Answer

1. F

   Facts

   Yes. A belated return under Sec 139(4) (now Sec 263(4)) can be revised under Sec 139(5) (now Sec 263(5)), within the same time limit, which is 31 March 2027 for AY 2026-27.

2. P

   Provisions and law

   • Sec 139(5), Income-tax Act 1961 (now Sec 263(5), Income-tax Act 2025)Revised return can be filed if an omission or wrong statement is found, by 31 March of the assessment year (Finance Act 2026) or before assessment
   • Sec 139(4), Income-tax Act 1961 (now Sec 263(4), Income-tax Act 2025)Belated return can be filed after the due date, by 31 December of the assessment year or before assessment, whichever is earlier
   • Sec 234-I, Income-tax Act 1961Fee of ₹1,000 or ₹5,000 for a revised return filed after nine months from the end of the year (inserted by Finance Act 2026; 2025 Act number to be confirmed)
3. A

   Analysis

   Example: you filed a belated return on 25 November 2026 and later found a missed capital gain of ₹1.2 lakh. Revise before 31 December 2026 to avoid the Sec 234-I fee, include the gain and pay the extra tax. The late fee paid with the belated return is not charged again.

4. C

   Conclusion

   1. 1Keep the belated return acknowledgement
   2. 2Prepare the full corrected return
   3. 3Pay extra tax and interest
   4. 4File with section 139(5)
   5. 5E-verify

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