ITR 2021-22: What do you lose if you file a belated income tax return?

The last date for filing the income tax return (ITR) for the financial year 2021-22 (FY22) or assessment year 2022-23 (AY23) is July 31, 2022. The government of India has clarified that there will be no extension to the deadline this year.

However, if you miss the ITR deadline, you can always file a belated ITR. A belated ITR can be filed till December 31, 2022. But under section 234F of the Income Tax Act, 1961, the taxpayer is also required to pay a penalty of Rs 5,000 for delaying the ITR.

Earlier, the maximum penalty for filing the belated ITR was Rs 10,000. It was reduced by half by finance minister Nirmala Sitharaman in her Budget 2021 speech.