Income Tax Return (ITR) filing AY 2025-26: If you haven’t filed your ITR for AY 2025-26 yet, you have one last chance. You can file a belated return by December 31st and claim your income tax refund.
Simply put, if you don’t file your return by this date, you won’t receive the money deducted as tax back.
What is a belated return?
Taxpayers who fail to file their ITR within the stipulated deadline (September 16 this year) are given the option to file a return later. This is called a belated return.
However, this option is not available indefinitely. According to the Income Tax Department’s communications, the belated return for AY 2025-26 can only be filed until the end of the calendar year 2025, i.e., December 31.
However, a belated return attracts late filing fees under section 234F. The taxpayer must pay a late filing fee of Rs 5,000 if the individual’s total annual income exceeds Rs 5 lakh. If the total income of the person doesn’t exceed Rs 5 lakh, the late filing fee is Rs 1,000.
Why is the December 31st deadline so important?
It’s not just a date, but the last deadline for several rights. After this date, you won’t be able to carry forward past losses. Your refund will be forfeited entirely, regardless of how much TDS (Tax Deducted at Source) was deducted. Also, there’s a risk of penalties and notices from the tax department. The interest you receive on your refund won’t be given.
Who should definitely file a belated return?
This deadline is especially important for individuals whose TDS deducted from salary or bank interest is higher than their tax liability. Besides, Senior citizens whose tax has been deducted but haven’t filed a return must file a belated return if they missed filing one within the original due date.
Also, individuals who have invested in shares or mutual funds and whose income is reflected in their AIS (Annual Information Statement) or Form 26AS should also not miss the final due date of December 31.
How to file a belated return?
The process for filing a belated return is the same as filing a regular return. Just remember:
Choose the correct ITR form.
Ensure your income, TDS, and investments are accurately matched.
After submitting the return, complete the e-verification process; otherwise, the return will be considered incomplete.
Can a return of income be filed after the expiry of due date to file belated return?
Section 139 allows filing of an updated return after the expiry of the due date for a belated return. The Section provides that an updated return can be filed by any person irrespective of the fact whether such person has already filed the original, belated or revised return for the relevant assessment year or not (subject to certain conditions).
An updated return can be filed at any time within 48 months from the end of the relevant assessment year.
Summing up…
If your money has already been deducted as tax, this is your last chance to get it back. Ignoring the December 31st deadline means giving up your own money. It’s best not to wait until the last day. Check your data today and file your return on time.