How to file ITR of past years?

ITR filing comes with a due date, if we do not file the ITR within the due date, we can file a belated ITR by paying a late fee. Further, there is also a last date to file the ITR for a particular year. For instance, Individual ITR filing for FY 2021-22 had a due date of 31^st July 2022, and a belated ITR could have been filed up to 31^st December 2022 (which was the last date to file ITR for FY 21-22). So, how do we file the ITR for FY 2021-22 after the last date has passed and how could we file the ITR for FY 19-20 & FY 20-21.

This article will discuss how one can file ITR after the last date, what are the conditions & eligibility criteria

Q.1 How can we file the ITR?

Ans. Section 139(8A) was introduced in the Income tax act to provide for filing the ITR after the date has passed. It also provides for updating an already filed ITR. That is why the ITR form is popularly known as Updated ITR form or ITR-U

Q. 2 Can we file ITR for any past year?

Ans.  No, ITR for any past year cannot be filed. ITR for FY 19-20, 20-21 & 21-22 can be filed using ITR-U. It allows to file the ITR within 24 months from the end of relevant AY. So, ITR for FY 19-20 can be filed up to 31^st March 2023 & so on.

Q.3 What are the situations under file the ITR-U?

Ans. It can be filed under the following situations:

a. Where ITR isn’t filed previously

b. Where ITR was filed but there were some errors/omissions such as

• Misreporting of income
• Incorrect income head was chosen.
• Tax was paid at incorrect rate.
• Excess losses or unabsorbed depreciation were carried forward

It cannot be filed under the following situations:

a. A nil ITR-U return cannot be filed.

b. A return of loss cannot be filed.

c. ITR-U can’t be filed to claim refund higher than what was claimed in original or        revised ITR

d. It can’t be filed if there is a reduction in tax liability compared to previously filed ITR.

e. ITR-U cannot be filed, if assessment/re-assessment is pending or completed for that FY

Q.4 Do we need to pay any additional tax?

Ans. Yes, an additional tax of 25% or 50% of tax amount must be paid depending on when you file the ITR U.

Also read: How to save tax efficiently for salaried Individuals

Q.5 Do we need to pay late fees for filing ITR-U?

Ans. Yes, Late fee u/s 234F must be paid if original ITR wasn’t filed within the due date.

Q. 6 Can ITR-U be filed any number of times?

Ans. No, it can be filed only once.

Q. 7 Can we revise or cancel the filed ITR-U?

Ans. No, once filed it cannot be revised or cancelled.

Q. 8 Can ITR-U be filed if there is no tax payable?

Ans. No, ITR-U cannot be filed if there isn’t any additional tax outgo.

However, it can be filed without any additional tax payable, if there is reduction of the following:

• Losses
• Deductions
• Unabsorbed depreciation
• MAT or AMT credit

Q. 9 Can we file ITR-U, if income is less than Rs 5 lakhs?

Ans. Yes, ITR-U can be filed by paying the applicable late fees.

Q. 10 Can we file ITR U, if the deadline for revised or belated ITR hasn’t passed?

Ans. No, ITR-U can only be filed once these deadlines are over.

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Disclaimer: The above post is only for the purpose of academic discussion and should not be construed as any legal opinion in any matter whatsoever.

The author is a CA in practice at Delhi and can be contacted at: E-mail: abhinandansethia90@gmail.com, Mobile: +91-9811741451