Three sections, three different problems. Using the wrong one either wastes the cheaper route or produces an invalid return.
The rule of thumb is simple: always take the cheapest route that is still open to you. A revised return costs nothing extra. A belated return costs a fixed fee plus interest. An ITR-U costs a quarter to seventy per cent more tax on top of everything else. The order in which they close is the order in which they get expensive. If you are filing for the first time this year, our income tax return filing service covers the ordinary return too.
Start here: which one applies to you
| Your situation | The return you file | Section | Deadline for AY 2026-27 |
|---|---|---|---|
| You have not filed at all and your due date has passed | Belated return | 139(4) | 31 December 2026 |
| You filed, on time or belatedly, and something in it is wrong | Revised return | 139(5) | 31 March 2027 |
| You filed and left out income, and both dates above have gone | Updated return (ITR-U) | 139(8A) | From 1 April 2027, until 31 March 2031 |
| You never filed for an older year and want to report that income | Updated return (ITR-U) | 139(8A) | 48 months from the end of that assessment year |
| Your return came back as defective | Response to the section 139(9) notice, not a new return | 139(9) | Within the time the notice allows, usually 15 days |
Note the fourth row. An ITR-U can be filed for a year in which you filed nothing at all. It is not limited to correcting an existing return.
Note also the fifth row. A defective return is not fixed by filing again from scratch. It is fixed by responding to the notice. Many defects start with the wrong form, so check which ITR form to file before you respond.
Belated return: you never filed
A belated return under section 139(4) is a return filed after the due date but inside the belated window. It is a valid return. It claims your refund. It does not by itself put you into scrutiny.
The window runs until three months before the end of the relevant assessment year, or until your assessment is completed if that comes first. For AY 2026-27 that is 31 December 2026.
For AY 2026-27 the non-audit dates were 31 July 2026 (no business or professional income) and 31 August 2026 (business or professional income, no audit, see our business ITR filing page). Audit cases are due 31 October 2026. All the non-audit dates have passed, so if you have not filed, this is your route, and 31 December 2026 is your date.
What it costs, beyond the fee
Almost every page on this subject stops at the fee. The fee is usually the smallest number involved.
| Cost | Amount or effect |
|---|---|
| Late fee, section 234F | ₹1,000 if total income is up to ₹5 lakh, ₹5,000 above that |
| Interest, section 234A | 1% for each month or part of a month on tax unpaid after TDS and advance tax, from the due date to the date of filing |
| Interest, sections 234B and 234C | 1% a month where advance tax paid was below 90% of assessed tax, or an instalment was short of the 15%, 45%, 75% and 100% marks |
| The old regime | Gone, if you have no business income. The old regime can only be chosen in a return filed by the section 139(1) due date |
| Business, speculation and capital losses | Cannot be carried forward (see set off and carry forward of losses). A house property loss and unabsorbed depreciation survive |
| Deductions under sections 80-IA to 80-IB, exemptions under 10A, 10AA and 10B | Refused in a belated return |
| Refund interest, section 244A | Calculated from the date you actually file, not from 1 April of the assessment year |
Two of those are the ones that hurt. If your planning rested on 80C, 80D, HRA and home loan interest, losing the old regime can cost multiples of the fee: our tax planning team can show you the difference on your own figures. And if you carry an F&O, business or capital loss into the year, the carry-forward you forfeit is usually worth more than everything else combined. Filed on time, a business loss and a capital loss carry forward for 8 years and a speculation loss for 4; filed late, they are gone.
The order of operations
- Pull Form 26AS, the AIS and the TIS, and reconcile them against your own records before you open the return.
- Compute the tax, the section 234A interest and the section 234F fee.
- Pay the whole amount as self-assessment tax through e-Pay Tax before you submit. Filing with tax outstanding leaves a demand behind.
- File, then e-verify within 30 days. Aadhaar OTP is fastest; net banking works; a signed ITR-V posted to the Centralised Processing Centre in Bengaluru is the fallback.
