Missed the ITR Deadline? Here's What Actually Happens

You can still file — until 31 December

Missing the original due date isn't the end of the road. Under Section 139(4), you can file a belated return any time up to 31 December of the assessment year (so, for FY 2025-26, by 31 December 2026), or before your assessment is completed, whichever comes first. But it isn't free.

What it actually costs you

• Late fee under Section 234F: ₹5,000 if your total income exceeds ₹5 lakh, ₹1,000 if it doesn't.
• Interest under Section 234A: 1% per month (or part of a month) on any unpaid tax, from the original due date until you actually file.
• Lost carry-forward rights: business losses and most capital losses can no longer be carried forward to set off against future years' income. The one notable exception is loss from house property, which can still be carried forward even on a belated return.

What doesn't change

You still get your refund, if one's due, and you can still revise a belated return if you spot an error later (within the same window). The return itself is treated the same way procedurally — it's the penalties and the lost carry-forwards that make timing matter.

The practical takeaway

If you've already missed 31 July, file as soon as you can rather than waiting — the interest is calculated per month, so every month of delay adds up, and if you have losses you were planning to carry forward, that door starts closing the moment you're late.