Belated and Revised Return: Rules, Deadlines and Fees (Income Tax Act 2025)
Under section 263 of the Income-tax Act, 2025, you can still file a belated return if you miss the due date: sub-section (4) allows it up to nine months from the end of the tax year. If you spot a mistake in a return you already filed, sub-section (5) lets you file a revised return up to twelve months from the end of the tax year. Both windows close earlier if the assessment is completed first. A late return attracts a fee under section 428 (Rs 1,000 or Rs 5,000) and interest under section 423 at 1% a month on unpaid tax.
The Act does not use the words "belated" or "revised" as headings. They are the everyday names for returns furnished under section 263(4) and section 263(5). This guide covers the deadlines, the cost of filing late, what you can lose, and how to fix errors. It reads the Act as amended by the Finance Act, 2026 (in force from 1 April 2026), and every example uses tax year 2026-27. If the term "tax year" is new to you, see our tax year explainer.
What is the due date for filing a return under the Income-tax Act, 2025?
Section 263(1)(c) fixes the "due date" by type of person. The date falls in the financial year after the tax year, so for tax year 2026-27 the dates fall in 2027.
| Who (section 263(1)(c), Table) | Due date | Date for tax year 2026-27 |
|---|---|---|
| Sl. No. 4: any other assessee (for example a salaried individual) | 31st July | 31 July 2027 |
| Sl. No. 3: business or profession income, accounts not required to be audited; partners of such a firm and the spouse of such a partner (if section 10 applies) | 31st August | 31 August 2027 |
| Sl. No. 2: companies; assessees whose accounts must be audited; partners of an audited firm and their spouses (if section 10 applies) | 31st October | 31 October 2027 |
| Sl. No. 1: assessee (including partners and the spouse of a partner) where the section 172 report is required | 30th November | 30 November 2027 |
Sl. Nos. 1 to 3 depend on conditions in the Table (section 172 applying or not). Section 172 is the accountant's report for international and specified domestic transactions. The Table was substituted by the Finance Act, 2026 with effect from 1 April 2026.
What is a belated return and how long do I have?
A belated return is a return filed after the due date. Section 263(4) says a person who has not furnished a return within the time allowed under sub-section (1) may furnish it for any tax year within nine months from the end of the relevant tax year, or before the completion of the assessment, whichever is earlier.
The nine months run from the end of the tax year (31 March), not from your due date. For tax year 2026-27 the window closes on 31 December 2027 for everyone. A salaried individual therefore gets five months after the 31 July due date, while a company with a 31 October due date gets only two.
What is a revised return and when can I file it?
A revised return replaces a return you already filed. Section 263(5) says that if a person who furnished a return under sub-section (1) or (4) discovers any omission or any wrong statement, they may furnish a revised return within twelve months from the end of the relevant tax year, or before the completion of the assessment, whichever is earlier. For tax year 2026-27 that is 31 March 2028.
The Finance Act, 2026 substituted sub-section (5) from 1 April 2026. The earlier text allowed nine months; it is now twelve. The right is "subject to the provisions of section 428(b)", which brings in the fee described below.
Because sub-section (5) covers a return under sub-section (1) or (4), you can revise a belated return too.
What does it cost to file a belated return?
Two charges can apply. They are separate.
- Fee under section 428(a): a person required to file who misses the due date pays Rs 1,000 if total income does not exceed Rs 5,00,000, and Rs 5,000 in any other case.
- Interest under section 423: simple interest at 1% a month (formula I = 1% x A x T) on the tax still unpaid. Interest runs from the day after the due date to the date of furnishing the return (Table Sl. No. 1). If no return is filed at all, it runs to the date the regular assessment is completed (Sl. No. 2).
In section 423(4), "tax paid" includes advance tax, TDS and TCS, and foreign tax relief. Interest is reduced by any interest already paid under section 266. So if your TDS already covers your whole tax, the base A is nil and there is no section 423 interest.
Is there a fee for a revised return?
