
Do you want to file your Missed ITR ?
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You can still file your ITR for Last 3 Year (A.Y. 2021-22, A.Y. 2022-23 & A.Y. 2023-24)
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.
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.
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
Don't hesitate! Our Income Tax Experts are readily available! Give a call or chat with us. We are available 24*7 Hours
ITR-U cannot be filed in the following cases:
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.
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 |
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.
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.
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.
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
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.
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.
The following documents are required 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.
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.
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.
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.
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.
The process of filing an income tax return is straightforward. The taxpayer needs to follow the below steps:
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.