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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Income Tax· Updated Aug 2026· 8 min read· By CA Sumit Chandwani· §115BBH

Crypto & VDA Tax in India: The 30% Rule, 1% TDS and the No-Set-off Trap

Crypto profits are taxed at a flat 30% with only the purchase cost deductible — and losses die where they fall. The 1% TDS means the department already has your trade history.

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

TL;DR

Rate: flat 30% + cess, u/s 115BBH.

Losses: no set-off against anything, no carry-forward.

TDS: 1% u/s 194S — already in your AIS.

Report: Schedule VDA, transaction-wise, in ITR-2/3.

The 30% flat rate, and why it stings

Income from transferring a virtual digital asset — crypto, NFTs — is taxed at a flat 30% (plus surcharge and cess) under section 115BBH, whatever your slab. Only the cost of acquisition is deductible: no exchange fees, no interest, no other expenses.

No set-off, no carry-forward

Losses from one VDA cannot be set off against gains from another VDA, any other income, or carried forward. Buy two coins, one doubles and one goes to zero — you pay 30% on the winner and simply absorb the loser. This single rule surprises more filers than the rate itself.

The 1% TDS trail (section 194S)

Buyers (usually the exchange) deduct 1% TDS on transfers above ₹50,000 a year (₹10,000 for small individual payers).
That TDS lands in your AIS and Form 26AS — the department already knows you traded, so not reporting is the worst option.
Credit the TDS in your return; on a losing year you claim it back as refund.

Reporting it right

VDA gains go in Schedule VDA of ITR-2 (or ITR-3 for business-like trading), transaction-wise — date of acquisition, date of transfer, cost, consideration. Gifts of crypto are taxable for the receiver above ₹50,000. If your exchange collapsed or moved offshore, the tax obligation did not.