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· §87A

Zero Tax up to ₹12 Lakh: How the 87A Rebate Actually Works

The rebate, the ₹12.75 lakh salaried math, the cliff at ₹12 lakh and the marginal relief that softens it — plus the incomes the rebate never covers.

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

TL;DR

Rebate: up to ₹60,000 when income ≤ ₹12L (new regime).

Salaried: ~₹12.75L effective with standard deduction.

Cliff: softened by marginal relief above ₹12L.

Excluded: capital gains, VDA, non-residents.

How income up to ₹12 lakh becomes tax-free

Under the new regime for AY 2026-27, tax is computed on the slabs — but section 87A then wipes it out with a rebate of up to ₹60,000 when total income does not exceed ₹12 lakh. Salaried taxpayers also get the ₹75,000 standard deduction first, so salary up to roughly ₹12.75 lakh can produce zero tax.

The cliff, and marginal relief

Cross ₹12 lakh by a rupee and the rebate vanishes — but marginal relief stops the absurdity: your tax cannot exceed the amount by which income crosses ₹12 lakh. Earn ₹12,10,000 and the tax is capped at ₹10,000 (plus cess), not the full slab computation.

What the rebate does not cover

Income taxed at special rates — capital gains under 111A/112A and VDA income — does not get the 87A shelter even below ₹12 lakh.
The rebate is for residents only.
TDS may still be deducted during the year — file to claim it back.

Zero tax still means filing

If gross income is above the basic exemption, the return still has to be filed — zero tax is a computation result, not an exemption from filing. And employer TDS often does not track the rebate mid-year, so refunds are common. Check your own numbers in the income tax calculator or the take-home calculator.