ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

The last date to file the income tax return (ITR) has been fixed at July 31, 2022, by the income tax department (I-T department). It is mandatory to file the ITR for people with an annual income greater than Rs 2.5 lakh. However, sometimes a taxpayer might miss the July 31 deadline.

In that case, they can file a belated ITR up to December 31, 2022. A belated ITR is filed after the due date, while a regular ITR is filed before the due date.

The belated ITR also attracts a penalty. If the annual income is less than Rs