Filing ITR for the Last 3 Years

Did you miss the deadline for submitting your Income Tax Return? No need to worry; you can still rectify this situation. It is possible to file your ITR for the past three years by utilizing the ITR-U form. But what exactly is ITR-U? or Income Tax Return – Utility, is the form that permits taxpayers to update their income tax returns by correcting errors for up to two years following the conclusion of the relevant assessment year.

Now, who qualifies to file ITR-U?

Any individual who has made a mistake or omitted specific income details in any of the following returns can file an amended return: the original return of income, a belated return, or a revised return.

Here’s a step-by-step guide on how to file Income Tax Returns for the last three years:

1. Collect Essential Documents: To initiate the process of filing ITR for the preceding three years, it’s important to gather all the necessary documents. These include Form 16, Form 26AS, bank statements, and any other related records related to your income and investments for each of those years.

2. Download the Relevant ITR Form: Visit the Income Tax Department’s website and download the relevant Income Tax Return form for each of the three years.

3. Provide the Required Information: Once you’ve acquired the appropriate ITR forms, diligently fill in the details, encompassing your personal information, income particulars, deductions, and taxes paid for each of the respective years.

4. Compute Your Tax Liability: After successfully inputting all the relevant data, it’s time to calculate your tax liability for each of the three years. You can employ an online tax calculator for this purpose.

5. Settle Any Outstanding Tax Dues: If you have any outstanding tax dues for any of the three years, it’s crucial to clear them prior to filing the ITR. The Income Tax Department’s website offers a convenient platform for online tax payment.

6. Submit the ITR Online: Following the completion of data entry and tax settlement, you can proceed to submit the ITR for each of the three years via the Income Tax Department’s website.

7. Verify the Income Tax Return: After filing the ITR, it’s essential to verify it to ensure the process is complete. You can accomplish this verification using your Aadhaar card, net banking credentials, or by sending a physical copy of the ITR-V to the Income Tax Department.

It’s important to remember that while these steps enable you to file ITR for the past three years, it’s always advisable to submit your Income Tax Return on time to avoid incurring any penalties or interest charges. Timely filing not only ensures compliance but also contributes to a smoother and more hassle-free tax experience.