Last chance to file an income tax return: You can file belated ITR for FY22 till December 31

The last date for filing income tax returns for the financial year 2021-22 is July 31. But many people have not been able to file ITR. If you haven't filled it out yet, you can file ITR by December 31, 2022, with late fees (billed ITR).
Failure to file ITR by the time prescribed under Section 139(1) of the Income Tax Act attracts a penalty under Section 234A. Belated ITR can be filled by December 31, 2022, with a fine of Rs 5,000.
On the other hand, if the total income of the taxpayer is Rs 5 lakh or less, then he will have to pay a fine of Rs 1,000 only. If the income is less than 2.50 lakhs, the return can be filed without penalty.
Similarly, if one has made any mistake while filing ITR, he/she can rectify the mistake by filing a Revised ITR. The last date to file both these types of ITR is December 31, 2022, and it is for the financial year 2021-22.
If you come under the purview of filing the income tax return, and you do not file ITR by 31 December, then the Income Tax Department can issue you notice. In such a situation, to avoid trouble, you should file ITR by 31 December.
Belated returns are filed after the end of the original deadline for filing returns for a financial year. For this, the taxpayer has to pay a penalty. A revised return is filed when a mistake is made while filing the original return. Belated ITR is filed under section 139(4) of the Income Tax Act, 1961. Whereas, Revised ITR is filed under section 139(5).
Even if you do not come under the purview of income tax, you should still file the return. If you file ITR, then you get many benefits from it.
To claim a tax refund: It is necessary to file ITR to claim a tax refund. When you file ITR, the Income Tax Department assesses it. If a refund is made, it is directly credited to the bank account.
Required for Visa: Visa authorities of many countries ask for an ITR of 3 to 5 years for a visa. Through ITR, they check the financial status of the person who wants to come to their country.
Proof of income remains: A certificate is received on filing ITR. Whenever ITR is filed then Form 16 is filled with it, and Form 16 is available from where the person is employed. In this way, an officially certified document is created which proves that the person has a fixed annual income of Rs. Getting a registered proof of income helps in proving credit card, loan or own credit.
Ease of getting a bank loan: ITR is proof of your income. All government and private institutions accept it as income proof. If you file ITR regularly then you can easily get a loan from the bank.
Also works as an address proof: The ITR receipt is sent to your registered address, which can work as address proof. Apart from this, it also acts as income proof for you.
ITR is necessary to start your own business: If you want to start your own business then filling ITR is very important. Apart from this, if you want to get a contract for any department, then you will have to show ITR. ITR of the last 5 years has to be given even for taking a contract in any government department.
Insurance companies ask for ITR for more insurance cover: If you want to take an insurance cover (term plan) of one crore rupees, then insurance companies can ask for ITR from you. They rely only on ITR to know the source of your income and to check its regularity.