Act Now! Dec 31 Deadline Looms for Belated, Revised ITRs

• December 31 is the final deadline for filing belated and revised income tax returns.
• Missing the deadline means no chance to file these returns, leading to higher compliance costs.
• After Dec 31, only an 'updated return' under Section 139(8A) is possible, incurring additional tax and reduced refunds.
• Revised returns correct errors like ITR-Form 16 mismatches or excessive deductions, with no penalty unless deliberate fraud.
• Belated returns are for those who missed the original due date, incurring penalties of Rs 1,000 or Rs 5,000 plus interest.

Why It Matters: File belated or revised ITRs by Dec 31 to avoid higher costs and limited options.