Answer

1. F

   Facts

   For AY 2026-27, the due date for NRIs without business income was 31 July 2026. A belated return can be filed up to 31 December 2026 with a late fee.

2. P

   Provisions and law

   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)Return is required when total income exceeds the basic exemption limit or a set condition applies.
   • Sec 139(4), Income-tax Act 1961 (now Sec 263(4), Income-tax Act 2025)Belated return up to the allowed date.
   • Sec 234F, Income-tax Act 1961 (now Sec 428, Income-tax Act 2025)Late fee of ₹1,000 or ₹5,000.
3. A

   Analysis

   The late fee is ₹1,000 if total income is up to ₹5 lakh, else ₹5,000. Interest at 1% a month applies on unpaid tax. Losses in a late return, except some house property loss, cannot be carried forward. File by 31 December to avoid the costlier updated return.

4. C

   Conclusion

   1. 1Prepare ITR-2 now.
   2. 2Pay any tax with interest and late fee.
   3. 3File by 31 December 2026.
   4. 4Verify within 30 days.

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