The deadline for filing your Income Tax Return (ITR) for the financial year 2025-26 is fast approaching. Filing your ITR is mandatory for all taxpayers. For taxpayers who don’t have their accounts audited or who are salaried, the deadline for filing your ITR for FY 2025-26 is July 31, 2026. This means only three days are left to file your ITR. If you miss this deadline, you can file a belated return. However, delaying this could result in penalties, additional interest, and loss of several tax benefits.
Last date for filing belated returns
Under Section 139(4) of the Income Tax Act, 1961, taxpayers who fail to file their returns by the due date can submit their belated returns by December 31, 2026, or before the completion of the assessment process.
What happens if you miss the last date of filing ITR?
- Filing a belated return after the deadline under Section 234F will attract a late fee of up to Rs 5,000. However, if the total annual income does not exceed Rs 5 lakh, the penalty will be Rs 1,000.
- If you have excess TDS deducted, filing your ITR is essential to get a refund. Late filing can delay the refund and result in loss of interest.
- If you also miss the belated return deadline of December 31, 2026, you will need to file ITR-U. This attracts additional tax, interest, and penalty and cannot be used to claim a refund or reduce your tax liability.
- Late filing of returns will attract interest at the rate of 1 per cent per month on the outstanding tax amount under Section 234A.
- For those who are required to file ITR and fail to do so, the Income Tax Department may send them scrutiny or compliance-related notices.
File your return on time
To avoid additional penalties and legal hassles, taxpayers must file their ITR before the original deadline of July 31, 2026. If you miss this deadline for any reason, file the belated return before December 31, 2026.
What is ITR-U?
ITR-U stands for “Updated Income Tax Return” and is filed using Form ITR-U under Section 139(8A) of the Income-tax Act, 1961.
It allows taxpayers to:
- File a return for a financial year if they missed the original deadline
- Add missed income or correct errors in the previously filed return
- Comply with tax laws voluntarily and avoid legal action
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
