Confused Between Belated, Revised and Updated Return? Here's Clarification on What You Should File:

As we all know, the deadline to file an income tax return (ITR) for the financial year 2025-26 (assessment year 2026-27), i.e., July 31, 2026, has passed, and this year no extension has been made to the due date. Several taxpayers had succeeded in filing on or before the deadline, while some had missed the deadline. This year, over 5 crore returns have been filed. Meaning, a major population of taxpayers have missed the deadline.

Now, the key question that arises in the minds of several taxpayers is that, which return do they have to file: a belated return, a revised return or an updated return? Is it even compulsory to file any of these if they have already filed their ITRs within the initial deadline of July 31? So, in this article, we have answered both these questions.

Who Needs to File a Belated Return?

Those who have missed the July 31 initial deadline to file an ITR still have the chance to file a belated return by December 31, 2026. However, taxpayers will need to pay a certain specified fee to file a belated return.

Section 139(4) of the Income Tax Act allows a taxpayer to file a belated return in case he/she has missed the initial deadline of filing an ITR. However, filing a belated return attracts certain fees under Section 234F of the Act. Taxpayers earning income upto Rs 5 lakh are required to pay a fee of Rs 1,000 to file a belated return. While those earning income exceeding Rs 5 lakh are required to pay Rs 5,000.

In case a taxpayer owns an outstanding tax liability, this late filing fee applies in addition to the interest charged on the pending amount under Section 234A.

Who Needs to File a Revised Return

For taxpayers who filed their return within the initial deadline of July 31 and those who filed a belated return under Section 139(4), in both cases, a revised return can be furnished. By filing a revised return, a taxpayer can correct mistakes in the ITR.

Who Needs to File an Updated Return?

An updated return, also called ITR-U, is furnished in case when a taxpayer has missed both the initial July 31 deadline and the deadline to file a belated return.

An updated return is a final chance using which a taxpayer can file its ITR and ensure voluntary tax compliance. An updated return must be filed within 48 months from the end of the relevant assessment year. If you miss the return filing deadlines of AY 2026-27, you get up to four years to make the submissions.

Taxpayers should be aware that filing an updated return does not authorise taxpayers to claim a higher refund, reduce tax liability, or carry forward additional losses that were left unclaimed in the original or revised return. Also, an updated return cannot be revised further, unlike the original and belated returns.