Can I File ITR for the Last 3 Years?

Last Updated at: May 28, 2020
408
Can I file ITR for the last 3 years_

This post was written by Sanjay Muthukumar.

 

As a part of the economic booster dose announced on 13th May, 2020, honourable Finance Minister has extended the Income Tax filing deadline till 30th November. This will be a huge relief for the taxpayers affected by the COVID-19 situation.
  1. What is ITR?

  2. ITR for the last 3 years

  3. Belated Income Tax Return

  4. Points to be Noted

 

What is ITR?

Income Tax Return (ITR) is nothing but the way of intimating the government regarding the income earned by you during the corresponding financial year (1st April to 31st March of every year). Clearly, the ITR is a consolidated document, which consists of your income, total tax payable, liabilities, and tax refunds of the financial year. It should be filed within the deadline of July every year. For example: For the financial year, 1st April 2019 – 31st march 2020, the taxpayer should file the ITR within July 2020. Similarly, there are different ITR forms and one should know which ITR they should file.

ITR for last 3 years


No, one cannot file the ITR for the last three years at a stretch i.e in one year. Before entering this topic let me make you clear the difference between a financial year and assessment year. For instance, the financial year is 1st April 2019 – 31st March 2020, then, the income earned during this financial year becomes taxable in the assessment year. i.e from 1st April 2020 -31st March 2021. Here the deadline is 31st July 2020 for salaried/ self-employed/contract employees and 30th September for the companies, a working partner of a firm, etc. This is the structure prescribed by the income tax department for every taxpayer must follow while filing the tax return.

But this structure is not a rigid one, subject to little exemptions. Usually, the government will extend the deadline for some months as multiple problems can be faced by the taxpayers while filing the tax returns.  In case you have missed the extended deadline fixed for filing the ITR, you can still file your ITR with a penalty called “ Belated Return” as per the finance act, 2017.

File your income tax now

Belated Income Tax Return:

  • As per section 139(4) of the income-tax act, 1961, if any individual fails to file the income tax returns within the due date, he can file a belated return with penalty prescribed by the income tax department.
  • This belated return could be filed at any time but before the end of the corresponding assessment year or before the completion of assessment by the tax authorities whichever is earlier. This scheme is applicable from the assessment year 2017-2018. I.e from the financial year 2016-17. 
  • This can be further explained with an example, the income tax return due date for the financial year 2017- 2018 is 31st July 2018 and 30th September 2018. In case for any reason, the taxpayer had failed to file the ITR within the said time he has the option to file a belated tax return before the end of the assessment year. i.e before March 31, 2019.

Points to be noted:

  • Under section 234A of the income tax act, if the assessee has filed a belated ITR, then he is liable to pay the tax along with 1% interest per month.
  • Similarly, the taxpayer should pay the penalty for the belated ITR.
  • If the return filed after the assessment, which later gets cancelled, then the return will be considered as a valid one.  
  • As per the finance act, 2016, the belated ITR can also be revised. i.e any mistakes have made while filing the income tax return.
  • If the taxpayer is not liable to pay any taxes, then he is exempted from paying the interest and penalty for belated ITR but before the end of the corresponding assessment year.    

Conclusion: 

So its crystal clear now, that you cannot file the ITR for the past 3 years. If you want to file the income tax returns for the financial year 2017-18, the last date for filing the belated ITR is March 31, 2019. Similarly, for the financial year 2018-19, the last date for filing your belated return with penalty is March 31, 2020. So if anyone has not filed the income tax return for the above financial year, still they have the chance to file until March 2020.

 

0

Can I File ITR for the Last 3 Years?

408

This post was written by Sanjay Muthukumar.

 

As a part of the economic booster dose announced on 13th May, 2020, honourable Finance Minister has extended the Income Tax filing deadline till 30th November. This will be a huge relief for the taxpayers affected by the COVID-19 situation.
  1. What is ITR?

  2. ITR for the last 3 years

  3. Belated Income Tax Return

  4. Points to be Noted

 

What is ITR?

Income Tax Return (ITR) is nothing but the way of intimating the government regarding the income earned by you during the corresponding financial year (1st April to 31st March of every year). Clearly, the ITR is a consolidated document, which consists of your income, total tax payable, liabilities, and tax refunds of the financial year. It should be filed within the deadline of July every year. For example: For the financial year, 1st April 2019 – 31st march 2020, the taxpayer should file the ITR within July 2020. Similarly, there are different ITR forms and one should know which ITR they should file.

ITR for last 3 years


No, one cannot file the ITR for the last three years at a stretch i.e in one year. Before entering this topic let me make you clear the difference between a financial year and assessment year. For instance, the financial year is 1st April 2019 – 31st March 2020, then, the income earned during this financial year becomes taxable in the assessment year. i.e from 1st April 2020 -31st March 2021. Here the deadline is 31st July 2020 for salaried/ self-employed/contract employees and 30th September for the companies, a working partner of a firm, etc. This is the structure prescribed by the income tax department for every taxpayer must follow while filing the tax return.

But this structure is not a rigid one, subject to little exemptions. Usually, the government will extend the deadline for some months as multiple problems can be faced by the taxpayers while filing the tax returns.  In case you have missed the extended deadline fixed for filing the ITR, you can still file your ITR with a penalty called “ Belated Return” as per the finance act, 2017.

File your income tax now

Belated Income Tax Return:

  • As per section 139(4) of the income-tax act, 1961, if any individual fails to file the income tax returns within the due date, he can file a belated return with penalty prescribed by the income tax department.
  • This belated return could be filed at any time but before the end of the corresponding assessment year or before the completion of assessment by the tax authorities whichever is earlier. This scheme is applicable from the assessment year 2017-2018. I.e from the financial year 2016-17. 
  • This can be further explained with an example, the income tax return due date for the financial year 2017- 2018 is 31st July 2018 and 30th September 2018. In case for any reason, the taxpayer had failed to file the ITR within the said time he has the option to file a belated tax return before the end of the assessment year. i.e before March 31, 2019.

Points to be noted:

  • Under section 234A of the income tax act, if the assessee has filed a belated ITR, then he is liable to pay the tax along with 1% interest per month.
  • Similarly, the taxpayer should pay the penalty for the belated ITR.
  • If the return filed after the assessment, which later gets cancelled, then the return will be considered as a valid one.  
  • As per the finance act, 2016, the belated ITR can also be revised. i.e any mistakes have made while filing the income tax return.
  • If the taxpayer is not liable to pay any taxes, then he is exempted from paying the interest and penalty for belated ITR but before the end of the corresponding assessment year.    

Conclusion: 

So its crystal clear now, that you cannot file the ITR for the past 3 years. If you want to file the income tax returns for the financial year 2017-18, the last date for filing the belated ITR is March 31, 2019. Similarly, for the financial year 2018-19, the last date for filing your belated return with penalty is March 31, 2020. So if anyone has not filed the income tax return for the above financial year, still they have the chance to file until March 2020.

 

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