Answer

1. F

   Facts

   For AY 2026-27, a belated return can be filed till 31 December 2026. It attracts a late fee of ₹5,000, or ₹1,000 if total income is up to ₹5 lakh, plus 1% a month interest on unpaid tax. Capital losses of the year cannot be carried forward in a belated return.

2. P

   Provisions and law

   • Sec 139(4) (now Sec 263(4))A late (belated) return can be filed up to 31 December of the assessment year or before assessment, whichever is earlier
   • Sec 234F (now Sec 428)Late filing fee of ₹5,000, or ₹1,000 where total income is up to ₹5 lakh
   • Sec 234A (now Sec 423)Interest at 1% a month on unpaid tax for filing after the due date
   • Sec 80 (now Sec 121)Business and capital losses can be carried forward only if the loss return is filed by the Sec 139(1) due date
3. A

   Analysis

   Under Sec 234F (now Sec 428) the fee is paid before filing, and Sec 234A interest runs from 1 August 2026 on any tax not paid. If your share trading this year had a net short term loss of ₹60,000, Sec 80 (now Sec 121) stops you from carrying it forward in a belated return. Losses brought forward from earlier years filed on time can still be set off. File as soon as possible to keep interest low.

4. C

   Conclusion

   1. 1Compute tax, interest and late fee.
   2. 2Pay through e-Pay Tax before filing.
   3. 3File ITR-2 selecting Sec 139(4).
   4. 4E-verify within 30 days.

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