Comprehensive Guide to Filing Belated and Revised Returns (FY 2024-25)
Bhavika Rajput- 6 hours ago
- 10 min read
Filing income tax returns on time is crucial to avoid penalties, interest, and other complications. However, if you miss the deadline, taxpayers can still rectify the situation by filing either a belated return or a revised return. A belated return is filed after the original due date but within the specified extended deadlines. On the other hand, a revised return is submitted to correct any mistakes or omissions in the original return, provided it is filed before the assessment is completed. Understanding the deadlines, penalties, and procedures associated with these returns is essential for every taxpayer to ensure compliance with the tax laws and minimize financial repercussions.
Table of Contents
Comprehensive Guide to Filing Belated and Revised Returns (FY 2024-25)
Filing income tax returns on time is crucial for avoiding penalties, interest, and other complications. However, if you miss the deadline, taxpayers can still rectify the situation by filing either a belated return or a revised return. A belated return is filed after the original due date but within the specified extended deadlines, while a revised return is submitted to correct any mistakes or omissions in the original return. With the latest updates from Budget 2025, the government has introduced a new provision for updated returns (ITR-U), allowing additional flexibility. Understanding the deadlines, penalties, and procedures associated with these returns is essential for every taxpayer to ensure compliance and minimize financial repercussions.
Key Dates and Deadlines for FY 2024-25 (AY 2025-26)
Understanding the key deadlines for filing your tax returns is critical for avoiding penalties and ensuring compliance with the Income Tax Department's regulations. The deadlines vary based on the type of return being filed, whether original, belated, revised, or updated. Here’s a breakdown of the important dates for FY 2024-25 (Assessment Year 2025-26):
Original Due Date: The deadline to file the Income Tax Return (ITR) without penalties is July 31, 2025, for individuals who do not require an audit. Missing this deadline may subject you to late filing penalties and other consequences.
Belated Return Deadline: If you miss the original due date, you still have time to file a belated return by December 31, 2025. However, penalties and interest for late filing will apply. It’s important to note that filing a belated return will not allow you to claim certain benefits, such as carrying forward losses, under some conditions.
Revised Return Deadline: A revised return can be filed to correct any mistakes or omissions in the original return, and it must be done before December 31, 2025. This deadline is for revising the return filed by the original due date. Taxpayers can revise their return if they notice errors such as incorrect income reporting, deductions, or exemptions.
Updated Return Deadline (Budget 2025 Update): For taxpayers who missed both the belated and revised return deadlines, an updated return can now be filed until March 31, 2027, for AY 2024-25. The updated return provides additional flexibility and time for taxpayers, but it is subject to penalties and certain restrictions. Notably, taxpayers filing an updated return must pay additional tax based on how long they delay filing.
Additional Tax Payable on ITR-U:
25% additional tax if filed within 12 months
50% additional tax if filed within 24 months
60% additional tax if filed within 36 months
70% additional tax if filed within 48 months
Understanding Belated Returns (Section 139(4))
A belated return is filed when a taxpayer misses the original due date for filing the Income Tax Return (ITR). While the taxpayer can still file the return within a specified period, penalties and interest will apply.
What is a Belated Return?
A belated return is one that is filed after the original due date but before the belated return deadline (December 31, 2025). Filing a belated return helps you remain compliant with tax laws and avoid additional fines for non-compliance. However, it’s important to note that late filings will incur penalties and could affect the ability to carry forward certain losses in the future.
Penalties for Belated Returns
The penalties for filing a belated return depend on the total income of the taxpayer:
₹1,000 if total income is less than or equal to ₹5 lakh.
₹5,000 if total income is greater than ₹5 lakh.
In addition to the penalty, interest under Section 234A is charged at 1% per month on any unpaid tax from the original due date until the return is filed.
Disadvantages of Filing Belated Returns
Loss of Carry Forward of Losses: Taxpayers who file a belated return may not be able to carry forward certain losses, such as business or capital losses, to future years. This can increase future tax liabilities.
Interest on Tax Refund: If you are due for a refund, filing a belated return may cause delays and result in lost interest on the refund amount.
Limited Deductions: Under the new tax regime, taxpayers filing belated returns can only claim basic deductions such as the standard deduction of ₹50,000 and NPS contributions. Other deductions are not available.
How to File Belated Returns Online
To file a belated return, taxpayers must log in to the Income Tax e-filing portal, select the relevant Assessment Year (AY), choose the return type (belated), and fill in the necessary details. The process is straightforward, and the return should be verified electronically (e-verification) to complete the filing.
