Missed ITR Deadline? You Can Still Claim Your Refund Before December 31

Missing the July 31, 2026 deadline for filing an Income Tax Return (ITR) does not automatically mean losing an eligible tax refund. For Assessment Year 2026-27, taxpayers can file a belated return until December 31, 2026.

A late-filing fee of ₹5,000 may apply, reduced to ₹1,000 if total income is below ₹5 lakh. Interest may also be charged on unpaid tax.

Taxpayers should note that filing late can affect the ability to carry forward certain losses, including eligible capital, business and F&O losses.

Before filing, taxpayers should check their Annual Information Statement (AIS) and verify details such as salary, dividends, mutual fund transactions and capital gains.

Those claiming a refund must also complete e-verification within 30 days of filing to ensure the return is processed.

If a mistake is discovered after filing, a revised return can generally be submitted until March 31, 2027, subject to applicable conditions. However, if the December 31 belated-return deadline is missed, taxpayers may have to use an Updated Return (ITR-U), which cannot be used to claim a refund.

Taxpayers who missed the original deadline should therefore file their belated return as soon as possible, check the AIS carefully and complete verification on time.