Made a mistake in your filed ITR? Missed the July 31 deadline? You still have options — a revised return to correct errors, or a belated return if you missed the deadline. Here's a clear comparison of your options for AY 2026–27.
Belated Return vs Revised Return — Key Differences
| Aspect | Belated Return (Sec 139(4)) | Revised Return (Sec 139(5)) |
|---|---|---|
| When filed | After July 31, 2026 (missed original deadline) | After filing original return, to correct errors |
| Last date | December 31, 2026 | December 31, 2026 |
| Who can file | Anyone who missed July 31 deadline | Anyone who already filed original return |
| Late fee | ₹5,000 (income > ₹5L) or ₹1,000 (income ≤ ₹5L) | No late fee (if original filed before July 31) |
| Carry forward of losses | Cannot carry forward business/capital losses | Can carry forward losses (if original was on time) |
| Can it be revised later? | Yes (revised belated return by Dec 31) | Yes (until Dec 31) |
| Interest 234A | Yes, if tax unpaid beyond July 31 | Not applicable (if original was timely) |
What If You Made a Mistake in Filed ITR?
File a Revised Return under Section 139(5) — available for returns filed under Sec 139(1) (original timely) or 139(4) (belated). The revised return replaces the original completely. You can revise multiple times till December 31. If an assessment is complete, you cannot revise after that. Mistakes you can correct in revised return: wrong income declared, missed deductions, wrong ITR form (e.g., ITR-1 filed but ITR-2 required).
ITR-U (Updated Return) — Last Resort Option
After December 31, 2026, if you discover you missed income or paid less tax, file ITR-U (Updated Return) under Section 139(8A) within 2 years (by March 31, 2028). Conditions: cannot be filed if you're getting a refund, if original/belated/revised return not filed, or if there's pending assessment. Additional tax: 25% of aggregate tax if filed within 12 months (by March 31, 2027) or 50% if between 12–24 months.
Penalty for Filing Belated Return
| Total Income | Late Fee (Sec 234F) | Interest (Sec 234A) |
|---|---|---|
| Up to ₹2.5 lakh (no tax liability) | NIL | NIL |
| ₹2.5 lakh to ₹5 lakh | ₹1,000 | 1% per month on unpaid tax |
| Above ₹5 lakh | ₹5,000 | 1% per month on unpaid tax |