Quick answer
What happens if I miss the ITR due date?
You can still file a belated return until 31 December, with a late fee of ₹5,000 (₹1,000 if your income is up to ₹5 lakh) and interest on any unpaid tax. You also lose the option of the old tax regime and the right to carry forward most losses.
The due dates
- 31 July: ITR-1 and ITR-2 (salary, pension, house property, capital gains)
- 31 August: ITR-3 and ITR-4 without a tax audit (business and professional income)
- 31 October: tax audit cases
What missing the date costs
| Consequence | Detail |
|---|---|
| Late fee | ₹5,000, or ₹1,000 if your total income is up to ₹5 lakh. No fee if your income is below the basic exemption limit |
| Interest | 1% a month on any tax still unpaid, from the due date until you pay |
| Tax regime | A belated return is filed under the new regime. If the old regime would have saved you tax, that saving is lost |
| Losses | Business, F&O and capital losses cannot be carried forward from a belated return. Only house property loss and unabsorbed depreciation still carry forward |
| Refund | Still allowed, but it arrives later |
What to do now
- File a belated return before 31 December. Pay any balance tax and the late fee before filing.
- If you made a mistake in a return you already filed, you can file a revised return until 31 March after the year ends. A fee applies if you revise after 31 December.
- After 31 December, an updated return (ITR-U) can still be filed for up to 4 years from the end of the assessment year, with additional tax of 25% to 70% of the tax due depending on how late it is. It cannot be used to claim a refund or report a loss.
Do not wait for a notice. If tax was deducted on your income or you made high-value transactions, the department already knows. Filing before a notice arrives is always cheaper and simpler.
Need help with this?
Our income tax return filing service covers exactly this. Free first consultation, and a clear quote before any work starts.
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