Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
What it costs
A Section 234F late fee, interest under Section 234A on unpaid tax, and the loss of carry-forward for most losses (except house-property loss).
After 31 December
If you miss even the belated window, you may still file an updated return (ITR-U) within the allowed period, with additional tax. Confirm the current ITR-U window.
Belated, revised and updated returns compared
Missing 31 July isn’t the end, but each fallback costs more. A belated return under Section 139(4) can be filed up to 31 December of the assessment year, carrying the Section 234F fee (₹5,000, or ₹1,000 if total income is up to ₹5 lakh) and Section 234A interest on unpaid tax; you also lose the right to carry forward business and capital losses (house-property loss survives). A revised return corrects a return already filed, also up to 31 December. If you miss even the belated window, the updated return (ITR-U) under Section 139(8A) lets you file for an earlier year — within the allowed period after the assessment year — but with additional tax of 25% or more of the tax and interest, and you can’t use it to claim a refund or increase a loss. So the cost rises the longer you wait: from a fee, to a fee plus lost loss carry-forward, to a fee plus a sizeable additional tax. The practical move if you’ve missed the date is to file the belated return promptly — paying the tax sooner caps the interest — rather than letting it drift toward the more expensive ITR-U route. Confirm the current ITR-U window and rates.