How To File Income Tax Return Itr For Last Years

How To File Income Tax Return Itr For Last Years

Failing to meet the ITR filing deadline can severely impact your finances, highlighting the importance of accurately filing previous years' ITRs.

Written by : Shipra Chaudhary

Reviewed by : Jasmeet Bedi

Jasmeet Bedi

2022-09-02

1244 Views

7 minutes read

Locate branch
Resume journey
Pay Premium
Contact us

You have finally decided on your dream home, and you are applying for a bank loan to partially finance the cost of your new home. The bank may ask you for your Income Tax Returns (ITR) for the last 2-3 financial years to process your loan application. But you do not have them because you never felt the need to file ITRs and missed the ITR returns filing last date. A lot of people do get confused about whether Can I file ITR for last 3 years?

Understanding the process and requirements for filing ITR can alleviate confusion and potential stress associated with tax season. This blog will provide you with an in-depth guide on how you can file ITR for last year.

Table of Content

Filing ITR for Previous Assessment Years

As per section 139(4) of the IT Act, if you do not file your Income Tax Return within the due date, you may do so before the end of the respective assessment year along with a late fee. For example, for the assessment year 2018-19 (for the financial year 2017-18), a belated return can be filed until 31 March 2019. The belated return time has been amended, and the new time is 3 months prior to the end of the assessment year. For FY 2021-22, it is Dec 22.

You can file returns for the previous years. This can be done, at best, for the two years preceding the current financial year. Thus, If you want to file your ITR for the FY 2017-18, you must do so by the end of the FY 2019-2020.

Did you know?

Starting from Assessment Year 2024-25, the new tax regime will automatically

Source: https://www.incometax.gov.in/iec/foportal/help/e-filing-itr1-form-sahaj-faq

Claim Settlement Ratio

Why Avoid Delaying ITR Filing?

Delaying the ITR last date has more than one negative consequence, which are listed below:

  1. You may receive a notice from the income tax department.

  2. If you miss the last date to file ITR, you may have to pay a late fee, which can range from ₹1,000 to ₹5000, depending on your tax bracket.

  3. If a tax is due, you will have to pay interest, u/s 234A, at the rate of 1% per month on this due amount from the last date of filing the return until you pay the tax and file the ITR.

  4. You cannot carry forward losses (except loss in house property), if any, incurred in that year.

  5. Deductions under Chapter VI-A may not be permitted.

  6. In late returns, you cannot revise your return if you make an error due to oversight.

Some more serious consequences are listed below, and these should be enough to stop you from delaying the ITR returns filing last date (unless, of course, there are extraordinary reasons beyond your control). In rare and extreme cases, you may be prosecuted if the income tax officer infers that you are a wilful defaulter.

  1. If the tax due is less than ₹25 lakhs, you may be imprisoned for three months or two years.

  2. If the tax due is greater than ₹25 lakhs, you may be imprisoned between 6 months and seven years.

Tax Due Dates for FY 2023-24 (AY 2024-25)

For individual taxpayers who are not liable for a tax audit under the Income-tax Act, 1961, the ITR filing last date 2024 is by July 31, 2024.

Taxpayers CategoryITR Filing Due Date for FY 2023-24 (unless extended)
Individual / HUF/ AOP/ BOI     31st July 2024
Businesses (Requiring Audit)31st October 2024

Businesses requiring transfer pricing reports   

(in case of international/specified domestic transactions)

30th November 2024
Revised return31st December 2024
Belated/late return31st December 2024
Updated return31st March 2027 (2 years from the end of the relevant Assessment Year)

How to File ITR for AY 2024-25?

Follow this process to file your income tax return (ITR):

  1. Log on to the Income Tax Department’s website.

  2. Login to your account with your ID (generally PAN) and password.

  3. In case you have forgotten your password, you may reset the same by clicking “forgot password.”

  4. If you are logging in for the first time, register yourself.

  5. Click on the drop-down menu named “e-file.”

  6. Choose “income tax return” followed by “file Income Tax Return.”

  7. Reiterating steps 6 and 7. Follow this path: Dashboard>e-file>income tax return>file Income Tax Return.

  8. Select Assessment Year 2024-25.

  9. Proceed with the subsequent steps of selecting the appropriate form and entering the required details.

Can you File ITRs for the Last 3 Years Now?

