File ITR for last 3 years now

File ITR for last 3 years now through ITR U Form

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What is ITR U ?

ITR-U is the Form that allows you to update your income tax return by rectifying errors for up to two years from the end of the relevant assessment year.

Who can file ITR U ?

Any person who has made an error or omitted certain income details in any of the following returns can file an updated return: Original return of income, or Belated return, or Revised return.

Filing income tax returns (ITR) is a crucial obligation for every taxpayer. It helps individuals and businesses report their income, claim deductions, and fulfill their tax liabilities. In certain cases, individuals may have missed filing their ITR for previous years. If you find yourself in such a situation and wonder whether you can file ITR for the last three years now, this comprehensive guide will provide you with all the necessary information.

Section 139(4) of the Income Tax Act:

The Income Tax Act allows taxpayers to file belated returns under Section 139(4) for the past three financial years. This provision enables individuals who have not filed their ITR within the original due date to file it later. However, there are specific rules and considerations to keep in mind.

Eligibility to File Belated Returns:

To file a belated return for the last three years, you must meet the following conditions:

1. You must be an individual taxpayer, Hindu Undivided Family (HUF), or any other entity eligible for filing income tax returns.
2. The belated return must pertain to the previous three financial years. For example, if you are filing in the current year, you can file for the previous three years, provided the due dates have not passed.
3. You should not have received any notice from the Income Tax Department regarding the filing of ITR for the respective years.
4. The return should not have been filed previously.

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Process to File Belated Returns:

To file a belated return for the last three years, follow these steps:

1. Gather Necessary Documents: Collect all relevant documents such as Form 16, income details, bank statements, investment proofs, and deduction-related documents for each year.
2. Calculate Tax Liability: Determine your taxable income and compute the tax liability for each year based on the prevailing tax rates and applicable deductions.
3. File the Return: Use the income tax e-filing portal or consult a qualified tax professional to assist you in filing the belated return for each year separately. Fill in the required details accurately and provide the necessary financial information.
4. Pay Tax and Interest (if applicable): If there is any outstanding tax liability for the respective years, pay the due tax along with any applicable interest as per the Income Tax Act.
5. Verification: Once you have filed the belated returns, verify them using the Electronic Verification Code (EVC) or submit a physical copy to the Centralized Processing Center (CPC) within a specified timeframe.

Important Points to Consider:

1. Late Filing Penalty: Filing a belated return may attract a penalty under Section 234F of the Income Tax Act. The penalty amount varies based on the time of filing and the taxable income.
2. Losses and Carry-Forward: Filing ITR for the past three years allows you to carry forward losses, if any, for set-off against future income. This can help in reducing future tax liabilities.
3. Revised Return: If you have already filed the ITR for any of the last three years within the original due date but made a mistake or omitted certain details, you can file a revised return within the specified timeframe to rectify the errors.

FAQs:

1. Can I file ITR for more than three years?
   • No, you can only file a belated return for the last three financial years. If the due dates for more than three years have passed, you may not be able to file the returns.
2. Will there be any interest or penalty for late filing of belated returns?
   • Yes, if you have any outstanding tax liability, you may be liable to pay interest under Section 234A, 234B, and 234C of the Income Tax Act. Additionally, a penalty under Section 234F may apply.
3. Can I claim refunds for the belated returns?
   • Yes, you can claim refunds for the belated returns if you are eligible for any tax refunds based on the excess tax paid or deductions claimed.
4. Is it recommended to file belated returns?
   • It is advisable to file your ITR within the original due dates to avoid any interest, penalties, or compliance issues. However, if you have missed the deadline, it is essential to file the belated returns to fulfill your tax obligations.

Conclusion:

Filing income tax returns within the specified due dates is crucial to ensure compliance with the Income Tax Act. However, if you have missed filing your ITR for the last three years, you can still file belated returns under Section 139(4) of the Act. It is recommended to consult a tax professional or use the income tax e-filing portal for accurate filing and payment of any outstanding tax liabilities. Ensure that you provide accurate information and meet all the necessary requirements to file the belated returns successfully.