Only if it is late. Section 428(b) charges the same Rs 1,000 or Rs 5,000 (by the Rs 5,00,000 total income line) when a return under section 263(5) is furnished beyond nine months from the end of the relevant tax year. A revised return filed within those nine months has no section 428(b) fee. For tax year 2026-27 that means a revision after 31 December 2027 and up to 31 March 2028 carries the fee.
How much does a belated return cost? Two worked examples
Example 1: salaried individual, tax owed after TDS. Assumptions: tax year 2026-27, due date 31 July 2027 (Sl. No. 4), total income Rs 18,00,000, and after adding TDS and advance tax the unpaid tax is Rs 30,000 (assumed figure). Ravi files on 31 October 2027, which is within the nine-month window.
| Step | Working | Amount |
|---|---|---|
| Due date | 31 July 2027 | |
| Months of delay | 1 August to 31 October 2027 | 3 months |
| Interest, section 423 | 1% x Rs 30,000 x 3 | Rs 900 |
| Fee, section 428(a)(ii) | Total income above Rs 5,00,000 | Rs 5,000 |
| Total cost of filing late | Rs 900 + Rs 5,000 | Rs 5,900 |
The Rs 30,000 of tax itself is payable in any case. The Rs 5,900 is the extra cost of the delay.
Example 2: low income, tax fully covered by TDS. Assumptions: tax year 2026-27, total income Rs 4,80,000, and TDS already deducted covers all the tax. Meena files on 20 September 2027.
| Step | Working | Amount |
|---|---|---|
| Unpaid tax (A) | Tax minus TDS | Rs 0 |
| Interest, section 423 | 1% x Rs 0 x T | Rs 0 |
| Fee, section 428(a)(i) | Total income does not exceed Rs 5,00,000 | Rs 1,000 |
| Total cost of filing late | Rs 1,000 |
What can I lose by filing late?
The money cost is small next to the rights that depend on the due date or on a return under sub-section (1).
- Carry forward of losses. Section 121 says no loss that has not been determined in pursuance of a return filed under section 263(1) can be carried forward and set off under the loss-carry-forward sections it lists (sections 111(1), 112(1), 113(2), 114(2) and 115(2)). Section 263(1)(a)(viii) also requires a person with a business or capital gains loss who wants to carry it forward to file. The text names sub-section (1), not sub-section (4), so a belated return does not clearly qualify. Treat loss years as due-date filings and take advice before relying on a late one. Our guide to filing a return to carry forward losses covers this in detail.
- Profit-linked deductions. Section 122(5) denies Part C deductions to an assessee who fails to furnish a return on or before the due date under section 263(1).
- Regime option. Under section 202(4), a person with business or profession income must exercise the option out of the section 202 slab regime on or before the due date. A person without such income exercises it along with the return under section 263(1).
- Deduction on payment timing. Sections such as 29 and 37(3) allow certain payments made after the tax year if paid on or before the due date of filing under section 263(1). Filing late does not extend that date.
How does a revised return work in practice? Two real-life examples
Ravi forgot interest income. Ravi filed his tax year 2026-27 return on 15 July 2027 and later found a bank statement showing interest he left out. That is an "omission" under section 263(5). He can file a revised return any time up to 31 March 2028, provided the assessment is not completed first. Since he revises after 31 December 2027, he would also owe the section 428(b) fee, so he is better off correcting it before that date.
Meena missed the due date and then spotted an error. Meena, a trader with unaudited accounts, had a due date of 31 August 2027. She filed on 5 November 2027 (belated, under sub-section (4)) and found a wrong figure on 10 November. Section 263(5) lets her revise a return furnished under sub-section (4). She pays the section 428(a) fee, and section 423 interest on any tax unpaid, for the late original, and no separate section 428(b) fee for the revision because it is within nine months of 31 March 2027.
What if the nine and twelve month windows have passed?
Section 263(6)(a) allows an updated return at any time within forty-eight months from the end of the financial year succeeding the relevant tax year, whether or not you filed earlier. For tax year 2026-27 that is 31 March 2032. It has limits in section 263(6)(c): it cannot be a return of loss (with listed exceptions), cannot reduce your tax liability or create or increase a refund, cannot be filed twice, and is barred while assessment proceedings are pending or complete, among other conditions. Section 263(6)(d) bars it after a search, requisition or survey. Section 267 lays out the additional tax payable with an updated return.
