Individuals have until December 31 to file a belated Income Tax Return (ITR) for AY 2025-26 to claim any eligible tax refund. Failing to meet this deadline means forfeiting the refund permanently and losing the ability to carry forward past losses. Belated returns filed after the original due date incur a late filing fee of Rs 5,000 if income exceeds Rs 5 lakh, or Rs 1,000 if income is Rs 5 lakh or less. This is the final opportunity to reclaim deducted taxes.