• Option to file Belated & Revised Returns till December 31
• ITR-U as the last resort – but most expensive
• Mistakes may cost up to 70% additional tax
• Experts warn ITR-U should be seen only as a last option
• Better to file late than to skip filing completely

Missed the deadline for filing your Income Tax Return (ITR)? Or made mistakes in your already filed return? Don’t worry – there are still three options available. However, one of them can be extremely costly, warns Sujit Bangar, Taxbuddy.com.

The three options explained:

• Belated Return – Can be filed till December 31 of the assessment year. Late fee of ₹1,000–₹5,000 applies, plus interest under Section 234A.
•  Revised Return – If you filed earlier but made mistakes, you can correct them by filing a revised return. Deadline: December 31.
• Updated Return (ITR-U) – The most expensive option. Used when income was missed earlier or deadlines were crossed. Additional tax between 25%–70% of the due tax may be levied.

 Experts advise: Even if late, file a belated or revised return instead of relying on ITR-U. The updated return should be treated as a last resort only.