You cannot file an ITR for the last three years altogether in one go in a year. No clause allows you to file the returns once you have surpassed the due date. In specific cases, however, there could be a special condonation, if you seek one, with convincing evidence. The income tax officer may consider your case based on its merits. For example:

  1. The request is authentic and genuine, including health, personal hardships, bereavement, etc.

  2. The case is extraordinary and merits attention.

  3. Acts of God precluded you from filing returns.

  4. A refund is due because of excess tax deduction, TDS, advance tax, or self-assessment tax

Benefits of Filing your ITR Every Year

While delays in ITR last date filing attract penalties and other disadvantages, filing your ITR every year offers multiple benefits. Some of the important benefits are:

  • Claim your TDS refund
  • Have a reliable and widely accepted income proof
  • Helps in loan disbursements
  • Foreign travel becomes easier
  • You can carry forward your business and capital losses

ITR filing should be done on time to maintain a good track record. If you miss filing returns, you may find it difficult to apply for loans, visas etc. Other benefits of filing ITRs before the due date is quicker refunds, interest on refunds, no penalty and above all zero stress.

Conclusion

Filing your Income Tax Return (ITR) for previous years is a legal requirement and a vital aspect of responsible financial management. It empowers you to correct tax discrepancies, reclaim overpaid taxes, and uphold a trustworthy tax record. Procrastination in filing ITRs can lead to financial penalties, interest charges, and potential legal repercussions. Timely submission mitigates these risks, ensures efficient processing of refunds, and avoids scrutiny from tax authorities. By fulfilling this obligation promptly, you safeguard your financial health, capitalize on tax-saving opportunities, and maintain transparency in your financial affairs.

Glossary

  • Belated Return: A return filed after the due date but before the end of the relevant assessment year. It allows taxpayers to comply with their tax obligations, along with the penalties.
  • Section 139(4): It’s a section of the Income-tax Act, 1961, under which belated returns can be filed up to the end of the assessment year, ensuring compliance with tax laws.
  • Tax Audit: A thorough examination of an individual's or entity's financial records and compliance with tax laws. It is mandatory for businesses and professionals above specified income thresholds.
glossary-img
Uncertain About Insurance
AdBanner-desktop

Tax Savings - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Family Shield: Enhanced Protection

iSelect Smart360 Term Plan
  • 3 Plan options
  • Life cover till 99 years
  • Steady income benefit
  • Block your premium at inception

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 Plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover

Start Young, Pay Less, Stay Secured

Young Term Plan
  • Life cover till 99 years
  • Coverage for spouse
  • Block your premium rate
  • Covers 40 critical illness

Recent Blogs

Term Insurance Can Help You In Reducing Your Tax Liabilities
02 Aug '24
875 Views
Term insurance can help you safeguard the financial future of your loved ones. But did you know that it is an ideal tax-saving option too? Here’s all you need to know.
Read More
Tax Saving
The Importance of Tax Saving Investments in Your 20s
02 Aug '24
872 Views
Start saving on taxes in your 20s! Find the perfect tax-saving investment plan for a secure future with Canara HSBC Life Insurance. The sooner you begin, the better it gets.
Read More
Tax Saving
Understanding the Importance of Taxes in India
02 Aug '24
871 Views
Explore the significance of taxes in India and understand why they matter. Learn about the Indian taxation system and its importance for citizens. Discover more with Canara HSBC Life Insurance.
Read More
Tax Saving

FAQs for Income Tax Return

To revise an Income Tax Return (ITR) after the due date, taxpayers can file a revised return under Section 139(5) of the Income-tax Act, 1961. The request should be filed within one year from the end of the relevant assessment year. This allows corrections for errors or updates in income, deductions, or other details originally filed.

The last date to file an ITR typically varies based on the taxpayer's category and the assessment year. For individuals not subject to tax audits, it's usually July 31st of the assessment year.

For companies, the due date for filing the Income Tax Returns (ITR) in India is 30th September of the assessment year unless extended by the tax authorities.

Income Tax Returns (ITR) filed after the due date are typically filed under Section 139(4) of the Income-tax Act, 1961, which allows for belated filing within a specified timeframe.

Yes, taxpayers can opt for the new tax regime even after the due date for filing income tax returns. The condition to do so is they meet the eligibility criteria and declare their choice while filing their belated or revised return under Section 139(4) or Section 139(5) of the Income-tax Act, 1961.