When you cancel a confirmed ticket, the outcome depends on the fare rules and the timing of the cancellation. For most airlines and railways in 2026, you will be charged a cancellation fee, which typically increases the closer you get to the departure date. In many cases, "Basic" or "Economy" tickets are non-refundable, meaning you may only receive a credit for future travel (minus a fee) or nothing at all. For Indian Railways (IRCTC), if you cancel more than 48 hours in advance, a flat fee is deducted; if cancelled between 12 and 4 hours before departure, you lose 50% of the fare. If you fail to cancel before the "chart preparation" or the gate closes, you are usually considered a "No Show" and lose the entire ticket value. Always check if your ticket is "Flexible" or "Refundable," as these allow for full refunds or free changes, whereas "Promo" or "Non-refundable" fares offer very little recourse.