Tax Refund On Hold? Act Now! Revised vs Belated ITR Explained Before Dec 31 Deadline

• Income Tax Department is holding many tax refunds due to ITR mismatches, urging taxpayers to act by December 31.
• A Revised ITR corrects errors in an already filed return (original or belated) and can be filed without penalty by December 31.
• A Belated ITR is filed after the original due date (July 31) and incurs a late filing fee (up to Rs 5,000 under Section 234F) and interest.
• Filing a belated return may also lead to loss of benefits like carrying forward losses.
• Taxpayers must understand options: revise by Dec 31 or file an updated return from Jan 1, 2026, with additional tax.

Why It Matters: Address ITR mismatches by December 31 via revised return to avoid penalties and ensure refund.