Can I submit past years’ Income Tax Returns?

Your Income Tax Return for a financial year must be filed by the 31st of July of the next financial year.  31st July is usually the last date for tax filing for individuals. For example, Income Tax Returns of financial year 2013-14 that end on 31st March 2014 were due on 31st July 2014.

If you have been not filing your returns, you can e-file them for the past 2 years on www.cleartax.in . In one financial year you can file your IT Returns for previous 2 financial years. For example – In the financial year 2014-15, up till 31st March 2015, you can file return for the previous 2 financial years 2013-14 and 2012-13. Delayed filing has its drawbacks –

  • Penal interest may be applicable under section 234A, 234B and 234C.
  • Delayed returns cannot be revised– be extra careful to not make any errors. It is advisable to take an expert’s assistance so mistakes can be avoided.
  • You will not be allowed to carry forward some losses that belong to the years for which returns were not filed.

In case you have received a notice from Income Tax to file returns for past years, which go beyond the previous 2 financial years – you can use www.cleartax.in to prepare your return. You can then print this return and submit it to the Income Tax Office in your ward. Usually old returns are filed as a response to an income tax notice.

If you have any questions relating to this topic, do write to us support@cleartax.in and we will be happy to assist you.

 

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