Explanation
Belated return under §139(4) (§264(4) in IT Act 2025): Can be filed up to 31 December of the AY (e.g., 31 December 2026 for AY 2026-27). Late filing fee of ₹5,000 (₹1,000 if income ≤ ₹5 lakh) under §234F applies. Cannot set off most losses (except house property loss and depreciation) in a belated return. Revised return under §139(5) (§264(5)): Can be filed to correct any mistake — wrong income, missed deduction, wrong ITR form — up to 31 December of the AY. Both belated and revised can be filed up to 31 December. After 31 December, only updated return (§139(8A) / §264(8)) is possible with additional tax payment. Verify on the income-tax portal before filing.