If the Income Tax Return (ITR) is filed after the due date, it is considered a belated return under Section 139(4) of the Income Tax Act. Taxpayers can file such belated returns up to December 31 of the relevant assessment year. However, late filing comes with several consequences:

• A late fee penalty under Section 234F is imposed: Rs. 1,000 if income is up to Rs. 5 lakh, and Rs. 5,000 if income exceeds Rs. 5 lakh.
• Interest under Section 234A is charged on any unpaid tax amount at 1% per month from the original due date till the date of filing.
• A belated return restricts the ability to carry forward certain losses like business or capital losses, although house property losses may still be carried forward.
• Some tax benefits and exemptions may be lost.
• Refund processing may be delayed, but a refund can still be claimed if filed before the belated filing deadline.
• Belated returns can be revised only until December 31 of the assessment year.
• If the belated return is not filed by December 31, an updated return can be filed under Section 139(8A), but refund eligibility is lost and penalties may be higher.

The deadline for filing a belated ITR for FY 2024-25 (AY 2025-26) is December 31, 2025. Filing after the original due date but before this deadline helps stay compliant but involves financial penalties and some limitations on benefits.