The deadline to file Income Tax Returns for Assessment Year 2026-27 ended on August 31. However, taxpayers who missed the deadline still have time to file a belated ITR until December 31, 2026, subject to applicable late fees and interest. Taxpayers with annual income of up to ₹5 lakh may have to pay a ₹1,000 late fee, while those earning above ₹5 lakh can face a late fee of up to ₹5,000. If any tax remains unpaid, interest at 1% per month may also apply.
Missing the original deadline can have other consequences too. Certain losses, including business or capital losses, may not be allowed to be carried forward. Taxpayers should also carefully check which tax regime and deductions are available to them when filing a belated return. The good news is that a tax refund can still be claimed through a belated ITR, although processing may take longer.
If there are mistakes or missing details in a filed return, a revised ITR can generally be submitted up to March 31, 2027, subject to the applicable rules and deadlines. Even after December 31, taxpayers may have a limited option to seek condonation of delay from the Income Tax Department, particularly in genuine cases involving a valid refund claim or carry-forward of losses. Approval, however, is not automatic and depends on the circumstances and supporting documents.
