ITR Deadline Ends: Only Costly Updated Return Option Remains from Jan 1

• December 31st is the final deadline for filing Revised and Belated Income Tax Returns (ITR).
• After December 31st, taxpayers can only file an Updated Return (ITR-U) under Section 139(8A).
• Updated Returns are expensive, incurring additional tax from 25% to 70% and disallowing loss carry-forward or refund claims.
• Revised Returns (Section 139(5)) allow corrections without penalty if not intentional, while Belated Returns (Section 139(4)) incur late fees and interest.
• Experts warn against delays, emphasizing that timely filing reduces tax, interest, and penalties.

Why It Matters: Act now: December 31st is the last chance for cheaper ITR corrections; delays mean higher costs.