Last 2 Year of Income Tax Return filing Easy Online Process and Transparent Pricing

Have you missed your last 2 year Income Tax Return filing? Don’t worry, ITR U has been enabled, File Your Missed Income Tax Return for last 2 Year (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
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 income tax department has notified Form ITR-U for filing the ‘Updated’ income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.

The provision of updated return is available in Section 139(8A) of the Income Tax Act. The taxpayer can file the updated return after the relevant assessment year but within 24 months. The government has released a notification to amend the income tax rules. The new income tax rules specify the form in which updated returns need to be filed and the manner of their verification.

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
  • Computation
  • Paid Challan Copy

Check List for Income Tax Return filing

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Do you want to file your Missed ITR ?

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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 : 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.

Benefits of Filing Income Tax Return

1. Easy Loan Approval: 

Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.

2. Claim Tax Refund:

There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refun for which you will have to file an Income Tax Return mandatorily.

3. Quick Visa Processing:

Most embassies & consulatants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.

4. Carry Forward Your Losses:

If you file the return within the orifinal due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.

5. Avoid Penalty:

If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000

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.