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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Planning· Updated Aug 2026· 8 min read· By CA Sumit Chandwani· §139(4) / §139(5)

Tax Saving Before 31 March 2027: Pick the Regime First, Then the Products

March tax-saving goes wrong in a predictable way: products bought first, regime checked never. The right order is regime, then employer benefits, then investments — with time still on your side.

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

TL;DR

Order: regime → employer benefits (NPS 80CCD(2)) → investments.

New regime: most 80C products save nothing.

Old regime: 80C ₹1.5L + 80D + NPS ₹50k + home-loan interest.

First decide the regime, then the investments

Most classic tax-saving — 80C, 80D beyond a point, HRA, home-loan interest on self-occupied property — works only under the old regime. Under the new regime the maths is a standard deduction, employer NPS under 80CCD(2), and lower slab rates. Run both sides in the regime comparison calculator before locking any product.

Old-regime levers worth using before 31 March 2027

80C, up to ₹1.5 lakh: EPF and existing premiums usually fill part; ELSS (3-year lock-in), PPF, 5-year FDs and home-loan principal cover the rest.
80D: ₹25,000 for self and family, ₹50,000 for senior-citizen parents — a deduction that also buys real protection.
NPS: ₹50,000 extra under 80CCD(1B); via employer under 80CCD(2) in either regime.
Home loan: interest up to ₹2 lakh on self-occupied property under 24(b), old regime.
Gains harvesting: equity LTCG up to ₹1.25 lakh a year is exempt — realising within the limit resets cost bases tax-free.

Mistakes March always produces

Buying an expensive insurance-cum-investment product on 30 March for a deduction ELSS or PPF gives at a fraction of the cost.
Investing for 80C while in the new regime, where it saves nothing.
Missing the proof-submission cutoff at work and losing the benefit to higher TDS until refund time.
Ignoring the advance tax calendar while planning deductions.