If you've missed July 31 deadline, file a belated ITR: What you should know

However, you will have to pay a penalty and won't be able to carry forward losses under certain heads

Taxpayers who missed the July 31, 2022 deadline for filing Income-Tax Return (ITR) may file a belated return. A belated return can be filed for a previous year at any time three months before the expiry of the relevant assessment year, or before completion of assessment, whichever is earlier. Hence, the effective date for filing a belated return for Assessment Year (AY) 2022–23 is December 31, 2022.

Consequences of late filing

In Budget 2021, the government reduced the time limit for filing belated ITR from March 31 to December 31.

Deepak Jain, chief executive, TaxManager.in says, “An amendment has been