New Delhi, Aug. 5 -- Taxpayers who missed the July 31 deadline for filing their income tax return (ITR) for Assessment Year (AY) 2026-27 still have a chance to comply with the law by filing a belated return. However, delaying the filing comes at a cost.

Under Section 139(4) of the Income Tax Act, taxpayers can file a belated return by December 31, 2026. While the filing process remains largely the same as a regular return, taxpayers may have to pay a late filing fee, interest on unpaid taxes and could lose some tax benefits that are available only if the return is filed within the original due date.

"Any taxpayer who missed the original due date can file a belated return under Section 139(4). This includes salaried individuals, freelanc...