Confused with can I File ITR for last 2 years now? Yes, you can file Income Tax Returns (ITR) for the last two financial years in India if you have missed filing them earlier. The Income Tax Act allows taxpayers to file belated returns within a certain time frame after the end of the relevant financial year.
Can We File Last 2 Years ITR?
Here are some key points to consider:
As per current regulations, taxpayers have up to two years from the end of the relevant financial year to file a belated return. For example, for the financial year 2020-2021 (April 2020 to March 2021), you have until March 31, 2023, to file a belated return.
Filing a belated return may attract penalties and interest charges. The penalty amount depends on various factors such as the amount of tax payable, the duration of delay, and other circumstances.
It's advisable to consult with a tax advisor to understand the applicable penalties and consequences of late filing.
If you have already filed your returns for the last two years but need to make corrections or update information, you can file a revised return within the prescribed time limit. However, the option to file a revised return is available only if the original return was filed within the due date.
While filing belated returns, ensure that you disclose all your income, deductions, and other relevant details accurately to avoid any discrepancies or penalties.
You can file your ITR online through the Income Tax Department's e-filing portal (
https://www.incometax.gov.in/iec/foportal/
) using your PAN (Permanent Account Number) and registered account.
If you are unsure about the process of filing belated returns or need assistance with tax calculations, deductions, or compliance, it's recommended to seek guidance from a qualified tax advisor or chartered accountant. I hope you get an idea of how can we file ITR for last 2 years.
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Authors Of The Question
Can I File ITR for Last 2 Years Now?
shagun
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1 Answers
6 months
2024-05-26T18:13:51+00:00 2024-07-17T11:33:13+00:00Comment
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