- An unverified return is treated as not filed. Do the verification in the same sitting.
We handle belated and revised returns end to end as part of our income tax return filing service, and the full AY 2026-27 date table is in our post on ITR due dates for AY 2026-27.
Revised return: you filed and got it wrong
A revised return under section 139(5) replaces the return you filed earlier. The original is treated as withdrawn and the revised return stands in its place for every purpose.
For AY 2026-27 you can revise until 31 March 2027, or before your assessment is completed, whichever is earlier.
Three things people get wrong about revising:
- There is no limit on the number of revisions inside the window. If a revised return is itself wrong, revise again. The version standing when the window closes is the one that gets processed.
- A belated return can be revised. A return you filed late in November can still be corrected in February.
- Revising is not an admission. It is a right the Act gives you and it does not by itself select you for scrutiny.
There is no fee for revising. If the correction increases your liability, tax and interest follow on the increase, which is not a penalty for revising: it is the tax you owed anyway.
The one thing a revised return usually cannot rescue is a regime choice or a loss carry-forward that depended on the original return being on time. Those were lost when the due date passed.
Updated return (ITR-U): you missed income in a year that is closed
An updated return under section 139(8A) is the last route the Act leaves open. It runs for 48 months from the end of the relevant assessment year, extended from 24 months by the Finance Act, 2025. You can file one whether or not you filed an original, belated or revised return for that year. It is the usual route for income missed in an older year, such as crypto gains left out of a return: see our crypto tax filing page for that case.
The trade is explicit. You get a voluntary route to come clean; the department gets extra tax.
| Filed within, counted from the end of the assessment year | Additional tax under section 140B |
|---|---|
| Up to 12 months | 25% of the tax and interest |
| More than 12 and up to 24 months | 50% |
| More than 24 and up to 36 months | 60% |
| More than 36 and up to 48 months | 70% |
The percentage is applied to the aggregate of the tax and the interest you owe for that year. It is not a percentage of your income and it is not a penalty you can argue down. The whole amount, including the section 234F fee where no return was filed on time, has to be paid through e-Pay Tax before the ITR-U is accepted.
Because the bands step up on the anniversary of the assessment year's end, the same case filed a month later can cost ten percentage points more. The mechanics of the form are covered in our ITR-U rules post.
Which assessment years are open right now
Computed from the 48-month rule as at 25 September 2026. The band shown is the one that applies to a filing made during FY 2026-27. Every band steps up on 1 April 2027.
| Assessment year | ITR-U open until | Band for a filing up to 31 March 2027 |
|---|---|---|
| AY 2022-23 | 31 March 2027 | 70% |
| AY 2023-24 | 31 March 2028 | 60% |
| AY 2024-25 | 31 March 2029 | 50% |
| AY 2025-26 | 31 March 2030 | 25% |
AY 2021-22 closed on 31 March 2026. AY 2026-27 is not on the list because its belated and revised windows are still open: an ITR-U for that year becomes available on 1 April 2027 and runs to 31 March 2031.
An ITR-U after a section 148 notice
An updated return furnished in pursuance of a notice under section 148 carries a further 10% under section 140B(3A), so the bands become 35%, 60%, 70% and 80%.
That matters in both directions. A reassessment notice no longer shuts the voluntary door, but walking through it is more expensive. If a section 148 or 148A communication has reached you, deal with the notice and the ITR-U question together: our income tax notice reply service covers the notice itself.
What an ITR-U refuses to do
This is the part that catches people, and it is not a matter of judgment: these are bars in the section.
- It cannot be a return of loss. You cannot declare a fresh loss in an ITR-U. You can use one to reduce a loss you had already declared.
- It cannot reduce your total tax liability. An ITR-U can only push your income and tax up.
- It cannot increase a refund, or create one, even a genuine one.
- It is barred where a search under section 132 was initiated, books were requisitioned under section 132A, or a survey was carried out under section 133A. A survey limited to TDS or TCS verification is not a bar.
