Answer

1. F

   Facts

   Yes. For AY 2026-27 you can file a belated return by 31 December 2026, with a late fee of ₹1,000 if total income is up to ₹5 lakh, else ₹5,000, plus interest on any unpaid tax.

2. P

   Provisions and law

   • Sec 139(4), Income-tax Act 1961 (now Sec 263(4))A belated return for AY 2026-27 can be filed by 31 December 2026, or before assessment is completed if earlier.
   • Sec 234F, Income-tax Act 1961 (now Sec 428)Late fee of ₹1,000 if total income is up to ₹5 lakh, else ₹5,000.
   • Sec 115BAC, Income-tax Act 1961 (now Sec 202)The new regime is the default; a person without business income may opt out in a return filed by the due date.
3. A

   Analysis

   A belated return also has costs beyond the fee: some losses cannot be carried forward, and for a person without business income the old regime cannot be chosen. If your income is ₹9,00,000 and TDS covers tax, you pay ₹5,000 fee and file. After 31 December 2026, only an updated return with extra tax is possible.

4. C

   Conclusion

   1. 1Pay the late fee and any tax through e-Pay Tax.
   2. 2Prepare ITR-1 under the new regime.
   3. 3File before 31 December 2026.
   4. 4E-verify within 30 days.
   5. 5Next year, file before 31 July.

After 31 December 2026 only ITR-U is available, which costs extra tax.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.