The question
1 answer
Practising chartered accountants at ERPCA · 7 Aug 2026
In short
You can still file a belated return under section 139(4) up to 31 December 2026, and the damage at your income level is modest.
Late fee under section 234F: ₹5,000, because your income is above ₹5 lakh (₹1,000 below it). Interest under section 234A at 1% a month on any tax still payable after TDS, counted from 1 August; if TDS covers your liability, this is nil.
Two consequences people miss. First, a belated return is filed under the new regime by default; the option to use the old regime for a salaried person has to be exercised in a return filed by the due date, so if the old regime would have saved you tax this year, that saving is gone. Second, losses other than house property loss cannot be carried forward from a belated return.
If you miss 31 December as well, the only route is an updated return (ITR-U), which Finance Act 2025 extended to 48 months from the end of the assessment year, but it carries additional tax of 25% to 70% of the tax due and cannot be used to claim a refund or report a loss.
Next step
File this week. Pay the ₹5,000 fee and any self-assessment tax through the e-pay tax option first, then submit the return with the challan details and e-verify within 30 days.
General guidance on the facts given, not an engagement. Law as on the date of the answer.
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