Mr. Rajiv, owing to certain unavoidable circumstances, could not file his return of income for the A.Y. 2025-26 within the prescribed due date under…

(1) If any person fails to furnish a return within the time allowed to him under section 139 (1) , he may furnish the belated return for any previous year at any time - (i) before three months prior to the end of the relevant assessment year; or (ii) before the completion of the assessment, whichever is earlier. The last date for filing return of income for A.Y.2025-26, therefore, is 31st December 2025. Mr. Rajiv cannot furnish a belated return after this date. (2) Consequences for non-filing return of Income within the due date under section 139 (1) Carry forward and set-off of certain losses: Business loss, speculation business loss, loss from specified business under section 35AD in case the assessee exercises the option of shifting out of the default tax regime provided under section 115BAC(1A), loss under the head “Capital Gains"; and loss from the activity of owning and maintaining race horses, would not be allowed to be carried forward for set-off against income of subsequent years, where a return of income is not furnished within the time allowed under section 139 (1) . Interest under section 234A: Interest under section 234A@1% per month or part of the month for the period commencing from the date immediately following the due date under section 139 (1) till the date of furnishing of return of income is payable, where the return of income is furnished after the due date. Fee under section 234F: Fee of 5,000 would be payable under section 234F, if the return of income is not filed on or before the due date specified in section 139 (1) . However, such fee cannot exceed - 1,000, if the total income does not exceed - 5,00,000.