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· §194-IB

Rent Above ₹50,000 a Month? The TDS You’re Supposed to Deduct

Tenants — not landlords — owe this one: 2% TDS on annual rent, deducted in the last month, deposited with Form 26QC. Skipping it while claiming HRA is a self-reported mismatch.

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

TL;DR

Trigger: rent > ₹50,000/month, individual/HUF tenant.

Rate: 2% of annual rent, deducted once (last month).

Deposit: Form 26QC in 30 days; Form 16C to landlord.

Miss it: 1–1.5%/month interest + ₹200/day late fee.

Who this catches

Any individual or HUF (not under tax audit) paying rent above ₹50,000 a month must deduct TDS under section 194-IB — salaried tenants in metro flats included. The rate is 2% of the annual rent (reduced from 5% from October 2024). No TAN is required.

How the deduction actually works

Deduct once a year — from the rent of the last month of the financial year, or the last month of the tenancy if you move out earlier.
Deposit it with Form 26QC within 30 days of the month of deduction, online, PAN-based.
Give the landlord Form 16C (the TDS certificate) within 15 days of filing 26QC.

What happens if you skip it

Interest at 1% per month for not deducting, 1.5% for deducting but not depositing.
Late 26QC costs ₹200 per day under 234E, capped at the TDS amount.
The landlord’s AIS and your rent trail (HRA claims, bank transfers) make this easy for the department to spot — the mismatch letters are routine now.

The HRA connection

Claiming HRA on ₹60,000 rent while never filing 26QC is a self-reported inconsistency. If the landlord is an NRI, section 195 applies instead — higher TDS and a TAN — see our NRI TDS guide. Paying rent to parents above the threshold triggers 194-IB too.