Last 3 Year of Income Tax Return filing File Your Missed ITR for A.Y. 2021-22, A.Y. 2022-23 & A.Y. 2023-24

Have you missed your Income Tax Return filing? Don’t worry, ITR U has been enabled through which you can file Last 3 Year Income Tax Return under section 139(8A).  File Your Missed Income Tax Return for last 3 Year (A.Y. 2021-22, A.Y. 2022-23, A.Y. 2023-24). Discuss with our Tax Consultant to get Filed ITR copy within 1hours. 

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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
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Govt Penalty will be on Actual Basis
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  • Easy Onlie Process
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Last 3 Year Income Tax Return Filing
A.Y. 2021-22, A.Y. 2022-23 and A.Y. 2023-24

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 2020-21 and 2021-22 and 2022-23 fiscals. 

Last 3 year Income Tax Return filing
Fee For Income Tax Return Filing
A.Y. 2021-22, A.Y. 2022-23 & A.Y. 2023-24
₹1999 ₹ 1499 /- per year
  • Computation
  • ITR acknowledgment
  • Paid Challan Copy
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Govt Penalty is Rs1000 Upto 5lac net income

Check List for Income Tax Return filing

  • PAN Card
  • Aadhaar Card
  • Bank Statement
  • Email ID and Mobile Number
  • Tax Saving Investment Detail (if any)
  • Business name (if any)
  • Business Activity ( if any)
  • Any Other Detail
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Do you want to file your Missed ITR ?

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Why to File Last 3 Year of ITR?

Easy Loan Approval

Filing the Last 3 year Income tax return, 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.

Quick Visa Processing

Most embassies & consultants require you to furnish copies of your Last 3 year Income 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. File Your Back year ITR, if its missed.

To remain Compile with Tax Law

 Income tax Return Filing helps you comply with the legal requirement of paying taxes on your income. If you fail to file your ITR for a particular year, you may be liable for penalties and interest charges. So under Section 139(8A) you can file your Last 3 year Income tax return, if its missed.

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 2021-22, AY 2022-23 & A.Y. 2023-24 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.

File ITR for AY 2023-24

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 2021-22 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 2022-23, the additional amount will be 25 per cent of the tax payable and interest.

FAQs on Income Tax Return Filing

What is Income Tax Return?

Income tax return is a document that a taxpayer files with the tax authorities, declaring his/her income, deductions, and tax liability. The tax return needs to be filed on or before the due date as prescribed by the Income Tax Department of the country. The tax authorities use the information provided in the return to assess the taxpayer's tax liability and to determine if the taxpayer is eligible for a refund.

Who is Required to File an Income Tax Return?

Every individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), and companies are required to file an income tax return if their income exceeds the basic exemption limit. The basic exemption limit is different for different categories of taxpayers and is subject to change from year to year.

What are the Documents Required for Filing an Income Tax Return?

The following documents are required for filing an income tax return:

  1. Form 16 or Salary Certificate issued by the employer
  2. Form 26AS
    Bank statements
  3. TDS certificates
  4. Investment proof for claiming deductions
What is the Due Date for Filing an Income Tax Return?

The due date for filing an income tax return varies depending on the category of taxpayer. For individuals and HUF, the due date is generally 31st July of the assessment year. However, for businesses, the due date is different, and it is advisable to check the Income Tax Department's website for the latest due dates.

 

What is the Penalty for Late Filing of Income Tax Return?

If a taxpayer fails to file his/her income tax return on or before the due date, he/she may have to pay a penalty. The penalty amount varies depending on the delay in filing the return and the taxpayer's income. For individuals, the penalty can range from Rs. 1,000 to Rs. 10,000.

Can an Income Tax Return be Filed After the Due Date?

Yes, an income tax return can be filed after the due date. However, it is called a belated return, and the taxpayer may have to pay a penalty for filing it late. The penalty amount for a belated return is the same as the penalty for late filing.

What are the Consequences of Not Filing an Income Tax Return?

If a taxpayer fails to file his/her income tax return, he/she may have to face several consequences. The Income Tax Department may levy a penalty for late filing of the return, charge interest on the tax liability, and may even initiate prosecution proceedings against the taxpayer.

Can an Income Tax Return be Revised After Filing?

Yes, an income tax return can be revised after filing. If a taxpayer realizes that he/she has made an error in the original return filed, he/she can file a revised return to correct the mistake. However, the revised return needs to be filed within a specified time frame.

What is the Process of Filing an Income Tax Return?

The process of filing an income tax return is straightforward. The taxpayer needs to follow the below steps:

  1. Download the relevant income tax return form from the Income Tax Department's website.
  2. Fill in the details in the form,
  3. Calculate the total income, deductions, and tax liability.
  4. Pay the tax liability (if any) before filing the return.
  5. Upload the return on the Income Tax Department's website.
  6. Verify the return using Digital Signature Certificate (DSC) or Aadhaar OTP within 30 day. 
     
     
Is it necessary to file an income tax return if there is no tax liability?

Ans: No, it is not necessary to file an income tax return if there is no tax liability. However, if the taxpayer wants to claim a refund, he/she needs to file an income tax return.