ITR Deadline Passed: Belated vs Updated Return

A belated return can be filed by December 31, 2026. It carries a late fee under Section 234F of ₹1,000 to ₹5,000, depending on the taxpayer's income. If there is outstanding tax liability, interest under Section 234A applies on top. The belated return can be revised later – a provision that applies to returns from Assessment Year 2017-18 onward, Mint noted. The deadline to revise a belated return for AY 2026-27 is March 31, 2026.

An updated return, or ITR-U, gives more time: up to 48 months from the end of the relevant assessment year. It is designed to encourage voluntary compliance, Mint said. The taxpayer can file it even if they have not filed an original, belated, or revised return for that year. But there is a catch. ITR-U cannot be used to claim a higher refund, reduce tax liability, or carry forward additional losses that were not claimed earlier. And unlike the original and belated returns, an updated return cannot be revised further.

For taxpayers who miss both the July 31 deadline and the December 31 belated deadline, the ITR-U remains available for up to four years. The penalty structure and the inability to revise the filing are the key constraints, Mint reported.