Missed ITR Deadline? How To Claim Refund And Fix Mistakes Before December 31

Income Tax Return 2025-26: Missing the July 31 income tax return deadline does not mean taxpayers have lost their chance to file. For Assessment Year 2026-27, a belated return can still be filed until December 31, 2026. But delaying the filing can have consequences that go well beyond the late fee.For taxpayers filing late, the fee is Rs 5,000, or Rs 1,000 if total income is below Rs 5 lakh, along with 1 per cent a month interest on unpaid tax. More importantly, a belated return can mean losing the ability to carry forward certain losses, including capital, business and F&O (futures and options) losses."According to a report, roughly 1.5 crore people file late every year based on the gap between returns filed by the deadline and the final AY 2025-26 total. That's nearly one in six filers. Most of them worry about the wrong number.