Quick answer: If you missed the 31 July 2026 deadline, you can still file your return for FY 2025-26 (AY 2026-27) as a belated return until 31 December 2026, with a late fee of ₹5,000 (₹1,000 if total income is ₹5 lakh or less). If you filed but made a mistake, Budget 2026 has extended the revised return deadline to 31 March 2027; revising after 31 December costs a new fee of ₹1,000 or ₹5,000 under section 234-I. So for both groups, 31 December is the date that saves money.
Two different deadlines now sit three months apart, and many websites still show the old position, under which belated and revised returns both closed on 31 December. This guide sets out which deadline applies to you, what filing late actually costs, and a point most coverage gets wrong: for many salaried people, losing the old tax regime in a belated return costs nothing at all.
Which deadline applies to you
Last updated: 3 November 2026. These returns relate to income earned from April 2025 to March 2026 and remain under the Income-tax Act, 1961, even though the new 2025 Act applies from 1 April 2026.
| Your situation | Return to file | Last date | Cost |
|---|---|---|---|
| Did not file by 31 July 2026 | Belated return, section 139(4) | 31 December 2026 | Late fee under section 234F, plus interest if tax is unpaid |
| Filed, need to correct something | Revised return, section 139(5) | 31 December 2026 with no fee; 31 March 2027 with fee | ₹1,000 or ₹5,000 under section 234-I if filed after 31 December |
| Filed a belated return, need to correct it | Revised return, section 139(5) | Same as above | Same as above |
| Missed 31 December and have tax to pay | Updated return (ITR-U), section 139(8A) | 31 March 2031 | Additional tax of 25% to 70% of tax and interest |
Both the belated and the revised deadlines end earlier if your assessment is completed first. Business taxpayers had a 31 August 2026 due date, and audit cases a later one after a CBDT extension, but the belated return limit of 31 December 2026 is the same for everyone.
What Budget 2026 changed
Until this year, belated and revised returns shared one cut-off: 31 December. The Finance Act, 2026 separated them. The belated deadline stays at 31 December 2026, but a return can now be revised up to 31 March 2027, the end of the assessment year. To discourage late corrections, it added a fee under the new section 234-I for revised returns filed after 31 December, subject to the conditions in that section:
| Total income | Late fee for a belated return (234F) | Fee for revising after 31 December (234-I) |
|---|---|---|
| Up to ₹5 lakh | ₹1,000 | ₹1,000 |
| Above ₹5 lakh | ₹5,000 | ₹5,000 |
The fee under section 234F applies if you were required to file a return, even when you owe no tax. A salaried person with income of ₹10 lakh pays no tax under the new regime because of the rebate, but income above the basic exemption limit still makes filing compulsory, so the ₹5,000 fee applies to a belated return.
The old regime question: does a belated return cost you?
For salaried people without business income, the choice of the old tax regime is available only in a return filed by the due date under section 139(1). A belated return is processed under the new regime. Many articles call this a trap. Whether it costs you anything depends on how large your old-regime deductions are.
We worked out the break-even for FY 2025-26: the total deductions, apart from the standard deduction, at which the old regime would have cost the same as the new one. Below this level the new regime was cheaper anyway, so a belated return loses you nothing on this front.
| Gross salary | Tax under the new regime | Old regime was better only if deductions exceeded |
|---|---|---|
| ₹10 lakh | Nil | ₹4.5 lakh |
| ₹12 lakh | Nil | ₹6.5 lakh |
| ₹15 lakh | ₹97,500 | ₹5.44 lakh |
| ₹18 lakh | ₹1,50,800 | ₹6.42 lakh |
| ₹20 lakh | ₹1,92,400 | ₹7.08 lakh |
| ₹25 lakh | ₹3,19,800 | ₹8 lakh |
"Deductions" here means everything the old regime allows beyond its ₹50,000 standard deduction: HRA exemption, section 80C, 80D health insurance, 80CCD(1B) NPS, home loan interest and the rest, added together. Typical claims of 80C plus health insurance, about ₹2 lakh, are well below every figure in the table.
How we calculated this: FY 2025-26 slab rates for a resident individual below 60; new regime with ₹75,000 standard deduction and rebate up to ₹12 lakh of taxable income; old regime with ₹50,000 standard deduction and rebate up to ₹5 lakh; 4% cess; no surcharge. Your own result depends on your exact figures. Compare both regimes with the income tax calculator before filing.
Other costs of filing late
- Interest on unpaid tax at 1% a month under section 234A, from the due date until you file. If all your tax was covered by TDS, there is no interest.
- Losses cannot be carried forward. Capital losses and business losses from FY 2025-26 are lost if the return is belated. Loss from house property is treated differently and can still be carried forward.
- Refund interest is reduced, because the period of delay is excluded.
- Less time to fix mistakes. A return filed close to 31 December can still be revised until 31 March 2027, but only by paying the section 234-I fee.
If you miss 31 December too
An updated return, ITR-U, can be filed for AY 2026-27 until 31 March 2031, but only to declare more income or pay more tax. It cannot be used to claim a refund, to increase one, or to report a loss. You also pay additional tax on top of the tax and interest:
| Filed within | Additional tax |
|---|---|
| 12 months from the end of the assessment year | 25% of tax and interest |
| 12 to 24 months | 50% |
| 24 to 36 months | 60% |
| 36 to 48 months | 70% |
If your employer deducted more TDS than your tax and you are owed a refund, 31 December 2026 is effectively your last date to claim it through a normal return. After that, the only route is a request to the tax department to condone the delay, which is discretionary.
Filing a belated return: the steps
- 1. Reconcile firstDownload Form 26AS, the Annual Information Statement and your Form 16 from the e-filing portal, and match income and TDS.
- 2. Pay any balance tax with the feePay tax, interest and the section 234F fee as self-assessment tax for AY 2026-27 under the 1961 Act before submitting.
- 3. File under section 139(4)Choose AY 2026-27 and the belated return option. Most salaried people use ITR-1 or, with capital gains, ITR-2.
- 4. E-verifyVerify the return through Aadhaar OTP or net banking. A return that is not verified within the time allowed is treated as not filed.
Check which regime would have cost you less. Use the free income tax calculator with your FY 2025-26 figures. No app, no download, no login.
Frequently asked questions
Can I revise a belated return?
Yes. A belated return can be revised under section 139(5) until 31 March 2027, or until assessment is completed if earlier. Revisions after 31 December 2026 attract the section 234-I fee.
My income was below ₹12 lakh and I owe no tax. Do I still pay the late fee?
Yes, if your income was above the basic exemption limit, because filing was compulsory. The rebate removes the tax, not the obligation to file. The fee is ₹5,000 if total income is above ₹5 lakh.
Does the new Income-tax Act, 2025 apply to this return?
No. Returns for FY 2025-26 (AY 2026-27) remain under the Income-tax Act, 1961. The 2025 Act applies to income earned from 1 April 2026.
I filed on time in the old regime. Can I switch to the new regime in a revised return?
Salaried taxpayers without business income choose the regime each year in a return filed by the due date. Whether a revised return filed later can change that choice is a point on which practice varies, so take professional advice before relying on it.
Related: old vs new tax regime with examples, how to calculate income tax on salary and advance tax by 15 December 2026.
Position as of 3 November 2026. Sources: Income-tax Act, 1961, sections 139(4), 139(5), 139(8A), 234A, 234F and 234-I as amended by the Finance Act, 2026, as summarised in professional commentary. The regime break-even table is HR Calcy's calculation on the stated assumptions. General information, not tax advice; for significant amounts, consult a chartered accountant.