TAX UPADESH

⏰ FY 2025-26 (AY 2026-27): what you can still do Not filed yet? File a belated return by 31 December 2026 Filed with a mistake? Revise up to 31 March 2027 (new, by Finance Act 2026) Revising after 31 December 2026 costs a ₹1,000 / ₹5,000 fee Miss both? Only the costly updated return (ITR-U) remains 👀 Eye-opener: what late filing really costs you A belated filer generally loses the old tax regime for that year, which means no 80C, 80D or home-loan interest deduction on a self-occupied house. Business and capital losses cannot be carried forward from a belated return. A loss you could have set off next year is gone. Interest under section 234A runs at 1% per month or part of a month , so even one day into a new month adds a full month's interest. 💰 Saver tip: file or revise before 31 December 2026 . It is the cheapest option: no 234I fee, and you avoid the 25% to 70% extra tax of ITR-U. ⚖️ Belated vs revised vs updated return Return When to use Las...