The Income Tax Return (ITR) deadline for Assessment Year 2025-26 may have passed, but all is not lost. Taxpayers who missed the deadline or have undisclosed income still have options to comply with the law and avoid penalties. Here’s a detailed guide in a reader-friendly listicle format.
1. File a Belated Return
- What it is: Filing your ITR after the original due date but within the extended window allowed by the Income Tax Department.
- Deadline: Typically, up to December 31, 2025 for AY 2025-26 (verify latest notification).
- Pros: Allows you to declare income and pay taxes legally.
- Cons: A late filing fee of up to ₹5,000 may apply, and you may lose certain carry-forward benefits like losses.
When to choose: If you completely missed filing by the original deadline and need to report your income.
2. File a Revised Return
- What it is: Correcting errors or omissions in a previously filed ITR.
- Deadline: Can be done within 24 months from the end of the assessment year.
- Pros: Helps rectify mistakes in declared income, deductions, or tax paid.
- Cons: Cannot be used if you haven’t filed any return yet.
When to choose: If you filed your ITR on time but later discovered mistakes or missed deductions.
3. File an Updated Return (ITR-U)
- What it is: A new option introduced recently, allowing taxpayers to update income, tax credits, or disclose previously unreported income.
- Deadline: Check the Income Tax Department’s portal for the applicable window.
- Pros: Offers a chance to legally disclose missed income without heavy penalties.
- Cons: Only applies to taxpayers who need to update details after filing the original return.
When to choose: If you have undisclosed income or credits to update after filing.
4. Key Tips for Late Filers
- Check eligibility before choosing the filing option.
- Calculate tax and interest due on belated or revised returns.
- Maintain proper documentation for all income and deductions.
- Consult a tax professional if unsure about which option suits your situation.
Conclusion: Missing the ITR deadline is not the end of the road. Taxpayers can choose from belated returns, revised returns, or updated returns (ITR-U) to comply with tax laws and avoid legal complications. Acting promptly ensures peace of mind and financial compliance.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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