- It is barred where money or documents seized in another person's case relate to you.
- It is barred where an assessment, reassessment, revision or re-computation is pending or completed for that year.
- It is barred where the Assessing Officer has information about you under the Prevention of Money-Laundering Act 2002, the Black Money Act 2015, the Benami Act 1988 or SAFEMA 1976.
- It is barred where information about you has been received under a DTAA or a Tax Information Exchange Agreement.
- It is barred where prosecution proceedings have been initiated.
- It is barred where a show cause notice under section 148A has been issued after 36 months from the end of the assessment year.
And there is one more constraint: only one updated return per assessment year, and an ITR-U cannot itself be revised. That single shot is the reason to settle the computation before filing rather than after.
The three side by side
| Belated return | Revised return | Updated return (ITR-U) | |
|---|---|---|---|
| Section | 139(4) | 139(5) | 139(8A) |
| Use it when | You never filed and the due date has passed | You filed and made a mistake | Both windows closed, or income was missed in an older year |
| Deadline for AY 2026-27 | 31 December 2026 | 31 March 2027 | From 1 April 2027, until 31 March 2031 |
| How many times | Once, then revise it | No limit inside the window | Once per assessment year, no revision |
| Can it reduce your tax? | Yes, it is your first computation | Yes | No |
| Can it claim a refund? | Yes | Yes | No |
| Can it declare a loss? | The loss is reported, but business, speculation and capital losses cannot be carried forward | Yes, if the original was on time | No, only reduce a loss already declared |
| Extra cost | Section 234F fee plus interest | Nil, unless the correction raises your tax | 25% to 70% additional tax, plus fee and interest |
| Old regime available? | No, if you have no business income | Only if the original was on time | No |
Which Act applies
FY 2025-26 income, filed in AY 2026-27, runs under the Income-tax Act, 1961. That is true of all three returns above. The Income-tax Act, 2025 came into force on 1 April 2026 and governs Tax Year 2026-27 onwards.
| Point | Income-tax Act, 1961 | Income-tax Act, 2025 |
|---|---|---|
| Return of income | Section 139 | Section 263 |
| Revised return | Section 139(5), by 31 March 2027 for AY 2026-27 | Section 263(5), within 12 months from the end of the tax year, with a fee where it is furnished after nine months |
| Updated return | Section 139(8A), 48 months | Section 263(6), 48-month outer limit continues |
| Late fee | Section 234F, ₹1,000 or ₹5,000 | Section 428, same amounts |
| Return forms | ITR-1 to ITR-7, ITR-U | To be notified |
So an ITR-U you file in 2028 for AY 2024-25 is still a section 139(8A) return under the 1961 Act, because the year it relates to falls under that Act. The new sections apply to the new tax years, not to the date you happen to file. Our income tax return filing team works under both Acts.
The four mistakes we see most
- Reaching for ITR-U while the cheaper route is still open. If the belated or revised window has not closed, use it. An ITR-U on an AY 2026-27 problem today is not even available: the route opens on 1 April 2027.
- Filing an ITR-U to claim a refund or reduce tax. The return is invalid. Section 139(8A) does not permit it, whatever the merits. Reducing a loss you had already declared is the one downward change it allows.
- Letting a band roll over. Every band steps up on the anniversary of the assessment year's end. Noticing a problem in March and filing in April costs ten percentage points more on the same figures.
- Not e-verifying. A belated return, a revised return and an ITR-U all have to be verified within 30 days. An unverified return leaves you where you started, with the tax already paid.
What to do next
Filing on time is always the cheapest option. After that, if the belated window is still open for you, 31 December 2026 is the date that matters and the cheapest route is the one you have. If you filed and spotted an error, you have until 31 March 2027. If the year is older than that, the question is whether it is still inside the 48-month ITR-U window and whether any of the bars applies.
Regikart is a CA and CS firm serving 250+ clients from Kolkata (head office), Delhi and Bengaluru. We check which route is open, compute the fee, the interest and the section 140B additional tax so you see one figure before anything is paid, and file and verify the return. Call or WhatsApp +91 70444 94804, or contact us.
