Missed 31 July? You can still file a belated return until 31 December — and an updated return (ITR-U) after that. Here is what it costs.
Missing the ITR due date is common — and fixable. What matters is acting quickly.
Belated return
You can file a belated return up to 31 December of the assessment year (or before assessment is completed, whichever is earlier).
- Late fee: ₹5,000, reduced to ₹1,000 if total income is up to ₹5 lakh
- Interest at 1% per month on unpaid tax under Section 234A
- Business and capital losses (except house property loss) cannot be carried forward
- Under the new regime default rules, you may lose the option to choose the old regime if you have business income
Updated return (ITR-U)
If you miss even the belated deadline, or need to report income you left out, you can file an updated return within 48 months from the end of the relevant assessment year by paying additional tax — 25% to 70% of the tax and interest, depending on how late you file.
ITR-U cannot be used to claim a refund or increase a loss, and is not available once proceedings like search or assessment have started.
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