Belated vs updated return: Which should you file if you miss the 31 July income tax return deadline?

As the 31 July 2026 income tax return (ITR) filing deadline approaches its final hours, activity on the income tax e-filing portal has intensified. With over 5.4 crore ITRs filed so far and counting, taxpayers are rushing to complete the filing process and verify their returns before midnight.

The government has not announced any extension to the ITR filing deadline yet, which means eligible taxpayers must file their returns by tonight. However, if you do end up missing the deadline, it does not mean you have completely lost the opportunity to file your income tax return.

The income tax law provides two different options for taxpayers who need to file after the due date, but choosing the wrong return can create confusion and may even lead to additional tax liability. In this article, we will discuss the difference between a belated return and updated return and who can file each of them.

All about belated return — Eligibility, fee and rules

Taxpayers who have missed the original return filing due date are eligible to file a belated return by December 31, 2026. However, an individual must pay the late filing fee along with their tax return.

The penalty ranges between ₹1,000 and ₹5,000 under Section 234F of the Income-tax Act, depending on the income of the individual.

• For those with an income above ₹5 lakh, filing a belated return will incur a penalty of up to ₹5,000.
• For those with an income of up to ₹5 lakh, the maximum penalty for filing a belated ITR is ₹1,000.

If a person has an outstanding tax liability, this late filing fee applies in addition to the interest charged on the pending amount under Section 234A.

Just like an ITR filed within the original due date can be revised, a belated return filed under Section 139(4) can also be revised by the taxpayer. This provision applies to returns from Assessment Year 2017–18 onwards.

Revised returns helps taxpayers to correct errors in the ITR they filed and the deadline to file it is March 31, 2026 for ITRs of AY 2026-27.

Who can file updated return and how is it different?

Now consider a situation where you miss not only the original July 31 deadline but also the belated return deadline. In such cases, the option of filing an updated return (ITR-U) becomes relevant.

An updated return is a type of tax return that allows taxpayers to file their returns with more time, with an intention to encourage voluntary tax compliance. Except in certain circumstances, it can be filed whether or not the taxpayer has previously filed an original, belated or revised return for the relevant assessment year. Filing an updated return is optional.

An updated return can be filed within 48 months from the end of the relevant assessment year. If you miss the return filing deadlines of AY 2026-27, you get up to four years to make the submissions.

However, it is important to note that ITR-U cannot be used to claim a higher refund, reduce tax liability, or carry forward additional losses that were not claimed in the original or revised return.

Taxpayers should also note that an updated return cannot be revised further unlike original and belated income tax return.