Individuals and Hindu Undivided Families (HUFs) can file a belated ITR on the Income Tax Department’s e-Filing portal till December 31, 2026. However, they will have to pay the applicable late filing fee under Section 234F along with interest on any outstanding tax liability.
What to do if you missed July 31 ITR filing deadline?
Taxpayers who have missed the original return filing due date must pay the late filing fee along with interest on outstanding tax dues (if applicable).
If the taxpayer’s total income exceeds ₹5 lakh, the late filing fee can be up to ₹5,000. For those with income of ₹5 lakh or less, the maximum penalty is ₹1,000.
In addition, taxpayers with unpaid taxes will have to pay interest under Section 234A at the rate of 1% per month or part of a month on the outstanding amount. This is calculated from the applicable ITR due date for the relevant financial year until the date the return is actually filed.
Taxpayers who fail to file even the belated return by December 31 can still submit an updated return within 48 months from the end of the relevant assessment year. Except in certain circumstances, it can be filed whether or not the taxpayer has previously filed an original, belated or revised return for the relevant assessment year.
ITR deadline for businesses and professionals
The July 31 deadline does not apply to everyone. Businesses and professionals filing ITR-3 and ITR-4 for Assessment Year 2026-27 have separate due dates under the Finance Act, 2026.
Taxpayers whose accounts do not require an audit can file their returns by August 31, 2026, while those requiring a tax audit have until October 31, 2026.If businesses and professionals miss these deadlines, they also have the provision to file a belated return by December 31, 2026.
Other consequences for missing ITR
Apart from the late fee and interest, missing the original due date has other consequences.
Taxpayers filing a belated return cannot carry forward certain losses, including business losses and capital losses arising from the sale of assets such as shares, mutual funds and property, to offset future income.
Those expecting an income tax refund may also face delays, as returns filed after the original due date generally take longer to be processed.
