What is the last date to file a belated return for AY 2026-27?

A belated return under Section 139(4) can generally be filed up to 31 December 2026, unless extended. It attracts a late fee under Section 234F and interest under Section 234A on unpaid tax.

Is there a penalty for filing a revised return?

No. Revising under Section 139(5) to correct a genuine mistake carries no penalty, provided your original return was filed on time. You can revise multiple times within the window.

Can I carry forward losses if I file late?

Generally no. Most losses — business and capital — cannot be carried forward if you file after the due date. This is one of the most expensive consequences of a belated return.

How many times can I revise my return?

As many times as needed within the revision window. The last validly filed and e-verified return stands. Always quote the original acknowledgement details when revising.

What if both the belated and revised windows have closed?

You may be able to file an updated return (ITR-U) under Section 139(8A) on payment of additional tax. It cannot be used to claim a refund or increase a loss, and the extra tax rises the later you file.

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Compliance· Updated Aug 2026· 8 min read· By CA Sumit Chandwani· STK-2

Closing a Private Limited Company: The Strike-off Route, Done Properly

An idle company is not a free company — late fees compound and directors carry the defaults. STK-2 is the clean exit if liabilities are nil and the paperwork is caught up.

Missed 31 July? Belated & Revised Returns Under Section 139(4) & 139(5) AY 2026-27

TL;DR

Route: STK-2 strike-off, ₹10,000 fee.

Conditions: nil liabilities, 2 years no business (or 1 year never started).

First: close bank a/c, surrender GST, clear AOC-4/MGT-7.

Timeline: ~3–6 months at the ROC.

The cheap exit: strike-off (STK-2)

A company that has no liabilities and either hasn’t started business within a year of incorporation or has done no business for two financial years can apply to be struck off — Form STK-2 with a ₹10,000 government fee, board and special resolutions, an indemnity bond and a statement of accounts not older than 30 days.

What must be clean first

Bank accounts closed, assets and liabilities at nil.
Overdue annual filings — the ROC generally expects AOC-4/MGT-7 up to the last active year before accepting strike-off.
GST and other registrations surrendered; a live GSTIN with pending returns keeps generating late fees while you wait.
No open litigation, and directors’ DIN KYC in order — strike-off of the company does not erase director defaults.

When strike-off is not available

Companies with debts, recent activity, or regulatory baggage need voluntary liquidation — a longer, costlier process with a liquidator, creditor settlement and NCLT oversight. And doing nothing is the worst option: the ROC can strike you off suo motu while penalties for missed filings keep accruing against the directors personally, including disqualification.

The timeline to expect

Preparation and pending filings: 2–6 weeks depending on the backlog.
STK-2 to publication and final strike-off: typically 3–6 months at the ROC.
The company can be restored within specified periods if a creditor or the ROC objects — keep the closure papers for years, not months.