Frequently asked questions
Can I still file my ITR for AY 2026-27?
Yes. A belated return under section 139(4) is open until 31 December 2026, or until your assessment is completed if that comes first. It carries a late fee of ₹1,000 or ₹5,000 under section 234F and interest at 1% a month on unpaid tax under section 234A, but it is a valid return and it still claims your refund.
What is the difference between a revised return and an updated return?
A revised return under section 139(5) corrects a return you have already filed, costs nothing extra, and can move your tax in either direction. It closes on 31 March 2027 for AY 2026-27. An updated return under section 139(8A) comes later, stays open 48 months, can only increase your income and tax, and carries additional tax of 25% to 70%.
Can I file an ITR-U if I never filed a return for that year?
Yes. Section 139(8A) allows an updated return whether or not an original, belated or revised return was filed. Where no return was filed on time, the section 234F late fee applies as well as the section 140B additional tax, and both have to be paid before the ITR-U is accepted.
How much extra tax does an ITR-U cost?
Additional tax under section 140B is 25% of the tax and interest where the return is filed up to 12 months from the end of the assessment year, 50% from 12 to 24 months, 60% from 24 to 36 months and 70% from 36 to 48 months. It is charged on the aggregate of tax and interest, not on income, and it is not negotiable.
Can I use an ITR-U to claim a refund?
No. An ITR-U cannot reduce your total tax liability, increase a refund or create one. It is only for income you did not report, or reported incorrectly, where correcting it increases your tax. A return filed for any other purpose is invalid.
Can a belated return be revised?
Yes. A belated return can be revised under section 139(5) within the same window, so a return filed in November 2026 can still be corrected up to 31 March 2027. There is no limit on how many times you revise, and each revised return replaces the one before it.
What do I lose by filing a belated return rather than filing on time?
The old regime, if you have no business income, because it can only be chosen in a return filed by the section 139(1) due date. The carry-forward of business, speculation and capital losses. Deductions under sections 80-IA to 80-IB and exemptions under 10A, 10AA and 10B. And refund interest under section 244A, which then runs from the date you file rather than from 1 April.
When can an ITR-U not be filed at all?
Where the return would be a loss return, reduce your tax or increase a refund; where a search, requisition or survey took place; where seized material in another person's case relates to you; where an assessment, reassessment, revision or re-computation is pending or done; where the Assessing Officer holds information under PMLA, the Black Money Act, the Benami Act or SAFEMA; where information came through a DTAA or TIEA; where prosecution has started; or where a section 148A notice was issued after 36 months from the end of the assessment year.
Can I file an ITR-U after receiving a reassessment notice?
Yes, and it carries a further 10% under section 140B(3A), so the bands become 35%, 60%, 70% and 80% of tax and interest. Send the notice to a CA before you file anything: the ITR-U is one option among several once a section 148 or 148A communication is on record, and the choice depends on what the notice says.
How many updated returns can I file for one year?
One. Section 139(8A) permits a single updated return per assessment year, and that return cannot itself be revised. Get the computation settled before you file, because there is no second attempt.
ITR ki last date miss ho gayi, ab kya karu?
File a belated return under section 139(4) before 31 December 2026. Pehle section 234F ka fee aur section 234A ka interest self-assessment tax ke roop mein e-Pay Tax se pay karein, phir return file karke 30 din ke andar e-verify karein. Agar business income nahi hai, to return new regime mein hi jayega.
Do all three returns fall under the Income-tax Act, 1961?
For AY 2026-27, yes. The belated return, the revised return and any updated return relating to that year run under the Income-tax Act, 1961, because the year does. The Income-tax Act, 2025 governs Tax Year 2026-27 onwards, where the equivalents are sections 263, 263(5), 263(6) and 428.
About the author
CA Deepak Jaiswal
Founding Partner, FCA at Regikart. Want to discuss this in the context of your business?