What happens if I never file?
Under section 271(1)(a), if a person fails to furnish a return required under section 263(1), (4), (5) or (6), the Assessing Officer makes a best judgment assessment after hearing the assessee. Interest under section 423 then runs to the completion of that assessment. Also note that a return found defective under section 263(7) must be corrected within fifteen days of intimation (or a longer period the officer allows on application). If the defect is not cured the return is treated as invalid, as if you had not filed.
Quick reference: tax year 2026-27 deadlines and costs
| Return | Section | Last date (2026-27) | Cost |
|---|---|---|---|
| On time | 263(1) | 31 Jul, 31 Aug, 31 Oct or 30 Nov 2027 | None |
| Belated | 263(4) | 31 Dec 2027 (or earlier if assessment completes) | Fee Rs 1,000 or Rs 5,000 (428(a)) plus 1% a month interest on unpaid tax (423) |
| Revised | 263(5) | 31 Mar 2028 (or earlier if assessment completes) | Fee Rs 1,000 or Rs 5,000 only if filed after 31 Dec 2027 (428(b)) |
| Updated | 263(6) | 31 Mar 2032 | Additional tax under section 267 |
Common mistakes
- Counting nine months from the due date. The window runs from the end of the tax year, so it is the same 31 December 2027 for everyone.
- Assuming a belated return keeps your loss. Section 121 refers to a return under section 263(1). Do not plan around a late filing for a loss year.
- Ignoring interest because the fee is small. Interest is a separate 1% a month on unpaid tax and keeps growing until you file.
- Filing the revised return late in the window. A revision after nine months from the end of the tax year carries the section 428(b) fee.
- Not verifying the return. A return must be verified by the person listed in section 265; a defective return that is not corrected in time becomes invalid under section 263(7).
Where this is in the Act
- Section 263(1)(c): due dates by person
- Section 263(4): belated return, nine months
- Section 263(5): revised return, twelve months
- Section 263(6): updated return, forty-eight months
- Section 263(7): defective return
- Section 265: who verifies the return
- Section 423: interest for default in furnishing a return
- Section 428(a) and (b): fee for late and late-revised returns
- Sections 121, 122(5), 202(4): loss, deduction and regime-option consequences
- Section 271: best judgment assessment
How do CA firms track return deadlines across clients?
Each client has a different due date, depending on audit status and section 172, and a different belated window. Finexo's practice management software keeps those dates per client and flags who is still unfiled as each deadline approaches. It does not compute tax or file returns for you.
This article explains the Income-tax Act, 2025 as amended by the Finance Act, 2026. It is general information, not tax advice. Confirm the position for a specific case with a qualified chartered accountant.
Frequently Asked Questions
What is the last date to file a belated return for tax year 2026-27?
31 December 2027, which is nine months from the end of the tax year, or earlier if the assessment is completed first (section 263(4)).
How long do I have to file a revised return?
Twelve months from the end of the tax year, so 31 March 2028 for tax year 2026-27, or until the assessment is completed if that is earlier (section 263(5)).
What is the fee for filing late under the Income-tax Act, 2025?
Section 428(a) charges Rs 1,000 if total income does not exceed Rs 5,00,000 and Rs 5,000 otherwise. Interest of 1% a month on unpaid tax applies separately under section 423.
Can I revise a belated return?
Yes. Section 263(5) covers a return furnished under sub-section (1) or (4), so a belated return can be revised within the twelve-month window.
Can I carry forward a loss if I file after the due date?
Section 121 refers to a loss determined in a return filed under section 263(1), and a belated return is under sub-section (4). The text does not clearly allow it, so file loss years on time.
Can I file an updated return to claim a refund I missed?
No. Section 263(6)(c) bars an updated return that results in a refund where none was due, or that increases the refund shown in the earlier return. Use a revised return within twelve months instead.