December 31 Deadline Passed? Options for Correcting Your Tax Return

For many people, December 31 was the last day to file a corrected or late income tax return. Missing this deadline can be stressful, especially if you’re waiting for a tax refund. But tax experts say it’s not the end of the road. Even though options become limited after December 31, there are still a few ways to claim a refund legally.

December 31 is the final date to file a revised or belated income tax return for AY 2024-25. Taxpayers will not be able to correct mistakes, claim extra deductions, or update income details through the usual return process after this date. This date is important for taxpayers who are expecting their refund, because refunds can get delayed if there are errors such as mismatched TDS, clerical errors, or inaccurate bank and personal details.

What do you mean by Rectification Request?

If your tax return has already been processed but you notice some mistakes, the easiest way to fix them is by filing a rectification request under Section 154 of the Income Tax Act. This is useful for taxpayers to correct mistakes, such as Tax calculated incorrectly, Data entry or typing errors, TDS credit mismatches.

If the correction is accepted, any refund you’re owed can still be paid. However, tax experts clarify that you cannot use this to make new claims, add deductions, or report extra income. It’s only for fixing mistakes that are clearly visible in your original filed return.

What if no return was filed?

Taxpayers who failed to file an ITR before December 31 have even fewer options. There is only one option, ‘updated return’ (ITR-U), which can be filed up to two years after the end of the assessment year. The updated return is mainly designed for declaring missed income and not for claiming refunds.

In many cases, filing ITR-U may involve additional tax payments, interest, or penalties. It does not reopen refund claims that were never filed earlier.

Is there any other chance to claim a refund?

Sometimes, if a taxpayer misses the deadline to file their tax return but wants to claim a refund, they can apply for condonation of delay to request the department to permit a late return. The tax department doesn’t have to agree; it’s up to them, and you need a strong reason for being late. However, such approvals are rare.

If someone disagrees with a tax decision, they can also appeal legally, but this process is slow and usually done only for big amounts or serious disputes.

What Taxpayers Should Do Now

Taxpayers must consider the following points:

• Tax experts suggest taxpayers to check the status of the original return on the income tax portal and review the CPC intimation carefully.
• In case a refund was denied due to a clear mistake, taxpayer must file a request for rectification.
• Delays do not always mean rejection. In many cases, refunds are issued months after successful rectification or verification.

Missing the December 31 deadline to fix or revise your income tax return doesn’t mean all hope is lost. You can’t make quick, easy corrections anymore but if you filed your taxes on time and the government owes you a refund, there are still ways to get your money. You just might have to follow some extra steps or procedures to claim it.