Act Now! Dec 31 Last Day for Belated/Revised ITR; Avoid Hefty Penalties

• December 31 is the final deadline to file belated or revised Income Tax Returns for Assessment Year 2025-26.
• Missing the deadline means filing an updated return (ITR-U) from January 1, 2026, incurring additional tax penalties of 25% to 70%.
• ITR-U is restrictive: no loss carry-forward, no refund claims, but allows filing up to 48 months after the assessment year.
• Income Tax Department is actively sending SMS/email alerts via its 'NUDGE' program for data mismatches and pending refunds.
• Taxpayers are advised to rectify errors by December 31 to avoid higher costs and potential penalty proceedings.

Why It Matters: File your belated/revised ITR by Dec 31 to avoid higher penalties and restrictions of an updated return.