Last 3 Year of Income Tax Return filing File Your Missed ITR for A.Y. 2020-21, A.Y. 2021-22 & A.Y. 22-23

Have you missed your Income Tax Return filing? Don’t worry, ITR U has been enabled through which you can file Your ITR for Last 3 year.  File Your Missed Income Tax Return for last 3 Year (A.Y. 2022-23, A.Y. 2021-22 & A.Y. 2020-21). Discuss with our Tax Consultant to get Filed ITR copy within 1hours. 

Pricing Summary

Income Tax Return for A.Y. 2020-21 & A.Y. 2021-22 & A.Y. 2022-23
1999 1499 /- per year
  • You will get Computation, Acknowledgment and Filed ITR Form

Income Tax Return Filing for A.Y. 2020-21, A.Y. 2021-22 & A.Y. 2022-23

The Finance Act, of 2022 has introduced a new concept of updated return, which has permitted taxpayers to update or file their ITRs within two years of filing, subject to payment of taxes.

The Central Board of Direct Taxes (CBDT) has now notified a new Form ITR-U for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new Form ITR-U will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 and 2021-22 fiscals. 

Fee For Income Tax Return Filing
A.Y. 2020-21, A.Y. 2021-22 & A.Y. 2022-23
1999 1499 /- per year
  • Computation
  • ITR acknowledgment
  • Paid Challan Copy

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Who can file an updated ITR : ITR-U?

Following person only can file their Updated Income Tax through ITR – U form.

  1. Return Previously Not Filed 
  2. Income not reported correctly in previously filed ITR 
  3. wrong head of income chosen in previous filed ITR
  4. Reduction in carried forward loss
  5. Reduction of unabsorbed depreciation 
  6. Reduction of Tax Credit U/s 115JB/ 115JC
  7. wrong rate of tax 
  8. Other 

Who can not file an updated ITR-U?

Following person are not eligible to file their Updated Income Tax through ITR – U form.

  1. Filing or filed Return  is of Loss 
  2. has a effect of decreasing the total tax liability determined on the basis of earlier return filed 
  3. result in refund or increase the  refund due on basis of return filed earlier
  4. Tax payer’s whose net income is up too 2.5 lac only.

Prescribed Due Date to file Form ITR-U

Form ITR-U can be filed within two years of the end of the relevant assessment year. The provisions of section 139(8A) related to the filing of an updated return of income have come into effect from 01.04.2022. Hence, in the financial year 2022-23, updated returns for AY 2020-21, AY 2021-22 & A.Y. 2022-23 can be furnished.

An updated return of income can be furnished only once for the relevant assessment year. Hence, taxpayers should be very careful in filing Form ITR-U. There is no provision to revise the updated return.

Additional tax payment on Filing of ITR U

If person have any tax liability then this Act requires that the taxpayer has to pay an additional 25 per cent interest on the tax due if the updated ITR is filed within 12 months, while interest will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year. Hence, taxpayers looking to update their returns for AY 2020-21 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest. For those looking to file an updated return for AY 2021-22, the additional amount will be 25 per cent of the tax payable and interest.