Missed July 31 ITR Deadline? Here’s What Taxpayers Need to Know Now:

As we all are aware of the fact that the due date for filing an income tax return (ITR) for the financial year 2025-26 (assessment year 2026-27) has passed, and no extension has been made this year. About 5.5 crore taxpayers have successfully filed their tax returns this year.

Those who have missed the July 31 deadline are confused about what consequences they can face now. Taxpayers face several consequences when they miss the initial ITR due date, such as losing the chance to carry forward their losses and also the ability to switch between tax regimes. Additionally, they may face penalties, notices, etc.

Chander Talreja of Vialto Partners has explained all the consequences a taxpayer can face when he/she misses the ITR due date. He explains that "You can always file a belated return within 9 months following the close of the tax year (i.e. by December 31, 2026, for tax year 2025-26), subject to a late fee of up to Rs 5,000 (Rs 1,000 where income does not exceed Rs 5 lakh). However, penal interest for late filing at 1% per month is payable on any outstanding tax from the original due date until the date of actual filing, in addition to interest on defaults in payment of advance tax continuing to accrue."

Even if an ITR is filed within the due date, a taxpayer can file a revised return under the Finance Act 2026 if he/she wants to make certain changes or correct mistakes in the initially filed tax return. The time limit to file a revised return is up to 12 months from the end of the relevant tax year. No fees apply to file a revised return.

If a taxpayer has missed the July 31 deadline, then he/she can file a belated return by December 31, 2026, or before the completion of assessment, whichever is earlier. However, certain fees apply in this case. 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 misses both the deadlines to file an original or belated return, then he/she can file an updated return (ITR-U) on payment of the additional penalty tax to stay tax compliant. An updated return can be furnished within 48 months from the end of the relevant assessment year.