What is a Belated Return under the Income Tax Act?

A belated return under the Income Tax Act, 1961 refers to an Income Tax Return (ITR) that is filed after the due date under Section 139(1) but before the deadline allowed under Section 139(4).

Time Limit for Filing a Belated Return (Section 139(4))

*31st October is applicable for taxpayers under audit.

Consequences of Filing a Belated Return

1. Late Filing Fees under Section 234F

2. Interest on Unpaid Tax (Section 234A)

• Interest at 1% per month or part thereof on unpaid tax from the original due date until filing.

3. Loss of Carry Forward of Losses

4. Impact on Refunds

• Filing late may delay or reduce interest on your tax refund.

5. Higher Chances of Scrutiny or Notice

• Late filing may increase the chances of being flagged for review by the Income Tax Department.

Can a Belated Return be Revised?

Yes! Under Section 139(5), you can revise a belated return before 31st December of the assessment year or before completion of assessment, whichever is earlier.

Recent Changes Post Budget 2025

• Updated Return (Section 139(8A)):
  If you miss the belated return deadline, you can file an updated return within 48 months, but additional tax liability applies.

Key Takeaways

✔ Always try to file your return before the due date to avoid penalties.
✔ If you miss it, file a belated return before 31st December of the next assessment year.
✔ Pay outstanding tax and interest while filing to avoid further penalties.
✔ Losses (except house property losses) cannot be carried forward if the return is belated.

Read:What are the consequences of late filing of return after due date or say late return?