Missed the deadline for filing your ITR?
No worries! Yes, It's possible to file the ITR of last 3 years through ITR-U form.
What is ITR U?
ITR-U is the Form that allows you to update your income tax return by rectifying errors for up to two years from the end of the relevant assessment year.
Who can file ITR U?
Any person who has made an error or omitted certain income details in any of the following returns can file an updated return: Original return of income, or Belated return, or Revised return.
How to file ITR of last 3 years?
If you have not filed your Income Tax Return (ITR) for the last three years, you can still file it. Here are the steps you can follow to file ITR for the last three years:
1. Gather all the necessary documents
To file ITR for the last three years, you need to gather all the necessary documents like Form 16, Form 26AS, bank statements (convert bank statements to csv if it required that saves many hours of your valuable time), and other documents related to your income and investments for each of the years.
2. Download the relevant ITR form
You need to download the relevant ITR form for each of the three years from the Income Tax Department's website.
3. Fill in the details
Once you have downloaded the ITR form, you need to fill in the details like your personal information, income details, deductions, and tax paid for each of the years.
4. Compute the tax liability
After filling in all the details, you need to compute your tax liability for each of the years. You can use an online tax calculator to compute your tax liability.
5. Pay any pending taxes
If you have any pending taxes for any of the three years, you need to pay them before filing the ITR. You can pay the taxes online using the Income Tax Department's website.
6. File the ITR
Once you have filled in all the details and paid any pending taxes, you can file the ITR for each of the three years online on the Income Tax Department's website.
7. Verify the ITR
After filing the ITR, you need to verify it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the Income Tax Department. By following these steps, you can file ITR for the last three years.
However, it is always recommended to file your ITR on time to avoid any penalties or interest charges.
The author is a GST and Income Tax Practitioner.
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