The deadline for filing Income Tax Return (ITR) is now over. The last date to file ITR for last year (2025) ended on December 31, and with the beginning of the new year, you will now have to choose another option. However, this option is expensive and limited. According to reports, around 70 lakh people have not filed their ITR even after the deadline. Let us know what options are available to them.
Deadline for filing late returns ends
It is important to note that for those who have not filed their ITR, the option to file late returns is also no longer available. Its last date was December 31, 2025. Under section 139(4), returns could be filed as late as December 31. However, for filing returns late, late fees ranging from Rs 1000 to Rs 5000 were charged. For those whose income was less than Rs 5 lakh, the fee was Rs 1000. Apart from this, interest was also charged on the outstanding tax. Now let us see what option is available if the option of filing late return has also ended.
Option to file updated return
After the deadline to file ITR, around 70 lakh people have not filed it. The option to file updated returns is now available for them. Yes, for those who still have to file their returns, the option of updated return i.e. ITR-U is available. You can file an updated return under section 139(8A) up to 48 months after the end of the assessment year.
Penalty for filing updated return
As per the rules, there is a penalty for filing updated returns. Additional tax has to be paid. Under this rule, additional tax is 25 percent in the first year, 50 percent in the second year, 60 percent in the third year and 70 percent in the fourth year. For more information, you can visit the official website of Income Tax Department.