Can I file Income Tax Return for Previous Years?

Author
By Hiral Vakil on February 11, 2020

Yes, Income Tax Return i.e. ITR can be filed even after the due date. Any return filed after the due date is considered as a belated return. Earlier a belated return could be filed on or before 1 year from the end of the relevant assessment year. But from FY 2016-17 (AY 2017-18) onwards you can file the belated return before the end of the relevant assessment year.

Let’s take an example to understand it better:

Anjali has not filed her return for FY 2016-17 and FY 2017-18 the before the due date. During FY 201819, she wishes to file a return for both previous years. In this case, she can only file the return for FY 201718 before 31st March 2019.  

Financial Year

Due Date

Belated Return Due date

2016-17

31/07/2017

31/03/2018

2017-18

31/08/2018

31/03/2019

2018-19

31/07/2019

31/03/2020

How to e-file income tax return using income tax website?

What are the consequences of late filing of return?

If the return is filed after the due date then following are the consequences:

  • Penalty Interest under section 234A, 234B and 234C may be applicable. 
  • From FY 2017-18, late filing fees u/s 234F would be levied up to Rs. 10,000.
  • For earlier years belated return could not be revised. However, from FY 2016-17, even a belated return can be revised.
  • If you have incurred losses then you can not carry forward the same to subsequent years if you do not file your return in time.
What are the documents required to file ITR?

Can I file the return of the previous year if I have received notice for the same from the IT Department?

Yes, if you receive a notice for filing ITR from the IT Department. You can file the return for that financial year within the time mentioned in that notice.  For any further assistance, you can connect with Quicko. 

Income Tax Notice Plan for Individuals View Plan

FAQs

1. What are the documents needed to file ITR?

Following are some of the general documents required to file ITR

  • Adhaar
  • PAN
  • Bank account details
  • TDS Certificate (Form 16, 16A, 26AS)
  • Tax payment challan (Self-assessed or Advance tax)
  • Original notice (In case of refiling the ITR)

2. Who is eligible to file ITR?

All PAN holders should ideally file their ITR. However, If your income is more than rupees 2.5 lakh p.a then you are mandatorily eligible to file your ITR.

3. What happens if I delay filing my ITR?

First of all, If your income falls under the taxable bracket you have to file your ITR without fail. Secondly, If you missed the deadline to file the ITR you can still file it but you may attract penalties. Moreover, If you don’t pay your taxes on time then if you are claiming any refunds they will get delayed. You will get lesser time to revise your ITR. and Lastly, You will have to pay interest on the taxable amount if you delay filing your ITR.