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Income Tax Returns for the last 3 years
Filing income tax returns is an essential obligation for every taxpayer. It not only helps you abide by the law but also ensures that you are contributing to the development of the nation. Under Section 139(8A) of the Income Tax Act, taxpayers have the option to file their income tax returns for the last three years.
What is Section 139(8A)?
Section 139(8A) of the Income Tax Act stipulates that if an individual has missed the deadline for filing their income tax return for a particular financial year, they can still do so by submitting a belated return within a specified timeframe.
It is crucial to understand that while section 139(8A) permits the filing of belated returns, it also imposes certain consequences. Late filing can lead to the payment of interest charges under section 234A, and the taxpayer loses the ability to carry forward certain losses and claim deductions for that financial year.
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
Last 3 Year Income Tax Return Filing Process
- Gather all the necessary documents and financial information for the respective financial years.
- Visit the official Income Tax Department website or a trusted online tax filing portal.
- Select the relevant income tax return form for the specific financial year.
- Fill in the required details, including your personal information, income sources, deductions, and taxes paid.
- Calculate and verify your tax liability for each financial year.
- Pay any outstanding tax liability along with applicable interest.
- Generate and submit the income tax return form online or offline, as per your preference.
Impact of Filing Late Income Tax Returns
- Penalty and Interest: Filing income tax returns after the due date attracts penalties and interest charges under section 234A.
- Loss of Benefits: Delayed filing can lead to the loss of benefits like carry forward of losses or deductions.
- Legal Consequences: Non-compliance may result in notices, audits, and scrutiny by the Income Tax Department.
Consequences of Non-Filing of ITR
- Interest and Penalties: Late filing attracts interest and penalties under section 234A.
- Scrutiny and Audits: Non-compliance may trigger scrutiny or audit by the department.
- Legal Proceedings: In extreme cases, legal proceedings including fines or imprisonment may be initiated.
Who is not eligible to file Back Year ITR
- 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
- A survey is conducted u/s 133A
- Books or assets seized u/s 132A
- Assessment or reassessment is pending or completed
- No additional tax liability after adjustment
What is the Due Date to file ITR-U or Back Year ITR ?
| Assessment Year | Due Date |
|---|---|
| A.Y. 2023-24 | 31st March 2026 |
| A.Y. 2024-25 | 31st March 2027 |
| A.Y. 2025-26 | 31st March 2028 |
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 |
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