Income tax: What is a late return and how can you submit it to the last date? All about time limit, fine and more

Income tax: In case of errors or omissions, taxpayers may also submit an updated return (ITR-U) when payment of additional tax. Income tax: Taxpayers can submit a late return after September 16 after paying a fine. Income Tax: Today is the last date to submit an Income Tax Return (ITR) for the year 2025-26 attack after the Central Council of Direct Tax (CBDT) extended the last date by one day. So far, more than 7.30 crore yields have been submitted, the Income Tax (IT) division has tweeted. However, if you also miss today that the return today (which is not recommended at all) submits, the alternative is to submit a left income tax return in terms of section 139 (4). What is a late return? A tax tax tax return is one submitted after the last date but before December 31, 2025. It attracts a late £ 5,000 fee, but deprives the taxpayer to continue losses. Why should one lay a late return? A late -release can be submitted when one does not submit a return in time before the last date. This means that the taxpayer missed the return before September 16. This can happen for different reasons. Why should one refrain from submitting a late return? One should avoid submitting a late return as it carries a fine of £ 5,000 and removes the right to continue losses. Is the believer other than updated return? Yes, the return of the late return is different from updated return. Updated return (ITR-U) was established in the Finance Act 2022. With ITR-U, taxpayers can correct tax errors, add omitted income or correct the wrong reporting. Updated return is a provision that allows taxpayers to update their ITRs or submit to payment of additional tax in case of errors or omissions. It gives an opportunity for voluntary compliance with taxpayers to correct errors/omissions for the purpose of reducing litigation. Taxpayers can submit up to four years updated returns. What is the latest when updated return can be submitted? The updated yield deadline is four years (Financial Act 2025) from the end of an assessment year. Earlier, this time limit was two years. More than 90 lakh taxpayers voluntarily updated their revenue by paying additional taxes, Finance Minister Nirmala Sitharaman told Parliament during the offering of budget 2025. When can you not submit an updated ITR? You cannot submit an updated return when there is a ‘zero’ return or a return of a loss. Updated returns cannot be submitted when submission reduces the total tax liability, or if it results in a refund or increases the refund due. Visit here for all updates for personal finance