Missed 31 July? How to file a late return by 31 December

What a late return costs

The fee doesn't apply if you weren't required to file a return at all under section 139(1). Whether you were depends on more than your income (for example, high foreign travel or electricity spending, or foreign assets), so check before assuming no fee.

What else changes when you file late

• You can't choose the old regime. A late return is taxed under the new regime.
• You can't carry forward most losses, such as capital losses. A loss from a house property can still be carried forward.
• Interest on a refund of TDS or advance tax runs from the date you file, not from 1 April. (Section 244A has separate rules for self-assessment tax.)

After 31 December 2026

You can no longer file a late return. If you're eligible, you can file an updated return (ITR-U), which adds extra tax of 25% to 70% of the tax and interest due, depending on how late you file.

What to do now

1. Download your AIS and Form 26AS from the e-filing portal.
2. Work out your tax under the new regime, and pay any balance with interest.
3. File the return, then e-verify it within 30 days of filing. If you don't, it counts as filed on the day you verify, which can add to the fee.