Step-by-Step Guide to Filing ITR for Previous Years

Know the process for filing Income Tax Returns (ITR) for previous years. Ensure compliance and manage your tax obligations effectively with this comprehensive guide.
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14 June 2024

Filing Income Tax Returns (ITR) is mandatory for individuals and entities to declare their income to the government. It ensures compliance with tax laws and helps assess tax liability or claim refunds. The process involves gathering income-related documents, selecting the correct ITR form, computing taxable income, and submitting the return online or offline.

Filing your Income Tax return (ITR) can be a stressful experience, especially if you are attempting to file it for the previous years. It is always suggested to file your income tax return in a given assessment year. However, if for some reasons, you missed filing your ITR in the due time, it is still possible for you to do it for the previous years. This article will provide a detailed step-by-step process for filing ITR for previous years.

Importance of filing ITR for previous years

Filing ITR for previous years is important for several reasons:

  1. Avoid penalties: Late filing of ITR can attract penalties and interest on unpaid taxes. Filing for previous years helps minimise these charges.
  2. Claim refunds: If excess tax has been deducted at source, filing ITR for previous years is necessary to claim a refund.
  3. Loan approvals: Financial institutions, including Bajaj Housing Finance, often require proof of income and ITR for loan approvals.
  4. Legal compliance: Filing ITR for previous years ensures you are compliant with tax laws and regulations.

Eligibility criteria for filing ITR for previous years

The eligibility to file ITR for previous years depends on specific conditions:

  1. Belated returns: You can file belated returns for the previous financial year before the end of the current assessment year. For example, if you missed filing for FY 2022-23, you can file the belated return by 31st March 2024.
  2. Revised returns: If you have already filed your return but found discrepancies, you can file a revised return within the same timeframe.
  3. Condonation of delay: In certain cases, the Income Tax Department may allow you to file returns for earlier years if you provide a valid reason for the delay.

Documents required for filing ITR for previous years

Before filing ITR for previous years, gather the necessary documents:

  1. PAN card: Primary identification for tax purposes.
  2. Aadhaar card: For identity verification and linking with PAN.
  3. Form 16/16A: TDS certificates from employers or other deductors.
  4. Bank statements: Reflecting income, expenses, and transactions.
  5. Investment proofs: Documents for investments in fixed deposits, mutual funds, etc.
  6. Home loan statement: From Bajaj Housing Finance, detailing interest and principal repayments.
  7. Form 26AS: Annual tax statement consolidating all tax credits.
  8. Income details: Proofs of other income sources such as rental, freelance, or business income.

Steps to file ITR for previous years

Here’s a step-by-step guide to help you through the process:

Step 1: Understand the deadlines for filing late tax returns

The Income Tax Department allows taxpayers to file late tax returns for a specific fiscal year within a period of one year from the end of the relevant assessment year. For instance, for the fiscal year 2017-2018, it would mean until March 31, 2019. It is imperative to understand these deadlines and aim to file your late tax returns within the specified timeline to avoid potential penalties.

Step 2: Collect your income details

For filing ITR for previous years, you must accumulate all your income details, including salary slips, Form 16, bank statements, and other relevant documents. Remember to segregate them year-wise as per the financial year for which you are filing the returns.

Step 3: Determine your tax liability

Calculate your gross total income. From this figure, subtract the deductions available under Chapter VIA of the Income Tax Act, such as under Section 80C, 80D, 80G, etc. This provides your total taxable income. Use the income tax slab rates applicable for the respective fiscal year to compute your total tax liability.

Step 4: Check for missed deductions and rebates

In the hustle of filing ITR for previous years, ensure not to miss out on any deductions and rebates. A comprehensive check on savings under various sections and your eligibility will help reduce your tax liability.

Step 5: Pay the due tax

Before filing your return, pay the self-assessed tax due along with interest, if any, under sections 234A, 234B, and 234C. The ITR can only be filed once the due tax amount has been paid.

Step 6: Filing the ITR

You can file ITR manually or electronically. Most people prefer the electronic method because it’s more accessible and time-efficient. Log into the e-filing portal of the Income Tax Department with your user ID (PAN) and password. Choose the correct form and the specific financial year. Fill in all the essential details accurately. Do not forget to include the interest paid under sections 234A, 234B, and 234C in your tax computation.

Step 7: Verify your returns

After successfully filing your returns, ensure you verify them within 120 days. You can do this online using options like Electronic Verification Code (EVC) through your bank account, Demat account, bank ATM or Aadhaar OTP. Alternatively, you can send a physically signed copy of the ITR V to CPC, Bangalore by ordinary post or speed post.

Remember, if you have not filed your returns for a specific year, it does not exempt you from your tax liabilities. The authorities can send you a notice at any time demanding the filing of tax returns. So, it is always better to complete this task as early as possible and stay compliant with the tax laws of our country.

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Frequently asked questions

Which ITR is required for salaried employees?

Salaried individuals with income up to Rs. 50 Lakhs from salary, a single house property, and income from other sources (excluding lottery) can use ITR-1 or Sahaj. If your income includes capital gains or foreign assets, you'll need to use ITR-2.

How to fill ITR for a salaried person?

To fill ITR for a salaried person, gather Form-16 from your employer, summarizing income and TDS details. Calculate your gross income, deduct applicable deductions under sections like 80C, 80D, and 24(b). Pay owed taxes, if any, then complete and submit the ITR form.

How do I file a tax return on my salary?

You can file a tax return on your salary by downloading the applicable form (ITR-1/2) from the Income Tax e-filing portal website, fill in income, deductions, and tax details correctly, submit and verify the form via Aadhaar OTP, EVC, or through net banking.

Can I file ITR by myself?

Yes, you can file ITR by yourself. As long as you understand your taxable income, tax deductions, investments, and have your documents ready, the process is straightforward and can be done on the Income Tax Department's e-filing portal.

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