Understanding Revised Returns (Section 139(5))
A revised return is filed to correct any errors or omissions in the original return. This option is available to taxpayers who have filed their original return on or before the due date.
What is a Revised Return?
A revised return is filed when there is a mistake or omission in the original return. The correction could be related to reporting incorrect income, missing deductions, or claiming wrong exemptions. A revised return allows taxpayers to rectify errors without facing severe penalties, but it must be done before the assessment is completed.
Restrictions on Revised Returns
A revised return cannot be used to increase refunds, reduce tax liabilities, or declare new losses that were not present in the original return.
Multiple revisions are allowed, but the last revision must be filed before the completion of assessment or up to three months prior to the end of the assessment year (March 31, 2026, for AY 2025-26).
How to File a Revised Return
To file a revised return, log into the Income Tax e-filing portal, select Revised Return under the filing options, and submit the corrected details. Ensure that the previous return was properly filed before the due date to make use of this provision.
Deadline for Filing a Revised Return
The deadline for filing a revised return for AY 2025-26 is December 31, 2025. It must be filed before the assessment is completed or before the deadline set by the Income Tax Department.
Updated Returns (Section 139(8A)): Budget 2025 Update
The updated return provision allows taxpayers to file returns even after missing the belated or revised return deadlines, providing a second chance to comply with tax laws.
Overview of Updated Returns
This option is available for those who missed the belated and revised return deadlines. Taxpayers can file an updated return under Section 139(8A), which can be submitted until March 31, 2027, for AY 2024-25.
Penalties and Restrictions
Penalties are applied when filing an updated return.
Restrictions include limitations on declaring new losses or reducing tax liabilities beyond the original return.
Eligibility Criteria and Deadlines
To file an updated return, the taxpayer must meet specific eligibility criteria and ensure they file before the March 31, 2027 deadline for AY 2024-25.
Important Compliance Points
Understanding the following compliance points ensures a smooth filing process for belated, revised, or updated returns:
E-Verification Process
E-verification is mandatory for all returns (original, belated, revised). The process can be done via OTP (linked to Aadhaar), net banking, or through an EVC (Electronic Verification Code).
Bank Account Pre-validation
To receive any refunds, taxpayers must ensure that their bank account is pre-validated on the e-filing portal. This allows for the direct deposit of refunds without any delays.
Legal Implications of Late Filing
Repeated failure to file on time can result in legal actions, including scrutiny notices from the Income Tax Department. It is crucial to file on time or utilize belated and revised return options to avoid penalties and complications.
Carry Forward of Losses
Taxpayers who file belated returns may be unable to carry forward certain losses. For example, capital losses or business losses cannot be carried forward if the return is filed after the original due date, resulting in higher tax liabilities in the future.
Summary Table of Deadlines and Penalties for FY 2024-25 (AY 2025-26)
Return Type | Deadline | Penalty for Late Filing | Interest on Tax Due | Notes |
Original Return | July 31, 2025 | Nil | Nil | Timely filing avoids penalties |
Belated Return | December 31, 2025 | ₹1,000 (≤₹5L income), ₹5,000 (>₹5L) | 1% per month from July 31, 2025 | Loss of carry forward of losses |
Revised Return | December 31, 2025 | Same as belated if filed late | Applicable if tax due arises | Cannot increase refund or reduce tax |
Updated Return | March 31, 2027 | Penalties and restrictions apply | Applicable | For returns missed beyond belated deadline |
Conclusion
Timely filing of income tax returns is vital to avoid penalties, interest, and complications. For taxpayers who miss the original deadline, belated and revised returns provide opportunities to stay compliant. While these options come with specific rules and penalties, understanding the process can minimize financial repercussions. Additionally, the introduction of updated returns gives taxpayers another chance to file after missing earlier deadlines, ensuring that they can still meet their obligations and avoid serious legal implications.
FAQs
Q1. Can I claim a refund on a belated return?
Yes, it is possible to claim a refund on a belated return. However, for this to happen, your bank account must be pre-validated on the e-filing portal. This ensures that any refund owed to you will be directly credited to your bank account. Be mindful that while refunds are possible, filing a belated return could lead to delays, and you may lose out on any interest that could have been accrued on the refund if filed on time.
Q2. Is e-verification mandatory for belated and revised returns?
