Missed the ITR deadline? Filed with a mistake? The law provides second chances — each with its own window and its own cost.
Belated returns
Miss the due date and you can still file a belated return up to the notified cut-off in the assessment year, with late-filing fees as applicable. The hidden cost: several losses cannot be carried forward in a belated return, and interest keeps running on unpaid tax.
Revised returns
Spot an error in a filed return — missed income, wrong bank account, forgotten deduction? Revise it within the permitted window. Revision replaces the original; there is no penalty for the act of revising itself.
Updated returns
Beyond those windows, the updated-return facility allows disclosure of missed income for past years on payment of additional tax as prescribed — expensive, but cheaper than discovery.
The strategy
File on time even if imperfect (you preserve loss carry-forwards and can revise later) — beats waiting for perfection past the deadline.
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