01/03/2026
READ CAPTION 👇🏼
- A belated Income Tax Return can be filed with late fee up to December 31st following the end of the financial year.
- After that, you can file an Updated Return (ITR-U) by paying additional tax.
- Updated returns can be filed only for the last two financial years.
- Additional tax payable:
– 25% of tax for the immediate previous year
– 50% of tax for the year before that
If you have missed filing your returns, it’s always better to file an Updated Return and stay compliant rather than ignore it.