Missed December 31 deadline? You can file belated return by March 31

However, you may have to pay a penalty and won't be able to carry forward most types of losses

The deadline for filing income-tax returns (ITR) in audit cases, for assessment year 2021-22, has been extended till March 15, 2022. The last day for submitting tax audit reports has also been pushed forward to February 15, 2022, according to a recent announcement by the Central Board of Direct Taxes (CBDT). However, these extensions are for audit cases. The last day for individual taxpayers to file their ITRs was December 31, 2021. If you have missed it, you will have to file a belated return.

Suresh Surana, founder, RSM India says, “While the CBDT, by its January 11 circular, has