ITR Deadline Looms: December 31st Last Chance for Belated/Revised Returns

• December 31st is the final deadline for filing belated ITRs and revised ITRs to correct errors.
• After December 31st, taxpayers can only file an Updated Return (ITR-U), which incurs significant additional tax (25-70%).
• Revised returns (Section 139(5)) allow correction of errors in timely-filed ITRs without penalty, replacing the original return.
• Belated returns (Section 139(4)) for late filers attract a late fee of up to ₹5,000 and interest on outstanding tax.
• Tax consultants advise choosing the correct option before December 31st to avoid higher costs and limited choices.

Why It Matters: File or revise your ITR by Dec 31st to avoid higher costs and limited options.