Can I submit past years income tax return?

No worries if you miss ITR filing! File your past year’s Income tax return now!!!

Online filing is an acute and a faster way of income tax return filing. But sometimes we overlook to file about ITR and always there is a question “can I file it now?”

The utmost date for filing an ITR for an accounting year is July 31st of the next financial year. If you miss filing an ITR by the July of next FY, you can file it for 2 past years in the same financial year.

Example: If Ramesh wants to file his ITR for FY 2014-15. He can file by the end of FY 2016-17.

But if this happens, you should also face some consequences.

  • If you are liable to pay tax, you have to pay interest at 1% of tax liability for every month (under sec 234A of Income Tax Act).
  • If there is advance tax liability, you should pay interest on default for the payments being made for advance tax (sec 234B) and interest on deferment of advance tax. (under sec 234C).
  • Late Returns cannot be redone.
  • You cannot forward the debt that belongs to the years for which returns are not filled.

Keep in mind!!

  • There is no due if you file within one FY.
  • After 1 year, within 2 FYs penalty of 5000 INR.
  • Claim your refunds even after late submission. No interest on such refunds.
  • Get all your interest paid in your banks before filing.

For any help on ITR Filing feel free to consult the tax experts at Taxraahi. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, and Bulk Return now !!

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