Belated vs updated return: Which should you file if you miss the 31 July income tax return deadline?

Taxpayers who miss the July 31, 2026, ITR deadline can file a belated return by December 31, 2026, under Section 139(4), but must pay a late filing fee.

The belated return penalty under Section 234F is ₹1,000 for income up to ₹5 lakh and up to ₹5,000 for income above ₹5 lakh, plus interest under Section 234A for outstanding tax.

A belated return can be revised, and this provision applies to returns from Assessment Year 2017–18 onwards.