professional income and are not subject to audit, you have not missed anything. You have until 31 August.
The three returns
| Belated | Revised | Updated (ITR-U) | |
|---|---|---|---|
| Section | 139(4) | 139(5) | 139(8A) |
| For | Missing the due date entirely | Correcting a return already filed | Disclosing income after both windows close |
| Deadline, AY 2026-27 | 31 Dec 2026 | 31 Mar 2027 — see note | 31 Mar 2031 |
| Cost | ₹1,000 or ₹5,000 late fee, plus 234A interest | Nil | Additional tax of 25% to 60% |
| Refund claim | Yes | Yes | No |
| Carry forward losses | No | Yes, if original was on time | Now permitted, conditionally |
Note on the revised return date. Budget 2026 extended the revised return window from 31 December to 31 March of the following year, so 31 March 2027 for AY 2026-27. Some published sources still show 31 December 2026. Confirm before relying on the later date, because the difference is three months of your entitlement.
Belated return, until 31 December 2026
A return filed after your due date but within the Section 139(4) window.
Cost: ₹1,000 under Section 234F if total income is up to ₹5 lakh, ₹5,000 if above. Plus interest under Section 234A at 1 per cent per month on unpaid tax, running from the due date.
What you lose, and this is the part that matters: you cannot carry forward business losses, capital losses or speculation losses. Unabsorbed depreciation survives; most other losses do not.
If you had a ₹4 lakh business loss and file late, that loss is permanently gone. At a 30 per cent rate that is ₹1.2 lakh of future tax, against a ₹5,000 late fee. The penalty is not the penalty.
And a belated return cannot be revised. File one and spot a mistake, and your only route is ITR-U with additional tax. Filing on time preserves a free correction; filing late does not.
Revised return, until 31 March 2027
For correcting a return you filed on time. No fee, no penalty. You can revise more than once. You cannot revise a belated return.
Updated return, until 31 March 2031
Section 139(8A). The last resort, and it is priced like one.
Available to anyone, whether or not they filed originally. The window is 48 months from the end of the relevant assessment year, so 31 March 2031 for AY 2026-27. Additional tax rises the later you file, from 25 per cent up to 60 per cent of the additional tax and interest, depending on when in the four-year window you file.
You cannot claim a refund in an updated return. It exists to declare income you did not declare, not to recover tax you overpaid. If you are owed money, ITR-U will not get it back. One change worth noting: losses declared in an updated return can now be carried forward, subject to conditions, where previously that was restricted.
The cost ladder
Same taxpayer, same omitted income, four different moments:
| When you act | What it costs |
|---|---|
| By your due date | Nothing |
| Belated, by 31 Dec 2026 | ₹1,000 or ₹5,000 + 234A interest + loss of carry-forward |
| Revised, by 31 Mar 2027, if you filed on time | Nothing |
| ITR-U, from 2027 | 25% to 60% additional tax, no refund possible |
The gap between the second and fourth rows is the entire argument for dealing with this before December.
Do you even have to file?
If your total income exceeds the basic exemption limit, yes, even if your final tax is nil after rebates. For FY 2025-26 that is ₹3,00,000 under the new regime and ₹2,50,000 under the old.
Under the new regime there is no tax payable up to ₹12 lakh, but if your income exceeds ₹3 lakh you should still file. Filing is also what gives you proof of income for loans, visas and tenders, which is usually why people who did not have to file wish they had. There are also situations where filing is mandatory regardless of income, including holding foreign assets or foreign income.
What to do now
- Missed 31 July and you file ITR-1 or ITR-2: file a belated return now rather than in December. Interest accrues monthly and refunds process in arrival order.
- Business or professional income, no audit: you have until 31 August. File this month.
- Filed on time and found an error: revise it. It is free.
- Have not filed for an earlier year: ITR-U may be available, but check the cost before assuming it is worth it, and remember you cannot claim a refund through it.