Yes, e-verification is mandatory for all types of returns, including belated and revised returns. Without e-verification, your return will be considered invalid, and the filing will not be complete. The e-verification process can be done through several methods, such as Aadhaar OTP, net banking, or EVC (Electronic Verification Code). Completing e-verification ensures that your return is processed by the Income Tax Department.
Q3. Can I revise a belated return?
Yes, you can revise a belated return; however, it must be done before the belated return deadline, which is December 31, 2025. When revising a belated return, it is important to note that the return can only be revised for corrections such as incorrect income reporting, missed deductions, or wrongly applied exemptions. Additionally, revisions cannot be used to declare new losses or reduce taxes owed beyond what was initially reported.
Q4. What happens if I miss the belated return deadline?
If you miss the belated return deadline (December 31, 2025), you will not be able to file a belated or revised return. However, you can still file an updated return under Section 139(8A). This updated return provision allows taxpayers to file returns even after the belated and revised deadlines have passed. The updated return must be filed before March 31, 2027, but it will be subject to penalties and restrictions. Additionally, this option cannot be used to claim refunds, reduce tax liabilities, or increase losses beyond the original return's reported figures.
Q5. How to file belated or revised returns online?
To file belated or revised returns online, follow these steps:
Log into the Income Tax e-filing portal using your credentials.
Select the relevant Assessment Year (AY) for which the return is being filed.
Choose the appropriate return type (belated or revised) from the filing options.
Fill in the details of the return, including income, deductions, and taxes paid.
Upload the necessary documents and supporting information.
E-verify the return using Aadhaar OTP, net banking, or EVC (Electronic Verification Code).
Submit the return for processing.
Ensure that you complete the e-verification process as the filing will not be valid until it is done.
Q6. Can penalties be waived for belated returns under certain circumstances?
Currently, there are no specific provisions that allow taxpayers to have penalties waived for belated returns, except in cases of genuine hardship or mistakes made due to circumstances beyond the taxpayer’s control. However, it is possible to reduce the financial burden of penalties by filing the return as early as possible before the final deadlines. The amount of penalty increases based on the taxpayer's income, and delays further increase the penalty amount.
Q7. What are the conditions for filing a revised return?
To file a revised return, the original return must have been filed before the due date (i.e., before July 31, 2025, for AY 2025-26). A revised return is generally filed to correct errors, such as:
Incorrectly reported income
Missed deductions or exemptions
Incorrect tax calculations
A revised return must be filed before the December 31, 2025 deadline, and you can file multiple revisions as long as the assessment is not completed. It is important to remember that revised returns cannot be used to increase refunds, reduce taxes, or declare new losses beyond the original filing.
Q8. Can I file a revised return after the belated return deadline?
Yes, you can file a revised return after the belated return deadline, but only if the original return was filed on time. The revised return must be filed before the assessment is completed or by the end of the assessment year (March 31, 2026, for AY 2025-26). If the belated return deadline has passed, you cannot file a belated or revised return but may still file an updated return under Section 139(8A).
Q9. What is the penalty for failing to e-verify a belated return?
Failing to e-verify a belated return results in the return being considered invalid. As a result, it will not be processed by the Income Tax Department, and you will not receive any refunds, if applicable. Additionally, it can lead to further complications, including the need to re-file the return, potentially leading to delays and further penalties.
Q10. Can I claim deductions under the new tax regime for belated returns?
Under the new tax regime, certain deductions are allowed even for belated returns, such as:
Standard deduction of ₹50,000
NPS contributions
However, other deductions under the old tax regime, such as those for housing loans, medical insurance, or tax-saving investments, are not available if you file under the new tax regime, including for belated returns. Taxpayers must decide whether to opt for the old or new tax regime at the time of filing, and the regime chosen will impact the deductions they can claim.
Q11. Are there any restrictions on carrying forward losses with a belated return?
Yes, if you file a belated return, you cannot carry forward losses such as business losses or capital gains losses to future years. This is one of the key disadvantages of filing a belated return. If you miss the due date for filing, you lose the opportunity to offset future taxable income with these losses, which can result in higher tax liabilities in subsequent years.
Q12. What is the difference between a revised return and an updated return?
The main differences between a revised return and an updated return are:
A revised return is filed to correct mistakes or omissions in the original return, and it must be filed before the assessment is completed (by December 31, 2025 for AY 2025-26).
An updated return can be filed after the belated and revised return deadlines have passed. It is subject to penalties and cannot be used to increase refunds, reduce taxes, or claim new losses. The deadline for filing updated returns is March 31, 2027 for AY 2024-25.
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