Missed Income Tax Return Filing?

You can still file your ITR for Last 3 Year (A.Y. 2021-22, A.Y. 2022-23 & A.Y. 2023-24)

File Your ITR for Last 3 Year

ITR-U is the Form that allows you to update or File your for up to two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022. So by Using ITR U form you can file Income Tax Return For A.Y. 2021-22, A.Y. 2022-23 and A.Y. 2023-24. To File Your Income Tax Return, Schedule Telephonic Appointment with Our Tax Experts.

What is ITR-U?

ITR-U is the form that allows Taxpayers to file and update their Filed ITR Under Section 139(8A) of the Income Tax Act. It allows you a chance to update or File your ITR within two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to optimise tax compliance by taxpayers without provoking legal action. Read on to learn more about ITR-U. Using this form you can file ITR for A.Y. 2021-22 and A.Y. 2022-23. Income Tax Return For A.Y. 2023-24 You can file as belated ITR.

Income Tax Return Filing Fees

File Your Missed ITR for A.Y. 2021-22, A.Y. 2022-23 and A.Y. 2023-24 for Loan Processing, Visa Processing & Credit Card Processing

Basic Pack

₹ 1999/ Year Our Fee ₹999 + Govt Penalty Uptoo 5lac Net Income (₹1000)

Computation
ITR acknowledgment
Paid Challan Copy

Silver Pack

₹ 2999/ Year Our Fee ₹1999 + Govt Penalty Uptoo 5lac Net Income (₹1000)

Back Pack +
Profit and Loss Account
Balance Sheet

Documents Required for Back Year 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

Who is not eligible to file ITR-U?

ITR-U cannot be filed in the following cases:

Updated return is already filed
For filing nil return/ loss return
For claiming/enhancing the refund amount.
When updated return results in lower tax liability
Search proceeding u/s 132 has been initiated against you
A survey is conducted u/s 133A
Books, documents or assets are seized or called for by the Income Tax authorities u/s 132A.
If assessment/reassessment/revision/re-computation is pending or completed.
If there is no additional tax outgo (when the tax liability is adjusted with TDS credit/ losses and you do not have any additional tax liability, you cannot file an Updated ITR)

What is the Due Date to file ITR-U or Back Year ITR ?

ITR-U or Back Year ITR filing deadlines are 24 months from the conclusion of the relevant assessment year.
You can therefore file ITR-Us for AY 2021–22 and AY 2021–22 within the current Financial year 2023–24.
The Return of FY20–21, for instance, may be updated through March 31, 2024.

Should you pay additional tax when filing ITR-U or Back Year ITR ?

Yes, you will have to pay an additional tax of 25% or 50% on the tax amount, depending on when you file the ITR-U.

ITR-U filed within	Additional Tax
12 months from the end of relevant AY	25% of additional tax + interest
24 months from the end of relevant AY	50% of additional tax + interest

Why to file income tax return?

1. 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.

2. 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.

3. 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.

What is an Assessment Year (AY) and Financial Year (FY) ?

A Financial Year is a 12-month period in which a person obtains income for tax purposes. An Assessment Year is a period when the previous year’s earnings are assessed, taxes are due, and the filing of Income Tax Returns (ITRs) is done

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:

Form 16 or Salary Certificate issued by the employer
Form 26AS
Bank statements
TDS certificates
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:

Download the relevant income tax return form from the Income Tax Department’s website.
Fill in the details in the form,
Calculate the total income, deductions, and tax liability.
Pay the tax liability (if any) before filing the return.
Upload the return on the Income Tax Department’s website.
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.